Penny Stocks To Watch This Week
What Are The Top Penny Stocks To Buy If President Donald Trump Concedes?
Penny stocks are always on the watch list. But something happened this weekend that could put a spotlight on a few sectors. Results haven’t been certified yet, however, major news outlets including Fox, NBC, CBS, and others weighed in over the weekend. All suggested that former Vice President Joe Biden would become the 46th President of the United States. But there could still be a long road ahead. The Trump Campaign continued raising questions on the legitimacy of the results. Despite giving a victory speech on Saturday night, the results haven’t been officially confirmed.
Regardless of the ultimate outcome, heading into this week, it could be time to look at certain sectors if, in fact, a new President is confirmed. A few that immediately come to mind are tech, healthcare, and cannabis. Over the weekend, Amazon CEO Jeff Bezos showed his supports. He posted on Instagram that their victory signifies that “unity, empathy and decency are not characteristics of a bygone era.”
Furthermore, Bill Gates, the founder of Microsoft said he looked forward to “working with the new administration and leaders on both sides in Congress on getting the surging pandemic under control.”
In addition to this, the Biden/Harris campaign remained steadfast in their efforts to bring federal legalization to the cannabis industry. On the trail, Kamala Harris said that, “We have a commitment to decriminalizing marijuana and expunging the records of people who have been convicted of marijuana offenses.”
The outcome is still yet to have solid confirmation. However, events over this weekend could obviously set the tone for the first half of the week. Now it will be up to you to decide if these will be the best penny stocks to buy or avoid.
Penny Stocks To Buy [or avoid]: Akerna Corp.
I’m thinking speculation could remain in play for marijuana stocks as a whole. Despite the focus being on the U.S., the broader sector took flight late last week. Every thing from Canadian pot stocks to U.S. multi-state operators surged going into the weekend. With the direction that things have gone, at least in the short-term, pot stocks are likely going to be on the menu.
Akerna Corp. (KERN Stock Report) is one of the lesser covered cannabis companies that we’ve discussed. The company is U.S. based but focuses more on a “pick and shovel” approach to the industry. Akerna is building compliance technology. It offers its “MJ Platform” and “Leaf Data Systems” providing a central data management system. It can be used for tracking regulated cannabis products from seed to sale across the supply chain.
The company recently closed on a $12 million financing to put directly to work. Akerna set targets for product development, sales and marketing, and strategic acquisitions among other things. Aside from sector-based hype, this could be an important week for Akerna. The company will hold a conference call on the 12th to discuss its financial results and business highlights. In its last earnings report, the company expressed high hopes for new initiatives during the election season. This, coincidentally, has become the case. So will the latest quarter reflect some growth are are traders still going to have to wait for these legalization initiatives to take shape in the coming quarters?
Penny Stocks To But [or avoid]: Harvest Health & Recreation Inc.
Another one of the cannabis companies on the list of penny stocks is Harvest Health & Recreation Inc. (HRVSF Stock Report). The company is smack in the middle of the latest surge in U.S. marijuana stocks. Thanks to new legalization efforts in its home stake of Arizona, attention has focused on Harvest stock. Furthermore, it is one of the more popular marijuana penny stocks to watch right now due to a few things.
First, as discussed, its home state has benefited from the recent round of cannabis initiatives this year. Harvest has been on the path of growth. It currently operates 15 medical dispensaries supported by cultivation facilities. Its locations are in Camp Verde, El Mirage, Phoenix, and Willcox. There are also processing facilities in Flagstaff and Phoenix.
Furthermore, Harvest has grown its footprint in Pennsylvania. Following the latest affiliated dispensary opening, the company now has 8 in the state.
“We are delighted to open our eighth location in Pennsylvania , one of the fastest growing medical markets in the U.S”
Chief Executive Officer Steve White
What’s more, is that Harvest is also one of the top 10 holdings in the AdvisorShares Pure US Cannabis ETF (MSOS ETF Report). Coming in at #7, the ETF held 1,163,000 shares as of 11/4.
Penny Stocks To Buy [or avoid]: Sunworks Inc.
Things have been relatively quiet for Sunworks Inc. (SUNW Stock Report) recently. The big move back in September put it on the map with traders. However, since then, SUNW stock has been more of a sideways mover. Day traders have been able to take advantage of the intermittent 9-13% moves, daily. But, overall, SUNW has remained in a consistent channel. One of the initiatives of the President elect’s campaign was renewable energy. Sunworks, in particular, could be one to watch not only for its model but what could be coming down the pipe as well.
Sunworks is in the middle of being acquired for over $14 million by Vermont-based The Peck Co. Holdings Inc. (PECK Stock Report). This deal was announced in August with Peck prevailing in the all-stock acquisition. Needless to say, Sunworks has been an impressive solar penny stock to watch after recent company updates. Most notably, the company announced $10 million in new commercial and agriculture projects in the third quarter.
“The most notable volume of third quarter sales were booked in the last week of September, and we are optimistic this momentum will continue into the fourth quarter as we signed two more large projects in the first week of October.”
Chuck Cargile, Chairman of the Board of Sunworks
The biggest question? Will sector sentiment become more bullish heading into the first half of this week?
Penny Stocks to Buy [or avoid]: Marathon Patent Group Inc.
One of the things thought of a Biden victory would mean potentially different monetary policies. In light of this, some speculation that cryptocurrencies could take a front seat. That is, at least in the short-term. Essentially the idea of more fiscal stimulus could mean a diluted U.S. dollar which could trigger investors to seek out safe havens. Aside from gold, believe it or not, cryptocurrencies have become a safe haven. In fact, over the weekend, the price of Bitcoin jumped. Over the last 5 days, BTC prices have jumped from around $14k to over $15,500.
Marathon Patent Group Inc. (MARA Stock Report) has been one of the bitcoin and blockchain penny stocks on our list this year. The run-up between March and July put MARA stock on watch lists this year. A strong pullback in August and September made this one of the “bottom bounce” prospects in the second half of 2020. Needless to say, Since mid-September, MARA stock has been just that. Shares have bounced by as much as 110% are are currently trading over $2.40.
A few weeks ago, the company inked a deal with Bitmain. It would see Marathon purchase another 10,000 Antminer 2-19 Pro ASIC miners. Beginning in 2021, the company anticipates receiving all miners in tranches with the final coming in June. After fully installed, the new miners will bring Marathon’s mining operations to 23,560 miners total. Considering the current circumstances, will MARA be on your list of penny stocks to watch right now?
Author: D. Marie
Source: Penny Stocks: Are These Top Penny Stocks To Buy If Biden’s Confirmed As President?