The stock market is flying high at the start of the short week. Not only are blue-chip stocks jumping but so are a number of penny stocks. Positive sentiment has been a driving force to this latest move. The expectation that the economy is expected to open across the country sooner than later is helping things in a major way. While some sectors like oil and gas are slipping, most others are flying high. While coronavirus broke down the market, the other side of the coin has seen a wild rebound so far.
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But will this momentum last? That’s the big question. There are a number of economic data slated to come out which could change things dramatically. That includes a move in either direction so keep that in mind. Regardless of what the stock market does, however, most penny stocks will react on their own accord. What that means is you can find penny stocks flying high even if the broader markets are in a decline.
That doesn’t mean sector momentum can’t be a factor. As I’m sure you might have seen, there are plenty of energy penny stocks taking a dip on Tuesday. This just goes to show you that no matter your strategy, you should keep a number of factors in mind. If you’re looking for penny stocks to buy right now, what are your personal factors you take into account? Do you look for high volume penny stocks? Do you look for penny stocks with news? Or are you simply looking for certain chart patterns? Let’s take a look at this list of penny stocks today. Will they be on your list to buy or sell?Penny Stocks To Buy [or sell]: Kitov Pharma
Shares of Kitov Pharma (KTOV Stock Report) maintained their sideways trend on Tuesday. Ever since breaking out last week, KTOV stock seems to have found a home around $0.50-$0.60 lately. From a technical perspective, the penny stock’s chart show a relatively typical trend. Over the last year, KTOV’s 200-day moving average has acted as a strong point of resistance. Every time shares have approached that level, KTOV may test it but has continued to fail to break above this level.
Last week, the company reported a key development. Kitov announced that the U.S. FDA accepted its Investigational New Drug application to conduct a Phase 1/2 clinical trial. This is for its NT219, an agent addressing treatment resistance in advanced cancer. According to Kitov, the study will evaluate NT219 as a monotherapy treatment of advanced solid tumors. It will also be in combination with cetuximab, an “epithelial growth factor receptor-blocking monoclonal antibody”. This is for the treatment of recurrent or metastatic solid tumors and head and neck cancer or colorectal adenocarcinoma.
This saw KTOV stock jump during the regular session. shares continued trading higher afterhours on Friday. This week started off with KTOV stock popping early to highs of nearly $0.60. Will new highs be in the cards this week and can KTOV stock finally maintain levels above its 200-day MA?Penny Stocks To Buy [or sell]: Izea Worldwide
Another one of the penny stocks we’ve followed for a while now has been Izea Worldwide (IZEA Stock Report). At the time, during early May, IZEA stock traded around $0.35. Since then we’ve seen the penny stock explode to highs of $0.949 with above-average trading volume following with it. If you’re not familiar with the company itself, it has a relatively unique business model. It provides influencer marketing technology. In the age where “everyone” is an “influencer” on social media, IZEA has focused on providing access and data.
The COVID-19 pandemic may have helped IZEA accelerate its progress. That’s due to the simple fact that screen-time on social media increased as lock-downs persisted. Earlier this month, the company announced a streaming event to demonstrate the latest capabilities of BrandGraph®. This is its newly released social intelligence platform. What has followed were additional updates and key developments. This included its research initiative, “Open for Business: Consumer Intent as States Lift COVID-19 Restrictions”.
Why is IZEA stock moving this week? More updates, of course. The company announced that it established a new relationship with a Fortune 500 insurance company for influencer marketing services. IZEA said it has also expanded its relationships with a Fortune 100 food manufacturer and a leading “multi-billion-dollar furniture goods manufacturer,” among others. “The surge of customer wins in recent weeks is simply remarkable,” said Ted Murphy , IZEA’s Chairman and CEO. “As of today, Q2 bookings for managed services in 2020 have already exceeded Q2 bookings for the same period in 2019.”
Unlike KTOV, IZEA stock has had a hard time breaking past its 50-day moving average for months. But the latest move saw a clear break through both major moving averages. There are also signs of a possible golden cross formation on the chart. This is when the shorter-term moving average crosses above the longer-term moving average. Will IZEA stock continue trending higher or is this the last bit of momentum from this May breakout?Penny Stocks To Buy [or sell]: Tupperware Brands
Believe it or not, Tupperware Brands (TUP Stock Report) has been on our list of penny stocks to watch before. In fact, earlier during the beginnings of the coronavirus pandemic, TUP stock turned heads as it was shaking up its leadership team. Since then, shares have been in a consistent and steady uptrend. While TUP stock hasn’t been the “big breakout” penny stocks we’ve seen, it has experiences a methodical uptrend for months now. At the time we first followed the company’s progress, TUP stock traded around $1.60. While it pulled back a little further, the stock has managed to climb over 130% since March 12th.
In April, TUP stock leveled up after more positive news. The company announced an organization redesign that targets long-term sales and profitability. The company named Patricio Cuesta EVP and President, Commercial, Worldwide. It also brought on Luis Vazquez as SVP of sales and marketing to lead in compensation models and customer experience. Furthermore, a new SVP of Expansion and Turnaround Markets, Hector Lezama will lead in the turnaround strategy implementation for the company.
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Why is TUP stock moving this week? The company announced the commencement of an offer to purchase for cash up to $175 million aggregate principal amount of its outstanding 4.750% Senior Notes due 2021. Approximately $600 million aggregate principal amount of Notes is currently outstanding. The Tender Offer is being made on the terms and subject to the conditions set forth in the offer to purchase, dated May 26, 2020. Has Tupperware finally put a lid on its troubled past?Penny Stocks To Buy [or sell]: Luckin Coffee
By now, most of us know the story about Luckin Coffee (LK Stock Report). If you don’t it was a China-based coffee house that faked its financials and got caught. LK stock consistently traded above $40 a share for most of the first quarter. After the news broke, shares got destroyed. It was also one of the red flags that could have lead to the Senate voting to restrict certain foreign issuers from listing in the U.S. Say what you will about that topic but it was not good news.
Why is LK stock moving this week? That’s a great question and one that likely deserves a closer look. Since it’s now a penny stock, LK stock price movements can equate to large percentage swings in either direction. Where it used to move 20 or 30 cents before and not amount to much, at current levels, a move like that would mean a swing of 10% or more. There hasn’t been much of any news from the company. Furthermore, there aren’t any new filings out either. Something else to consider is the last filing fro mMay 19th.
It specifically states The Nasdaq Stock Market LLC has determined to delist the Company’s securities from Nasdaq. There will be a hearing for the company to argue its case. This hearing typically gets scheduled 30-45 days after a request is made. Is this just speculative glimmers of hope that LK might remain listed? It’s a tough call but falsifying financial information might be kind of a big deal. What are your thoughts on LK stock? Is it just a technical move based on sheer momentum or does the company have a chance to turn things around? Comment below.