Over the last few weeks, gold stocks and tech stocks have been some of the biggest movers. Today’s list doesn’t feature one industry in particular, instead, it focuses on the three highest volume penny stocks in the market. While we can’t tell you whether or not these companies will continue their momentum throughout July, they’ve certainly caught the investing world’s attention so far.
3 High Volume Penny Stocks to Buy in July 2020: GEE Group Inc (NYSE:JOB)
GEE Group provides specialized staffing solutions (thus the ticker JOB). The company operates in the following industry segments: information technology, engineering, finance, and accounting specialties. Also, in the healthcare sector, GEE Group staffs medical scribes. These staffer members provide required documentation for patient care in connection with electronic medical records (EMR).
On the first day of July, GEE Group announced that it closed a recapitalization and financial restructuring. This move greatly strengthened its balance sheet by eliminating over $47 million in subordinated debt and mezzanine preferred stock financing. It also added approximately $40 million to holders of JOB stock.
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Within 24 hours, this boosted JOB shares by 334%. JOB is currently trading at $1.46, with a daily average volume of 1.76 million. Today alone, however, it moved nearly 3 million shares. Currently, Alliance Global Partners recommend a “buy” position for JOB. The firm has also set a price target at $2.50, representing a 70.65% upside from its current price.
3 High Volume Penny Stocks to Buy in July 2020: Electrameccanica Vehicles Corp (NASDAQ:SOLO)
Based in Vancouver, ElectraMeccanica designs and manufactures environmentally efficient electric vehicles. The company’s flagship offering is the innovative, purpose-built, single-seat vehicle called the SOLO. The three-wheeled SOLO provides a driving experience that is unique, trendy, fun, affordable, and environmentally friendly. In addition, InterMeccanica, a subsidiary of ElectraMeccanica, builds high-end specialty cars.
While SOLO shares held steady for most of 2020, three announcements made within the last 30 days have boosted the share price. The first, on June 12, was that ElectraMeccanica closed a direct offering of 10 million common shares for gross proceeds of approximately US$20 million. Next, as the US economy gradually reopened in late June, SOLO announced the accelerated expansion of its retail footprint for the SOLO EV, with new locations planned for Arizona and Oregon. Finally, the company appointed Gateway Investor Relations to manage its expanded IR program initiatives.
In tandem, these three moves caused SOLO shares to jump from $1.22 in early June to $5.07 as of this morning. That’s more than 300% growth, most of which occurred within the last week. While SOLO’s average volume is 7.1 million, today it saw nearly 160 million shares exchange hands.
3 High Volume Penny Stocks to Buy in July 2020: Globalstar Inc. (NYSE:GSAT)
Globalstar is a leading provider of customizable satellite solutions. The company’s services enable voice and data communications services globally through “Low Earth Orbit (“LEO”) satellites” and 22 “terrestrial gateways” throughout the world. Its customer industries include oil and gas, transportation, emergency management, government, maritime, and outdoor recreation.
Last month, Globalstar deployed a new ground station with second-generation technology in Argentina. This new infrastructure enables voice calls, two-way data communication, and internet connection, effectively extending Globalstar’s service throughout South America. While this produced a modest gain for GSAT shares at the time, real growth occurred earlier this morning when the stock jumped 61%.
While the company has an impressive business strategy and a clear path forward, it’s not clearly evident why GSAT skyrocketed today. Its average volume is 3.6 million, but today its volume reached 117.6 million. The stock is currently trading at $0.45.
Other High Volume Penny Stocks to Buy This Month
Zomedica Pharmaceuticals Corp (NYSE:ZOM) and Top Ships Inc (NASDAQ:TOPS) have shown high volume through the first week of July. Keep an eye on them, as well as the other stocks on this list, as the summer rolls on. But be sure to do your own research to understand the full worth of these picks.
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