Major stock markets are beginning to rebound after weeks of losses, and there are several hot penny stocks gainers that were up over 30% on Thursday.
After a turbulent day, the Dow Jones finished the session up 0.14% to $23,537, while the S&P 500 closed up 0.58% for the day.
The modest upticks were encouraging after the release of concerning US unemployment data, which showed that over 5 million Americans filed for unemployment benefits last week. This brings the monthly total to 22 million and effectively erases a decade’s worth of job creation.
Despite the dire news, major indexes rebounded from earlier loses.
Meanwhile, among all of the market volatility were a handful of penny stock gainers that posted sizeable increases on April 16.
3 Hot Penny Stock Gainers to Buy: MoSys Inc. (NASDAQ:MOSY)
Hardware and software provider MoSys Inc. comes in at the top of the list of hot penny stock gainers after experiencing massive gains on Thursday.
MOSY stock went from an opening price of $1.42 to highs of $4.64 before settling at $2.55, an impressive increase of 87.5%.
Although the company didn’t release any news on Thursday, a business update on Monday may have helped boost the stock.
On April 13, MoSys announced that it has resumed shipments of its integrated circuits (IC) and has already completed the shipment of backlogged orders that were delayed due to COVID-19.
It is definitely encouraging to see the company resume shipments amid the coronavirus chaos, as MoSys and its vendors are supporting shipment of components for what the federal government defines as critical infrastructure.
MoSys has a market cap of $3.14 million, with 2,315,000 shares issued.
3 Hot Penny Stock Gainers to Buy: Edison Nation, Inc. (NASDAQ:EDNT)
It isn’t surprising to see Edison Nation Inc. on the list of hot penny stock gainers to buy this week after announcing that it has received over $10 million in orders for the purchase of personal protective equipment (PPE) during its first week.
On April 7, Edison announced the launch of Edison Nation Medical, its new line of health and medical products, to address product demand during the coronavirus outbreak.
The current orders are for a range of products, such as gel-based hand sanitizer, liquid sanitizer, and protective masks, which the company anticipates to ship during the current fiscal quarter.
EDNT shot up from $1.67 up to highs of $5.20 on Thursday following the news, with a trading volume of over 29 million shares.
>> 4 Nasdaq Penny Stocks Trading Up
At market close, EDNT stock was up 53.89% to $2.57, bringing its market cap to $13.5 million, with 8,088,000 shares issued.
3 Hot Penny Stock Gainers to Buy: Consumer Portfolio Services, Inc. (NASDAQ:CPSS)
Last but not least on the list of hot penny stock gainers to buy on April 16 is Consumer Portfolio Services, an independent specialty finance company that provides indirect automobile financing to people with low incomes, past credit problems, or limited credit histories.
The reason for the 51.92% increase in CPSS stock is likely due to the release of the company’s Q1 2020 financial results, which were fairly positive considering the setbacks the company faced due to COVID-19.
Consumer Portfolio Services reported a net income of $10.8 million, or $0.45 per share, which is a massive increase from the $1.7 million the company reported for Q1 2019.
The company started off the first quarter strong, but the impact of the coronavirus resulted in a $10.4 million mark down, and a $3.6 million charge to the provision for credit losses for the legacy portfolio accounted for under CECL.
Without the charges related to the COVID-19 pandemic, revenue for the first quarter of 2020 would have been $81.1 million, while pretax income would have been $17.1 million.
At end of day Thursday, CPSS stock was up 51.92% to $2.37, with a trading volume of 697,172 shares. Consumer Portfolio Services has a market cap of $35 million, with 22,559,000 shares issued.
Takeaway
During times of serious market turbulence, it’s encouraging to see penny stock gainers that are up over 20% in a single trading day.
The COVID-19 pandemic has thrown the entire world for a loop, creating serious economic challenges across the globe. The outbreak has also created some major winners, with endless healthcare penny stocks, as well as at-home fitness and media service providers, posting gains.
Indeed, many companies are managing to turn a negative situation into a lucrative opportunity, whether it be catering to consumers who are on lockdown or working hard to develop a potential vaccine or treatment to combat the coronavirus.
If you are interested in getting in on hot micro and small cap stocks, the aforementioned penny stock gainers are a great place to start.
Are there any hot penny stocks on your watchlist? Tell us about them in the comments!
Featured Image: DepositPhotos © leungchopan
