penny stocks to watch right now

Could These Penny Stocks Benefit From Another Wave Of COVID-19?

The stock market today is jittery and we’ve even seen it among a number of penny stocks. Fears of another wave of coronavirus coming about have some investors skittish and for good reason. Places like Texas, Arizona, and other regions of the U.S. are actually seeing record cases this week. The Dow dropped some 1,900 points, on track for worst day since March.

The number of U.S. coronavirus infections passed the two million mark and over 112,000 Americans have died, according to Johns Hopkins University. On top of this, U.S. Treasury Secretary Steven Mnuchin said the U.S. shouldn’t shut down the economy again even if there is another surge in coronavirus cases.

The recent euphoria has seen a rise in retail traders jumping into penny stocks. While many cases include high flying breakout stocks, there are also many bag-holders left in its wake. The main culprits: misinformation and lack of education in my opinion.

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You can’t simply expect to be a professional trader overnight the same way you can’t expect to know how to race and Formula 1 car overnight. The high-volatility in penny stocks surely opens opportunities for big gains but the losses can come just as big and quickly.

Are Penny Stocks Worth It?

This week we saw a surge in new traders looking to capture 10 baggers. What’s crazy is that there’s been plenty to choose from. Not just penny stocks, but penny stocks that ripped higher by 5 and 10 times within days; even hours.

If you remember the bitcoin craze, I feel like those “Hodlers” are looking at stocks the same way as crypto. But at the end of the day, a little education on how to trade penny stocks can turn you from a bag holder into a consistently profitable trader; it’ll just take a little time and study to do so.

With that in mind, take some time to reset those emotions. One of the main causes for losses besides not having a plan is letting emotions dictate the pace. This goes for both bull and bear markets. Bullish euphoria can cause traders to hold stocks too long. Bearish anger can result in missing opportunities entirely.

The cool part about penny stocks, however, is that there are always at least a few making big moves even when the market’s down. Let’s take a look at a few trading higher in June. Will they become top penny stocks to buy or avoid later this month?

Penny Stocks To Buy [or avoid]: Waitr Holdings Inc.

It’s crazy to think how far things have come for Waitr Holdings Inc. (WTRH Stock Report) partially thanks to coronavirus. The company focuses on food ordering and delivery through on-demand apps. We first came across this company in November when it hit 52-week lows then more consistently in March when we speculated on companies that could capitalize on a “stay at home” trend. Since then, it’s become one of the turnaround stories to track.

[Read More] Are These The Best Penny Stocks To Buy Under $2.50?

Why say this? The simple fact that even its CEO admitted Waitr was lax in its efforts. Carl Grimstad, Chairman and CEO of Waitr, said that “distractions resulted in a lack of focus on our customers and operations.” That seems to have changed this year with WTRH stock trading much higher and after reporting two strong quarters of favorable earnings results. With a potential rise in chances of another wave, we could see interest return to those names that rallied earlier this year.

At the end of May the company announced a new partnership with Five Guys as it expands its delivery selection for diners. It also appointed a new advisor, Mats Diedreichsen to advise the company on all marketing aspects for Waitr. He was the former Chief Marketing Officer of Delivery Hero. With this news, of course, some attention might come to the penny stock from investors. But I personally think speculation is building around “coronavirus stocks” after the latest round of stock market news on Thursday. Since March, WTRH is up 564% as of Thursday’s $2.39 close.

coronavirus penny stocks to watch June Waitr Holdings (WTRH Stock Chart)

Penny Stocks To Buy [or avoid]: eMagin Corp.

You might remember eMagin Corp. (EMAN Stock Report) from May. At the time EMAN stock traded around $0.60 and saw a big day of trading ahead of its earnings results. There was also some speculation buzzing about its possible foot in the door of “thermal imaging”. In May there was a lot of focus on “getting back to normal” and major companies were beginning to implement the technology. However, after reaching highs of $0.92, shares eventually slid after the official earning results came out.

eMagin missed EPS estimates but the company said it expects Q2 revenues to be higher than Q1. The company has a backlog of open orders that came in at $14.9 million. Needless to say, over the last few days, EMAN stock has been back on the move. Despite dropping with the market on Thursday, it could be one of the penny stocks to watch before the weekend. Why? If you follow aftermarket news, eMagin released its latest update.

The company said it was awarded $5.5 million by the Department of Defense. The award was under the Industrial Base Analysis and Sustainment Program for Organic Light Emitting Diode Supply Chain Assurance. These funds are for procurement and installation of capital equipment in eMagin’s NY-based manufacturing facility. Andrew Sculley , CEO, said, “We are very pleased to be recognized by the Department of Defense as the only domestic producer of OLED microdisplays designated as a cornerstone of the U.S. manufacturing base. We view this as a recognition of the value of our OLED microdisplays in defense programs and an endorsement in what we believe to be our superior OLED technology.”

coronavirus penny stocks to watch June eMagin Corp. (EMAN stock chart)

Penny Stocks To Buy [or avoid]: HTG Molecular Diagnostics

This was another one of the penny stocks to watch after hitting its 52-week low. HTG Molecular Diagnostics (HTGM Stock Report)’s proprietary HTG EdgeSeq technology automates complex, highly multiplexed molecular profiling from solid and liquid samples. In simple terms, its customers use its technology to identify biomarkers important for precision medicine, to understand the clinical relevance of these discoveries, and ultimately to identify treatment options.

In any event, since March, we’ve watched as HTGM stock climbed as high as $0.87. Considering it was trading around $0.33 at the time of our update, HTGM has quietly mounted a near-200% move in just a few months. Not only did the company report better-than-expected earnings results last month, it also participated in this month’s American Society of Clinical Oncology program. It got a chance to demonstrate its platform via posters and compare it to other options.

[Read More] Penny Stocks On Robinhood & WeBull Up Big In June 2020

This week, HTGM stock is trading higher once again. The company announced the signing of three new European distributor agreements. These are to promote HTG products and services in Nordic and Eastern European Countries. Its distributor agreements were made with BioNordika (Denmark), Explorea (Czech Republic), and ELTA 90 (Bulgaria). Since this news came after the closing bell on June 11, it could be something to keep in mind at the end of the week.

coronavirus penny stocks to watch June HTG Molecular Diagnostics (HTGM stock chart)

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