NEW YORK, October 17, 2019 / TheStockDork / — The S&P 500 closed yesterday’s session in the negative. The DJIA and NASDAQ also ended the day in the red. The NASDAQ fell by 0.3%, while the S&P 500 declined by 0.2%. The Dow was also down but it had the most narrow losses, declining by only 0.08%. Today’s issue of Best Stocks to Trade Today examines the tech sector.
Today, it looks like these penny stocks in the tech sector are trading with above-average volume. They could be great candidates for either long or short plays.
- For more penny stocks, check out our monthly rankings here: https://www.thestockdork.com/penny-stocks/
- For even cheaper stocks, see our rankings for the best stocks under $1: https://www.thestockdork.com/stocks-under-1/
Urban One, Inc. (NASDAQ: UONEK)
Urban One shares are active this morning after the company announced the appointment of two new executives. C. Kristopher Simpson will be the company’s new senior VP and also its general counsel, and Tony Spinelli will be the chief information officer. Simpson is a seasoned attorney and Spinelli is a veteran of the technology sector.
The company is a media conglomerate that operates several outlets that primarily target African Americans and ‘urban consumers’ in the US. The stock popped 3.54% yesterday but it gave back some of those gains in pre-session trading this morning. Right now, Urban One trading volume is about 2.5 times the average.
Zovio, Inc. (ZVO)
Zovio offers educational technology services to academic organizations and other companies. The company partners with higher education institutions and employers to deliver digital education solutions to students and employees.
Shares sold off yesterday after the company asked the U.S. Department of Education to review its proposal to change the ownership of Ashford University. Zovio has a stake in Ashford and the company is exploring transitioning the university to non-profit status. Additionally, the company is considering selling its stake but claims it will only do so if the buyer will agree to a technology services contract with the Zovio beforehand.
Shares fell by over 4.46% yesterday, but are up slightly in pre-market trading. Trading volume is currently over 3 times average levels.
Fitbit, Inc. (FIT)
This company makes smartwatches, fitness trackers, and other high-tech personal devices. Fitbit shareholders have been under fire this year. Apple, Garmin, and Samsung products are competing with Fitbit and pressuring share prices. Traditional watch companies, like Movado, are also entering the fray. Fitbit also has tariff concerns, so it’s been a rough year for this stock. However, yesterday FIT rallied 8.41% without any major new items hitting the wire.
The rally could be attributed to the company’s announcement last week that it is pulling out of China to avoid tariffs. Analysts applauded the move, including D.A. Davidson’s Tom Forte. Forte wrote a note to investors that said his firm is “encouraged by the move” and “it seems to position Fitbit to have greater control of its future pricing and, therefore, its margins”.
Shares of FIT are flat in pre-session trading. About 3.75 million more shares are trading than average.
Sify Technologies Ltd. (SIFY)
Headquartered in India, Sify offers a variety of IT services in India, Singapore, the United Kingdom, and also North America. The firm provides data centers, networking, and also cybersecurity services to businesses of all sizes. Recently, share prices have been volatile as the stock approaches its FY Q2 earnings release, scheduled for tomorrow.
Yesterday, shares closed the session down 2.14%. However, shares are up 4.38% in pre-market trading today. Trading volume is currently about 1.5 times higher than average. If this company posts an upside beat on earnings it could fuel a large move in share prices.
PFSweb Inc. (PFSW)
PFSweb provides ancillary services for businesses with e-commerce operations. Its business is segmented into two business units. One unit handles digital marketing, web design, and other related services. In addition, its second unit handles order fulfillment, customer contacts, payment processing, and other support services.
Shares popped 4.48% yesterday after the company announced it had been selected as Moleskine’s U.S. fulfillment partner. Under the terms of the multi-year agreement, PFSweb will provide fulfillment services to support Moleskin’s direct to consumer operations from its Memphis distribution center. The arrangement is already live, the companies started doing business together in September.
These are just a few of the best penny stocks to trade today. Keep your eyes open for breaking news, above-average trading volume, and other signs of abnormal activity to find even more great tech stock trades for today.
For even more hot stock alerts, sign up for Stock Dork Alerts to get the hottest penny stocks delivered directly to your inbox.