Why these five penny stocks are making waves today

  • April 08, 2021 03:11 PM AEST
  • Aayush
    Aayush
    Research Analyst Aayush
    131 Posts

    Aayush is a Research Analyst at Kalkine, with rich experience of over 3 years catering to capital markets. He has been a sell side equity advisor for two years and is currently dwelling deep into the equity research. He holds MBA in finance degree an...

Why these five penny stocks are making waves today

Source: Vitalii Vodolazskyi, Shutterstock

Summary

  • Envirosuite has announced a record quarter for the period ended 31 March 2021, and the stock has shot up by 16 per cent to A$0.145.
  • Otto Energy was up by 40 per cent yesterday, and today it surged further by another 21 per cent.
  • Sabre Resources is up by 20 per cent as the company commenced a scoping study on the Sherlock Bay Nickel Project.

The Australian market continued to rise today, extending its winning streak to five days. As of 1:10 PM AEST, the ASX 200 is trading up by 1 per cent to 6998, after retreating from the high of 7012.4. In the midst of this strong momentum, the benchmark index has also surpassed the much-awaited 7,000 mark for the first time since the pandemic.

Image Source: Copyright © 2021 Kalkine Media Pty Ltd.

In this strongly bullish market, penny stocks are also gaining traction as investors are fleeing away from safe bets to riskier ones. Let us take a look at few of the trending penny stocks:

  1. Xstate Resources Limited (ASX:XST)

Xstate Resources released its operational update on 6 April 2021, which didn’t seem to impress investors. The company’s Canadian oil production continued to increase, with Xstate’s share of oil production rising to 311 BOEPD, as of 4 April 2021. However, the company reported disappointing results of the Guinda and deeper seismic targets in Borba 1-7.

The stock tanked by a massive 58.3 per cent after the update, making the stock a bargain for value investors. Today the stock is coming out of its oversold state and is up by 50 per cent to A$0.006.

  1. Envirosuite Limited (ASX:EVS)

Envirosuite has announced a record quarter for the period ended 31 March 2021. The company clocked an ARR of $2.1 million, up by approximately 180 per cent over the Q2 FY21 ARR of $1.15 million. A total of 13 new customers were also added during the reported period.

The stock has shot up by 16 per cent to A$0.145 with the highest volume of the month, at over 6.6 million shares.

Read More: What was the driving force behind Envirosuite’s (ASX:EVS) record quarter? 

  1. Otto Energy Limited (ASX:OEL)

Otto Energy is amongst the hottest penny stocks for the month. Yesterday the stock was up by 40 per cent, and today it is up by another 21 per cent. In the last two days, Otto Energy’s stock has risen from A$0.01 to the current market price of A$0.017.

There haven’t been any significant announcements by the company during this period. However, today the company requested the ASX to put its shares under trading halt till 12 April. This happened after the ASX sent a letter to the company seeking information regarding its unusual price and volume action.

  1. Sabre Resources Limited (ASX:SBR)

The company has commenced a scoping study on the Sherlock Bay Nickel Project. The new study has been initiated in response to the forecasts on the market penetration of EVs by 2030, and the amount of nickel, cobalt, and copper required.

Image Source: ID 2296537 © Mashe | Megapixl.com

Investors seem to be in a hurry to buy the shares amid this positive development, resulting in a 20 per cent surge in the share price to A$0.006 with a volume of over 18 million shares.

  1. New World Resources Limited (ASX:NWC)

The company has reported significant new high-grade assay results from four of its recently completed drill holes at the Antler Copper Project in Arizona, USA. It is also continuing to discover additional thick, high-grade mineralisation with exploratory drilling along strike from the Main Shoot, which continues to expand and add confidence to the resource base.

The stock has risen to a new multi-year high of A$0.102, surging up by 20 per cent. Today’s volume of over 52 million shares is also the highest one-day volume in the past many years.    

 

 


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