Stocks are rebounding after suffering from a small rout last week. The market seems to be bucking off the coronavirus uncertainties and getting right back on track. The major US indices posted back-to-back blowouts on Monday and Tuesday, and the futures market indicates that we could be heading for another day of big gains.
Big-name stocks played a major role in the recent rally, but penny stocks are posting strong numbers too. The recent volatility is lifting some of these stocks to major gains. While the market rallies, it could be a great time to open some speculative positions in these breakout penny stocks.
The Best Penny Stocks To Trade This Week
These are the best penny stocks on the market this week.
Top Biotech Penny Stock: iBio Inc. (IBIO)
iBio is a Newark-based biotech company that focuses on plant-based biologics manufacturing. Shares are up by 61% over the past 24 hours, making it one of this week’s better-performing penny stocks.
The company’s stock price could rise further following news that they are working with Beijing CC-Pharming Ltd to develop and test a new 2019-nCoV vaccine. The vaccine will help combat the coronavirus outbreak that originated in China a few weeks ago.
iBio’s share price is up by over 100% over the past month and it could set new highs in the coming days.
Art Dealer Soars: Takung Art Co Ltd (TKAT)
Hong Kong-based art dealer Takung Art also touched new highs this week. Shares are up by 36% over the past 24 hours with no clear catalyst in sight. Takung has an obvious connection with China, but it’s been performing excellently while coronavirus fears tanked most Chinese stocks. It’s not clear just why there has been such a major rally in this stock but, regardless of reason, the recent spike in share prices is worth noticing.
Gaining Continues Momentum: Digital Ally, Inc. (DLGY)
Digital Ally is a commercial company that provides law enforcement, emergency vehicles, and commercial fleets with body cameras. They also provide in-car video systems and cloud-based management software.
Shares jumped after the company reported landing the largest contract in its history. An undisclosed national police force agreed to a 3-year supply contract with Digital Ally for 5,000 body cameras. The deal is expected to generate over $4 million in revenue and deliveries will begin before the month is over.
Digital Ally posted a massive rally yesterday but closed well off its daily highs. The stock opened to a massive 100%+ pre-market gain but fell rapidly throughout the trading session. By the time the market closed, DLGY gave back most of its rally to close the day with a much more modest 28% gain. That’s nothing to scoff at, but it’s well short of yesterday’s high.
China’s Electric Car Giant: Nio Inc. (NIO)
Nio is an electric car company based in Shanghai, China. The company had some struggles recently, but its stock has been performing surprisingly well. Shares were up 11% yesterday.
The company is confident that sales will bounce back after a sub-par 2019. Nio plans to construct about 200 brick-and-mortar stores before the end of the year. These customer-centric locations will offer Nio shoppers a retail experience that includes several high-end amenities.
Top Penny Stocks For The Week: Closing Thoughts
These penny stocks are making waves this week and they have the potential to be excellent trading opportunities. For more on the hottest penny stocks, check out Stock Dork Alerts. Our reports are informative, entertaining, and easy to understand. It’s one of the best ways to follow the market. Sign up today and get a jump on the New Year with our 2020 Growth Stock Guide, it’s yours free when you join. Click here to join and claim your free copy now.