Hot Penny Stocks on Webull Traders Watching This Week
Are Webull Traders Right About These Penny Stocks?
With the rise of apps like Robinhood and Webull, penny stocks are more readily available to the masses. Millions of new traders have flocked to the stock market in 2020 with visions of big bets on popular stocks. But many quickly discovered that with these popular apps there are certain restrictions in place. Mainly things like OTC penny stocks are not accessible for the most part. While there have been a few exceptions, the general rule is that stocks quoted in cents on Webull or Robinhood are only those traded on major exchanges.
The reason is most likely that the Nasdaq and NYSE exchanges require companies to meet strict requirements. This includes both a minimum price as well as a minimum level of transparency through disclosure reports. Needless to say, this restriction hasn’t stopped thousands of new merchants from downloading the app and getting started. trade penny stocks on Webull.
Aside from things like free stock, something the app offers that other apps like Robinhood don’t is community. Everything from discussion boards to sentiment scores is user generated, giving insight into what “the crowd” thinks about a specific stock. In today’s market, social sentiment has become a driving force. In just a few months, Reddit users have made their presence known as the community continues to grow.
Traders must now take the hype factor into account when placing a penny stocks list together. I won’t advocate buying a stock based on what social media tells you. But I’ll say it’s something to consider in your overall due diligence process. In many cases, overly publicized stocks have a short shelf life, resulting in big up and down movements within days or even hours. With that in mind, here is a short list of penny stocks that Webull-ers are talking about this week. Will they be the best names to buy or avoid?
Webull Penny Stocks to Buy [or avoid] This week
- Maritime Beaver (NASDAQ: CTRM)
- Zomedica Corp. (NYSE: ZOM)
- Senseonics Holdings (NYSE: SENSE)
- Torchlight energy resources (NASDAQ: TRCH)
- Onconova Therapeutics (NASDAQ: ONTX)
Penny Stocks to Buy [or avoid] # 1: Beaver Maritime (CTRM)
I will not get into a long and drawn-out discussion of the markets last week. We know they have had a lot of sales. But one thing I will point out is that even with the multi-day sell-off, Friday saw a monster rebound. It was not only in larger markets, but also with many stocks quoted in pennies. Some have rebounded more than 100% from their intraday lows. While Castor Maritime was not part of the triple-digit club, CTRM stock managed to post a 24% rally at the closing bell. Additionally, if you look at the stock chart, you will also see that it has tested an important technical level – the 50-day moving average – but has not fallen below. Whether this level is a firm support area or if the broad market rally has simply bailed out CTRM, it’s up to you.
Regardless, stocks eventually tested lows of $ 0.65, which is significant. The reason is that this 60-cent average level was a previous support level in late January and early February. So, the market rebound may have been taken into account, but those who like to look at the technicalities will also see that the 65 cent area has historical support when you follow certain levels earlier this year. Not only that, but it was also a point of interest in 2020 before CTRM’s stock fell in June.
Either way, shipping stocks like CTRM have recently gained a lot of attention. With oil and gas in the market spotlight and the global economy restarting, Castor experienced a big change from the start. The company also announced the delivery of a new vessel to add to its fleet. This now brings Castor’s total to 12 fully delivered ships. Given the current market sentiment, will Webull traders be right on CTRM this week?
2. Zomedica Corp. (ZOM)
Zomedica was one of best penny stocks to watch for months. Not that long ago, ZOM was trading below $ 0.10. The key milestones and anticipation of a major commercial launch of its animal diagnostics product TRUFORMA (R) are leading traders to keep it on their list. Although an early stage company, Zomedica has reported strong financial results entering its first stage of commercial sales.
At the end of last month, Zomedica released its 2020 year-end financial results. That included a loss per share of $ 0.05. Compared to a loss of $ 0.19 per share for 2019, this is a significant step in the right direction for the company.
