Over the years, plenty of investors have managed to make a killing by making clever investments in penny stocks, and hence, these stocks almost always enjoy a significant following. However, it should be noted that penny stocks are often well known for being volatile, and hence it is important to look into the stocks closely before taking a position. Here is a closer look at 4 penny stocks that could be tracked by investors.
Best Penny Stocks to Trade in May #1 Neptune Wellness
One of the penny stocks to have emerged as a viable option on Tuesday is that of the cannabis extraction company Neptune Wellness Solutions (NEPT). Cannabis extraction has proven to be a lucrative business in recent times, and NEPT stock gained as much as 9% after the company announced the signing of a new deal.
The company announced that it signed a six-month extraction agreement for processing hemp. The company stands to generate as much as $16.5 million in revenues from the contract. Investors could do well to keep an eye on the stock over the coming days.
Best Penny Stocks to Trade in May #2 Nano Dimensions
Nano Dimensions (NNDM) also made an impressive move on Tuesday and could be an option for those who are looking to bet on penny stocks. On Tuesday, the company announced that it has partnered with German company Hensoldt in order to use 3D printing technology in order to create high powered electronics products.
It is a significant development for Nano, and naturally, investors piled on to the stock yesterday. NNDM stock soared by as much as 342% on the back of soaring trading volumes and has emerged as one of the penny stocks to track this week.
Best Penny Stocks to Trade in May #3 Gold Stocks
Gold stocks have been in the news lately due to the rising price of the precious metal in the light of global economic turmoil. Under those circumstances, investors could consider having a look at Yamana Gold (AUY), which recorded gains on Tuesday.
While the rising price of gold may be a factor, it should be noted that the company announced on Tuesday that it achieved ‘significant exploration results’ at two of its mines. The mines in question are El Penon and Jacobina. AUY stock gained by as much as 10% yesterday, and it remains to be seen if it can add to those gains for the rest of the week.
Best Penny Stocks to Trade in May #4 I-Mad
I-Mad (IMAB) is another penny stock that recorded gains on Tuesday after the company made a major announcement with regards to its CD73 antibody product TJD5. The company announced that it had commenced the Phase ½ clinical study of the product in China in patients with advanced solid tumors.
It goes without saying that it is a major development for the company, and the news was welcomed by the market as well. IMAB stock soared by 28% yesterday.