Penny Stocks That Reversed Course This Week; 5 To Watch

Are These 5 Names On Your List Of Penny Stocks To Watch This Week?

This was a crazy week for trading penny stocks and blue-chip stocks alike. not only did we see massive swings in either direction, but headlines were also a huge force too. Whether it was the latest news of coronavirus cases or a major blow to oil and gas stocks, The second week of March could go down in the record books.

After the last few weeks of volatility to the downside, stocks have started to offer a glimmer of hope in the broader markets. However, for penny stocks, the ebb and flow haven’t changed necessarily. What has changed is the volatility.

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We’ve seen some of the biggest spike and drops this month. What began with coronavirus stocks has spilled over into energy penny stocks. As far as yesterday was concerned, it was terrible for oil and gas penny stocks. Tuesday, however, there is a laundry list of oil, natural gas, and alternative energy names rebounding.

Penny Stocks To Watch

There were even several gold and mining penny stocks that jumped back up too. With the market trading so erratically, it may be prudent to keep a close eye out for certain sectors offering the potential for a bounce trend. What’s also important to note is that coronavirus penny stocks haven’t stalled yet, either. So, there’s likely a lot to watch for when it comes to cheap stocks this week.

IMC International Mining top penny stocks to trade IMC International Mining (IMCX) (IMIMF)

Shares of IMC International Mining (IMCX-Free Report)(IMIMF) saw a jump in activity on Tuesday. While many of the top gold stocks in the market took a pause to the latest bull rally, IMC stayed the course. Over the last few weeks, shares have been trading range-bounce between $0.30 and $0.40 for the most part. Meanwhile, the markets wait patiently for the company to update on its latest acquisition.

Earlier this year, IMC announced that it entered into a letter of intent with Thane Minerals. Via the proposed deal, IMC would acquire Thane and, in turn, its 100% owned Cathedral property in northern British Columbia, Canada. More specifically, Cathedral is located in the Quesnel Terrane. This area’s host to past and planned production of 50 billion pounds of copper and 28 million ounces of gold. Given the potential of this area, it makes sense that the market could show interest.

But, what’s more, is that last week IMC announced that further to this update, it expects to close on the purchase by March 15th. Given the timing of all of this – gold price boom and acquisition closure – IMC International could be one of the junior gold stocks to watch this month.

Aytu BioSciencepenny stocks to watch Aytu BioScience (AYTU)

Next, Aytu BioScience (AYTU-Stock Report) was a stand-out penny stock to watch on Tuesday. Shares gapped up in the morning to an open of $1.30. This was a jump of more than 270% from its previous close. While gaps like this may be preceded with caution, AYTU stock managed to not only hold the gap but also trade higher on Tuesday. Shortly after the lunch hour, in fact, the penny stock reached highs of nearly $3.

What sparked interest in this penny stock? Prior to the market open, the company announced that it had secured exclusive U.S. distribution for a COVID-2019 point-of-care rapid test product. Specifically, the company will obtain the right to commercialize a clinically validated and commercially used test licensed from L.B. Resources.

L.B. licensed the rights in North America from product developer Zhejiang Orient Gene Biotech. The test takes 2-10 minutes to report results. Given the general concern across the world, this could be a big step for Aytu. Furthermore, the company expects to receive an initial product shipment in three to four weeks. Will this momentum continue into the month ahead or does Tuesday mark the last big move for AYTU for a while? With roughly 30 million shares outstanding, the daily volume shows a significant amount of trading has already taken place.

Let’s just hope Aytu isn’t over-extended and wasn’t planning on raising additional money at an extreme discount. As we’ve seen with many of these coronavirus penny stocks, they’ve run, sure, but many have also taken advantage of the price movement to raise funds higher than would have otherwise been possible prior to any “coronavirus news”.

AMC Entertainmentpenny stocks to watch AMC Entertainment (AMC)

Ever think a movie theatre company would be on your list of penny stocks to watch? AMC Entertainment (AMC-Stock Report) has been beaten down this year. Much of the drop came as the broader markets plummeted. But after hitting new 52-week lows on Monday, shares of AMC stock bounced back strong on Tuesday.

The bounce came after Barrington kept its Outperform rating on the penny stock. While it did cut target prices to $7 from $12, it would seem the analyst is still bullish enough to keep its current rating. AMC recently appointed a new Chief Strategy Officer, Mark Pearson, this month. Pearson brings nearly 20 years of film and TV studio and strategy experience to AMC.

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In 15 years at 20th Century Fox TV, preceded by five years at Universal Pictures. This is where he worked closely with studio management and distribution partners to identify and implement a range of growth initiatives according to his bio. So it’s possible that the market could view the move as one to help things get turned around for the company this year.

Plug Power

Shares of Plug Power (PLUG-Stock Report) jumped during premarket trading on Tuesday. The energy stock hit highs of $4.29 prior to the market open. This came after a series of analyst updates showed a bullish stance being made by Wall Street. Oppenheimer lifted Plug’s target price to $6 from $3 citing “sustainable” EBITDA generation. Canaccord Genuity maintained its buy rating on the company. It also lifted its target price to $7. Meanwhile, H.C. Wainwright boosted its target to $6 on the stock.

Plug has long-said that it targets $1 billion in gross billings in 2024. It also aims to reach $300 million in gross billings this year. As far as its recent quarterly figures, Plug delivered strong numbers for Q4 and year-end 2019. Revenue came in at $91.7 million but that was in line with analyst estimates. Failing to beat the Street hurt PLUG stock a bit as shares pulled back to lows of $3.75 earlier this week. However, with a new update on its Dayton, Ohio project on Tuesday, sentiment seems to have returned to a bullish one.

On March 10 the company announced via twitter that it’s expanding. This move could have been the reason behind the late afternoon move PLUG stock saw on Tuesday. The biggest question is will it be enough to keep the drive alive this week?

We’re expanding! With a new 32,000 sq. ft building in the Dayton, OH area, we’re bringing on new employees as we continue to grow. “We did our research as a company and Dayton is the most advantageous for our growth because of its geographic location.” https://t.co/iWpJBLxVo6

— Plug Power Inc. (@PlugPowerInc) March 10, 2020
AK Steel Holding Corporationpenny stocks to watch AK Steel Holding (AKS)

Finally, AK Steel Holding Corporation (AKS-Stock Report) saw its shares bounce off of 52-week lows on Tuesday. The company’s stock hit $1.76 during early trading on March 10. But just prior to the lunch hour, AK Steel came out with a big update.

The company announced that the long-awaited shareholder approval of the merger received the necessary backing needed to push it forward. A while back the company announced that Clevland-Cliffs (CLF-Stock Report) would merge with AK Steel. The deal is set to close later this week (March 13).

Lourenco Goncalves, Chairman, President and Chief Executive Officer of Cliffs said: “The shareholders of Cliffs and the stockholders of AK Steel have spoken, and delivered an outstanding victory in support of our transaction. I thank you all for your unequivocal demonstration of support.”

TOP PENNY STOCKS TO WATCH RIGHT NOW CHARTDisclaimer

Pursuant to an agreement between Midam Ventures LLC and IMC International Mining Corp. (CSE: IMCX) (IMIMF), Midam has been paid $200,000 for a period from January 7, 2020, to February 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to March 14, 2020. Midam has been paid an additional $200,000 and extended its period of coverage to April 30, 2020. We may buy or sell additional shares of IMC International Mining Corp.(CSE: IMCX) (IMIMF) in the open market at any time, including before, during or after the Website and Information, to provide public dissemination of favorable Information about IMC International Mining Corp. (CSE: IMCX) (IMIMF). Click Here For Full Disclaimer.

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