The coronavirus pandemic has sent the markets into complete turmoil over the past few weeks, and stocks have recorded steep declines across the board. However, despite all that, there have been some penny stocks that have managed to deliver gains even during these tough times.
This past Friday, some penny stocks rallied, and it could be worthwhile for investors to take a closer look at some of these stocks. Here is a look at 5 penny stocks that recorded gains on Friday.
Penny stocks to be in Limelight in May #1 Superior Drilling
One of the penny stocks that managed to record significant gains on Friday was that of Superior Drilling (SDPI). The company successfully executed an amendment to its Hard Rock Note by way of which payments to the tune of $1.5 million has been deferred to 2021 and 2022. Superior is going to continue to make the interest payments on schedule.
The company also reported that its revenues for the 1st quarter grew by as much as 6.4% year on year to hit $5.4 million. The two developments resulted in a lot of positivity around SDPI stock, and it rallied by as much as 56% on Friday.
Penny stocks to be in Limelight in May #2 Ocwen Financial
Investors who are looking for promising penny stocks could also consider having a closer look at Ocwen Financial (OCN), which soared by as much as 70% on Friday. The company reported its financial results for the 1st quarter, and its performance impressed the market. Earnings per share soared by as much as 42.42% and managed to beat analysts’ estimates of $0.40.
However, revenues declined year on year by 16.47% to hit $253,842,000. Investors piled on to the stock on the back of the announcement, and OCN stock soared by as much as 70%.
Penny stocks to be in Limelight in May #3 Peabody Energy
Shares of Peabody Energy (BTU) gained as much as 35.50% on Friday in reaction to the rising price of seaborne metallurgical coal. Peabody is involved in the production of that type of coal, which is better known as coking coal in industrial circles.
During the course of the week, the price of coking coal rose to $110.43 per metric ton, which reflects a rise of as much as $2.80 per metric ton. Such a rise in price triggered a rally in BTU stock, and it could be worthwhile for investors to keep an eye on this stock this morning.
Penny stocks to be in Limelight in May #4 Kitov Pharma
There are two more penny stocks that made major moves on Friday, and one of those is Kitov Pharma Ltd (KTOV). This past Friday, the company announced that it successfully completed a registered direct offering of 25000002 shares at the rate of $0.40 each. The shares in question were represented by American Depository Shares.
The gross proceeds for the same stood at around $10 million. It is a significant development for the company at a time when raising capital may have proven challenging. After the announcement, the stock rose by as much as 25.60%. Investors could do well to add KTOV stock on to their watch lists this week.
Penny stocks to be in Limelight in May #5 Carrols Restaurant
It has not been a particularly great time for restaurants over the past few weeks, and hence, it came as a pleasant surprise for many when the Carrols Restaurant (TAST) rose by 23.50% on Friday. While the company’s earnings per share dropped by as much as 31.03% year on year to $0.38, revenues rose by much as 20.88%. Carrols generated revenues of $351518000. That might have been the trigger behind the rally in TAST stock.