At this point in time, the stock market is in turmoil due to a range of extraneous issues. The coronavirus crisis has escalated in a big way, and that has impacted the market considerably. In addition to that, the oil price crash in recent days has also had a major impact on stocks.
Hence, hundreds of stocks have recorded steep declines in recent days, and in that regard, penny stocks are no exception. However, there were some penny stocks that did manage to record gains, and investors could keep an eye on these stocks. Here is a look at five such penny stocks.
Penny Stocks To Watch This Week #1 Planet Green
The first penny stock that could be added on to the watch list at this point is that of Planet Green (PLAG Free Report), which soared by as much as 42% on Wednesday. PLAG stock has gained almost 100% this week so far, and it is likely going to be in investors’ radars this week.
However, at the same time, it should be noted that the stock has rallied without any material news in relation to Planet Green. Back in February, the company had signed a share purchase agreement with a pair of investors. Planet Green announced that it would receive $3.51 million in exchange for 1.35 million common shares.
Penny Stocks To Watch This Week #2 China Pharma Holdings
Another penny stock that could be worth considering is China Pharma Holdings (CPHI Free Report). The stock has made significant gains after the company announced earlier this month that its subsidiary had launched a product that could tackle coronavirus. The product that has been launched by the subsidiary Hainan Helpson Pharmaceutical & Biotechnology is a wash free sanitizer, and since the announcement, the stock has made significant gains.
On Wednesday, CPHI stock extended its gains and went up by as much as 27.50%. Investors could keep an eye on the stock over the coming days.
Penny Stocks To Watch This Week #3 TrueCar
On the other hand, TrueCar Inc (TRUE Free Report) has also emerged as a promising penny stock in recent days. It is well known that the markets do not like uncertainty, and hence, the stock moved in the right direction after the company named a permanent Chief Executive Officer.
On Wednesday, TrueCar announced that Mike Darrow had been appointed as the president and CEO of the company. It proved to be a boost for TRUE stock as well, and it rallied by as much as 3.50% on the back of the announcement.
Penny Stocks To Watch This Week #4 Sientra
Sientra Inc (SIEN Free Report) has emerged as another penny stock that could be worth tracking in light of recent events. On Wednesday, the company announced its financial results for the fourth quarter, and it was well-received by the markets. Sientra reported losses of 41 cents a share and managed to beat analysts’ estimates of losses of 42 cents a share. This resulted in a rally in SIEN stock, and it gained as much as 14% in the premarket trading session.
Penny Stocks To Watch This Week #5 Plug Power
Last but not least, it could also be worthwhile to keep track of the Plug Power (PLUG Free Report). Over the past year, the stock has generated significant gains. Those who are bullish on the hydrogen fuel cell maker, state that hydrogen fuel cells have now become much safer due to technological advancements.
Hence, these fuel cells could compete with electric batteries in a range of industries that are looking for clean energy. Investors could keep an eye on PLUG stock.