The markets might be volatile at this point in time, but that does not mean that investors are going to stop picking penny stocks to invest in. However, investors need to be quite careful about the penny stocks they back due to the inherent volatility of these stocks. The best way of going about it is by observing the market closely and keep track of penny stocks that might have recorded gains. Here is a look at 4 penny stocks that could be worth tracking.
Penny Stocks Gaining Momentum #1 Genius Brands
One of the penny stocks that have been on a tearing run for the past month or so is the Genius Brands (GNUS). During the period, the stock gained as much as 1000%, and on Tuesday, the Genius stock continued its upward move on the back of a major development.
Yesterday the company regained compliance on NASDAQ, and soon enough, the trading volumes rose massively as the Genius stock recorded gains of as much as 53%. Volume hit 166.4 million shares, which was much higher than the average daily volume of 31.2 million shares. Investors could consider keeping an eye on the stock today.
Penny Stocks Gaining Momentum #2 HyreCar
HyreCar (HYRE) has been one of the more innovative online car-sharing companies to have emerged in recent times. It allows car owners to rent out their cars for the short term to those who need it, and the service has become quite popular.
In the first fiscal quarter, HyreCar’s revenue grew by as much as 65% year on year and 20% sequentially to hit $5.8 million. In addition to that, the company also reduced its loss per share from 31 cents a share from Q4 2019 to 25 cents a share in Q1 2020. On Tuesday, the stock soared by as much as 25%.
Penny Stocks Gaining Momentum #3 Reed’s
Reed’s, Inc. (NASDAQ:REED) was another penny stock that managed to record significant gains on Tuesday, although there was no material news with regards to the company. The stock rallied by as much as 24%, and it could be worthwhile for investors to keep Reed in their watch lists.
Back on May 12, the company announced its Q1 financial results and reported a loss of $.05 a share, which was in line with analysts’ estimates. In fact, it was lower than the $.11 loss per share it had recorded in the year-ago period. On the other hand, the beverage company posted revenues of $9.52 million, which was higher than analysts’ estimates by as much as 7.97%.
Penny Stocks Gaining Momentum #4 Leap Therapeutics
On the other hand, Leap Therapeutics (LPTX) was another major gainer in the markets yesterday, and those hunting for penny stocks could consider having a closer look at the stock. Back in April, the company announced that it was going to present data with regards to DKN 01 monotherapy, which is meant for treating gynecologic cancers, and over the past two months, it has rallied by as much as 100%. On Tuesday, it gained another 11%.