The markets got a major boost and closed at day’s high in yesterday’s trading session on solid momentum; however, things turned south on Thursday morning. The jobless claims in the United States hit 30 million in the past six weeks, which seems to have triggered a fall in stocks this morning. The Dow Jones Industrial Index fell by 450 points but later made a recovery after an announcement from the Federal Reserve regarding a lending program. In such a situation, it could be better for investors to start looking for momentum penny stocks to see if there are any indications of where things might move next.
Here is a look at five momentum penny stocks to get investors started.
5 Momentum Penny Stocks: Exela Technologies Inc (NASDAQ:XELA)
One of the momentum penny stocks to watch out for this morning is global business process automation company Exela Technologies. This morning, the company announced that the United States Patent and Trademark Office has issued a patent to the company for a unique system of document processing. This is a significant development for the company since it is expected to further improve its Digital Mailroom Platform.
The news was well-received by the market. XELA stock rallied by 82% and has displayed excellent momentum this morning so far. Investors would do well to keep an eye on this stock for the rest of the day.
5 Momentum Penny Stocks: AgEagle Aerial Systems Inc (NYSEAMERICAN:UAVS)
Among the penny stocks that have rallied today, AgEagle Aerial has been the least surprising. The stock has been one of the top performers among penny stocks this month, and since April 15, it has rallied by as much as 1,100%. This morning alone, UAVS stock rallied 65%.
On April 15, the company announced that it received follow-on purchase orders for the manufacturing of commercial drones from a major e-commerce company. The drones in question are meant to deliver packages. It remains to be seen whether AgEagle stock can extend its gains this morning.
5 Momentum Penny Stocks: Soligenix, Inc. (NASDAQ:SNGX)
Over the past few days, many biotech stocks have recorded gains, and the latest to do so is Soligenix. The company announced positive data from the Phase 3 clinical trial of its product SGX301, and the trial data seems to have resulted in a 12% stock rally this morning at the time of writing.
The medicine in question is meant for patients who are suffering from early-stage onset of cutaneous T-cell lymphoma. The rally in the stock shows that the market is optimistic about the data and the future of the product. It is likely that SNGX stock is going to be on investor radars today.
5 Momentum Penny Stocks: TherapeuticsMD Inc (NASDAQ:TXMD)
TherapeuticsMD enjoyed a remarkable rally on Wednesday, and it has continued in the same vein this morning. The company has emerged as one of the better-known women’s healthcare companies in recent times, and on Wednesday, it announced that it has managed to get a patent for its women’s contraceptive product, Annovera.
The patent provides the product an extra layer of protection, so it was not a surprise that the news was received with great enthusiasm by investors. The stock rallied by 78% on Wednesday as investors rushed to it. The rally continued this morning, jumping a further 6% at the time of writing.
5 Momentum Penny Stocks: Mohawk Group Holdings Inc (NASDAQ:MWK)
If one is looking to track momentum penny stocks, then Mohawk Group stock is another option for investors. The company is involved in consumer technology. It deploys artificial technology in order to analyze real-time shopping behavior from customers. It figures out the behavior of consumers when it comes to purchasing a wide range of items online.
Recently, the company projected that it is going to generate first-quarter revenue in the range of $25 million and $26 million. While that performance will represent a flat quarter-to-quarter growth, it would still be a bigger haul from the prior-year period by 43%. MWK stock is up by 24% this morning.
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