4 Hot Penny Stocks To Watch This Week: HEXO Stock Leads The Rally

The markets are now back on a steadier footing after having gone through a lot of turmoil over the course of the past months, and investors are flocking back to stocks again. Those who are looking to invest in penny stocks should, however, stick to the same rules and only consider stocks on which they have conducted thorough research. Here is a quick look at 4 penny stocks that could go into investors’ watch lists.

Hot Penny Stocks To Watch #1 Capital Senior Living

One of the penny stocks that came into sharp focus on Monday was that of Capital Senior Living (CSU). Although there was no material news with regards to the company, the stock rallied strongly and recorded gains of as much as 113% on Monday.

Back in May, the company announced its Q1 2020 results and generated earnings per share of $0.72, which beat analysts’ estimate of $0.36. On the other hand, revenues came in at $106129000, which reflected a drop of 7.05% year on year. Investors could do well to keep an eye on the stock over the coming days.

Hot Penny Stocks To Watch #2 Hexo

Cannabis stock Hexo (HEXO) was another significant mover on Monday in anticipation of the company’s fiscal third-quarter earnings announcement this week. Although the stock has performed poorly over the past year or so, it has come roaring back in recent days. The markets have grown bullish recently due to the reopening of many cities across the United States.

Many stocks, like Hexo, which have suffered significant losses, have become attractive for investors. The stock has rallied by as much as 100% over the course of the past week.

Hot Penny Stocks To Watch #3 Acorda Therapeutics

Another penny stock that could be tracked by investors this week is that of Acorda Therapeutics (ACOR). It should be noted that there was no news regarding the company on Monday, but the stock still surged by as much as 41%, and hence, it is important for investors to keep their eyes peeled with regards to any developments.

On May 6, the company announced its fiscal first-quarter result and generated loss per share of 51 cents. While it was more than analysts’ estimates of 35 cents a share, it was lower than the loss per share of 56 cents in the year-ago period. Revenues came in at $28.1 million, which was significantly lower than analysts’ estimates of $39 million.

Hot Penny Stocks To Watch #4 Ideanomics

Lastly, it is Ideanomics (IDEX) that ought to be in the radars of investors this week. On Monday, the company announced that it commenced the delivery of electric taxis in Guilin, located in Guanxi Province in China. The company had bagged the contract to supply as many as 2300 electric taxis to the City of Guilin back in November 2019. The stock gained as much as 32% on Monday.

About Travis Garlick 1821 Articles
Been writing about and trading stocks since 2013. Manage a group of micro-cap investors on Facebook with over 15,000 members. Turned $8,500 into 185k the first year I started trading stocks and haven't looked back.