Many investors want to buy penny stocks to make quick profits from smaller investments. However, it should be noted that investing in penny stocks requires a very high level of research and diligence. One of the most important things for an investor is to watch the market closely and look out for any moves that might be beneficial. On that note, here is a look at two penny stocks that have made significant moves recently.
Penny Stocks To Buy Or Sell: KushCo Holdings (KSHB)
One of the biggest gainers in the market over the course of this week was KushCo Holdings (KSHB Stock Alert). The company provides ancillary services to actual cannabis firms. But recently it’s had a tough time over the past few months. As a result, the penny stock had declined dramatically. It’s hard to believe that earlier this year, KSHB traded as high as $7.20. But recently had trouble breaking above $2.
However, KushCo stock rallied significantly throughout this week. It came after the company announced dates for its fourth quarter as well as full-year results. The company explained that the financial results are going to be reported on November 7.
The announcement was apparently big enough to warrant a rally in the pot stock. In fact, since hitting 52-week lows of $1.26 on October 18, KSHB has made a rebound of as much as 67%. It goes without saying that investors may watch KushCo stock closely over the coming days and leading up to its earnings report.
Penny Stocks To Buy Or Sell: Fitbit (FIT)
The other penny stock that has enjoyed a searing rally over the course of the past few weeks is fitness device maker Fitbit Inc (FIT Stock Alert). The stock may have gone through its fair share of troubles for much of 2019 but it has managed to rally by as much as 126% since late August.
This week the stock maintained the momentum and rallied another 44% so far. This came after it emerged that Google’s parent company Alphabet Inc may be interested in acquiring Fitbit. It goes without saying that it would be a significant deal if it goes through. But sources have stated that there is still no guarantee that the acquisition is going to happen.