TTOO - Top 3 penny stocks to day trade: HUBC TTOO NVOS
2023-10-10 07:00:00 ET
Penny stocks are highly popular among day and swing traders because of their low prices and volatility. Most of these stocks are usually bad long-term investments because of their unprofitability, especially in a high-interest rates environment. Here are some of the top penny stocks to trade.
HUB Cyber Security
HUB Cybersecurity (NASDAQ: HUBC) is a technology company that provides cybersecurity solutions to individuals and companies. Its services include HUB Secure File Vault, HUB Guard, and Attack Surface Management.
HUB Cybersecurity’s revenue grew from $32.5 million in 2021 to over $79.6 million in 2022. Its loss jumped from $13.6 million to $80 million in 2022. It is unclear why HUBC stock price surged by more than 185% on Monday.
A likely reason is that there are elevated fears of cybersecurity risks as the Israel-Hamas war continues. This is notable since HUB Cyber Security is an Iranian company. Technicals suggest that the stock will likely retreat as this momentum fades.
T2 BioSystems
T2 BioSystems (NASDAQ: TTOO) is a penny stock whose shares were trading at $0.28 on Monday. TTOO stock price surged in 2021 because of its Covid-19 testing business. Recently, however, this business has struggled as the demand for these testing eased.
As a result, T2 Biosystem’s business has struggled, with its quarterly revenue falling from $5.9 million in Q2’22 to just $2.0 million. It made a $6.3 million in the last quarter. And as I wrote here , the company’s key shareholder has been dumping shares. It has sold stock worth millions of dollars this month.
T2 BioSystems is a good penny stock because of its high volatility and volume. For example, on Monday, its volume was over 116.3 million shares.
Novo Integrated Sciences
Novo Integrated Sciences (NASDAQ: NVOS) is another good penny stock for day traders. The company, which has a market cap of over $48 million, made headlines when it secured a $1 billion master collateral transfer agreement . Since then, the company’s relative volume and volatility have risen.
Novo Integrated’s collateral transfer facility will come from the Blacksheep Trust, a New York-based private express trust.
Still, Novo Integrated Sciences finances are not all that good. Revenue in the most recent quarter rose to $3.3 million while its net loss was $1.5 million.
To be clear, these three companies have major fundamental issues, which makes them risky long-term investments. In a period of high interest rates, there is a likelihood that some of these companies will go bankrupt. Some of the other penny stocks to trade are Mullen Automotive (MULN), Canoo (GOEV), Allbirds, and Virgin Galactic.
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