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Summary
- Trading volume is a top factor sought out by investors eyeing penny stocks.
- By watching how many shares are exchanging hands over a certain period of time, traders can develop a better understanding of stock performance.
- We look at six hot penny stocks with high trade volumes in the last 10-days: CloudMD, QMX Gold, D-Box Technologies, Zenabis Global, DealNet Capital and StageZero Life Sciences
Investors often seek out trading volume details for penny stocks to predict upcoming price moves and stock growth. Consistent high volumes can translate to successful opportunities in penny stocks. By watching how many shares are exchanging hands over a certain period of time, traders can develop a better understanding of stock poised to perform well in future.
However, rise in trading volumes and sustainability of the price change are just two indicators of investing in penny stocks. Highly volatile trading volume or price changes (sharp rise and deep plunge) in a short span is unusual and does not generally play well for penny stocks in the long run. Penny stocks are unpredictable in nature and investors must play with caution.
Keeping that in mind, we look at six hot penny stocks that are trending and have high trade volumes in the last 10-days.
- CloudMD Software & Services Inc. (TSXV:DOC)
Industry: Healthcare Providers & Services
Stock Price: C$ 1.16
Market Cap: C$ 136 million
Stocks of this SaaS-based health care technology company has been able to capitalize on the current pandemic crisis with more patients turning to online consultations. CloudMD scrips have advanced by over 64 per cent since its TSXV debut in June this year. The scrips are up 120 per cent in one month. Its current price-to-book (P/B) ratio is 9.92.
CloudMD aims to tap $10 trillion untapped virtual care market and is focusing on vertical growth strategy that is easily scalable with low overhead. It also recently entered the American markets.
Solutions offered by CloudMD include telemedicine platform, medical clinics, Cloud Practice that offers cloud-based electronic medical records (EMR) and pharmacy services.
- QMX Gold Corporation (TSXV:QMX)
Industry: Metals & Mining
Stock Price: C$ 0.24
Market Cap: C$ 91 million
Riding on the gold price rally, stocks of Quebec-based junior exploration company have surged by 140 per cent this year. The scrips have advanced 37 per cent month-to-date and 72 per cent quarter-to-date. The current P/B ratio is 2.67.
The company is focused on developing its high-quality gold projects in Abitibi Greenstone Belt and the Custom Milling business. It shares surged after QMX reported good production results at Bonnefond mine in Val d’Or, Quebec.
- Zenabis Global Inc. (TSX:ZENA)
Industry: Drug Manufacturers (Health care)
Stock Price: C$ 0.095
Market Cap: C$ 58 million
Before the cannabis bubble burst, shares of pot firm Zenabis peaked in November 2018, yielding 270+ per cent YoY returns. Since then, the stocks have been in a free fall and are down 45 per cent this year. However, the consolidated net revenue of the firm hit C$ 27.4 million in Q2 2020, up from C$ 19.9 million in the prior quarter.
However, with Cannabis 2.0 on the horizon, the shares of the pot firm were traded heavily in the last 10 days. Cannabis stocks is still an unscripted territory but investors have been bullish on pot stocks expecting long-term gains.
- DealNet Capital Corp. (TSXV:DLS)
Industry: Credit Services
Stock Price: C$ 0.155
Market Cap: C$ 43.86 million
DealNet Capital stocks have yielded nearly 94 per cent returns this year. In the quarterly and monthly scales, the company advanced by over 158 per cent and nearly 94 per cent, respectively.
In the second quarter, the companies net income surged 45 per cent quarter-over-quarter to C$ 165 thousand. It has a cash balance of C$ 8.8 million as of June 30, up from C$ 4.7 million at the end of March. Its current P/B ratio is 1.29.
- D-Box Technologies Inc (TSX:DBO)
Industry: Hardware (Technology)
Stock Price: C$ 0.13
Market Cap: C$ 22.8 million
D-Box is the most actively traded company on the TSX in the last 10 days. The firm produces motion systems for entertainment and industrial markets to create immersive experiences in movies, video games, virtual reality applications etc.
D-Box shares have surged nearly 37 per cent this year. But in the last three months, the shares have yielded a remarkable 225 per cent returns. The month-to-date gain is an impressive 271 per cent. Its P/B ratio is 1.63.
However, the company’s first quarter (ended June 30, 2020) financial reports were not very encouraging.
The company recently collaborated with Mad Studio to launch Project CARS 3 racing game simulation. It also forged a partnership with video game publisher Ubisoft. The gaming industry has soared amid pandemic, and D-Box stock performance is an indication of that.
- StageZero Life Sciences Ltd. (TSX:SZLS)
Industry: Medical diagnostics & research
Stock Price: C$ 0.08
Market Cap: C$ 29 million
Shares of cancer diagnostic firm StageZero’s are up 77 per cent this year. The stocks advanced by 23 per cent in a month.
As the pandemic gripped the world, StageZero quickly adopted PCR (polymerise chain reaction) and antibody COVID-19 testing, which led to the stocks gain.
StageZero is mainly a molecular diagnostic and liquid biopsy solution company, focusing on early cancer detection through genomic-based screening.
In Q2 2020 financial results, StageZero’s posted a net income of US$ 0.2 million, up from net loss of US$ 0.7 million a year ago.