Robert Cohen, CEO of Zomedica, said: “While we are grateful for our significantly improved balance sheet, we continue to be good managers of our funds by remaining efficient in our operations as we prepare for the next commercial release of TRUFORMA (R). ”
Now the market is waiting. Zomedica plans to start sales of TRUFORMA (R) on March 30. In the meantime, it will be interesting to see if or how speculation plays a role.
3. Senseonics Holdings (SENS)
Similar to Castor, Senseonics also fell back to levels around its 50-day moving average on Friday. However, unlike CTRM, SENS stock broke well below these levels and traded below $ 2 for the first time since January. The penny stock had actually retreated for a few weeks before the market sold off this month. One of the bearish catalysts at play was an off-the-shelf registration statement to sell up to 54.2 million shares on behalf of the selling shareholders. This therefore means that the company does not receive any proceeds from the shares sold. Those named in his registration statement included Marlin Fund, MSS SENS SPV, Senvest, BioStar Ventures and Steward Capital.
The company focused on its Eversense product. This is the company’s glucose monitoring technology. Last week, the company released its latest round of results for 2020 and the fourth quarter. Tim Goodnow, Ph.D., President and CEO of Senseonics, explained, “We believe Ascensia’s business experience and global footprint will help grow the Eversense market in 2021 and beyond. . We are working with Ascensia to further develop the business activity in the coming months. These collaborative efforts include developing plans for new programs designed to educate patients and providers, reduce patient costs, and continually expand global access to Eversense. “
Something else of note, which may have played a role on Friday, is highlighted in the filed quarterly statement. More specifically, the file indicates that “management has concluded that the substantial doubt as to the ability of the company to continue operating until March 31, 2022, which existed on March 5, 2020, has been removed.”
4. Torchlight energy resources (TRCH)
Many times we will discuss the M&A climate in the stock market. In the case of Torchlight Energy, speculation on mergers and acquisitions fueled the momentum for the oil and gas penny stock. Plus, this M&A news could ultimately turn Torchlight into a clean energy company, believe it or not.
At the end of last year, the company and Metamaterial signed an agreement to combine with Metamaterial which prevails as a company after all. Over the past several months, Torchlight has worked to eliminate debt and divest some assets. In addition, the company was also able to lend millions to Meta as part of the proposed combination.
While no headlines have been made lately, the thirst for green energy and clean tech stocks only increased in 2021. Despite the recent pullback in most stocks, that doesn’t change anything. fact that millions of traders have put stocks in this niche on their watch list. With regard to TRCH in particular, time is running out until the formal completion of the proposed merger.
5. Onconova Therapeutics (ONTX)
Like CTRM and SENS, Onconova shares fell to the 50-day moving average on Friday. In the same way as SENS, the ONTX share also fell below this major technical level. However, if you look at the chart history for last year, you will see that the level it has come back to has a history of support or resistance.
Weeks before ONTX stocks fell from above $ 1 to below $ 0.20, they hit lows of $ 0.78. A few months earlier, it had tested highs of $ 0.74. Why mention this? ONTX shares hit a low of $ 0.77 on Friday before rebounding 32%, ending the session at $ 1.02. It appears that this mid-70 cent area acted as historical support or resistance and resisted that theory on Friday.
As this week approaches, traders are watching to see if the rally continues. Users on Webull are bullish on the stock. Some of the key points of interest focus on the company’s pipeline and upcoming data readings. The company’s ON 123300 is expected to begin a Phase 1 dose escalation and extension trial in the United States in the first half of this year. In addition, a phase 1 dose escalation and extension trial is currently underway in China.
Onconova’s drug candidate, oral rigosertib, is in an investigator-initiated Phase 1 dose escalation and extension study. It targets patients with KRAS + pulmonary adenocarcinoma in combination with nivolumab. In addition, Onconova has started preclinical work on rigosertib in COVID-19. One thing that could be a catalyst (bearish or bullish) is its upcoming financial results. This week, Onconova releases its 2020 full year results and a company update on Thursday.
COMTEX_382300228 / 2685 / 2021-03-07T14: 35: 57
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