SIGN UP FOR YOUR EXCLUSIVE FREE STOCK ALERTS
By submitting your email, you agree to our Privacy Policy and Disclaimer.
X

JOIN NOW

AND LET THE PROFIT GAINS BEGIN!



PennyStockGenius.com has a zero tolerance spam policy. All subscribers are opt-in, and can unsubscribe at any time. We will never sell or redistribute your email to any 3rd party.
Penny Stock MArket Report

Penny Stocks on the Move on Sept 19: GSAT, PCWT, ELTP

Today, market players are taking profits from long positions after yesterday’s strong rally of the US stock markets. It was Fed’s decision to keep the monetary easing policy intact that launched the US benchmark indexes to new record highs.

The OTC Markets were also obsessed by a strong bullish mood yesterday, and eventually the OTCM ADR Index closed the session at a new 52-week high at 1,530.96 points. At the moment, however, the OTCM ADR Index is trading 0.07% below the previous close due to the prevailing profit-taking impulses on the market.

Thus, the positive fundamental news which came out today somehow remained in the shadow. On one hand, it was reported that last week’s Initial Jobless Claims reached 309 thousand, which is lower than market expectations. Another report showed that the number of Existing Home Sales in August reached 5.48 million, whereas the market expected 5.30 million. Moreover, the Production Activity Index in Philadelphia had risen sharply to 22.3 in September, up from 9.3 in August.

In short, the profit taking impulses and the good fundamental news are currently keeping the US stock markets in a transitional state. On this background, green color is dominating on the OTC Markets’ most active lists.

GSAT logoGlobalstar, Inc. (GSAT) – GSAT is looking for a direction today as the stock starts facing harder and harder resistances, now that the company has reached a record high market valuation of $436 million.

GSAT chartYesterday the stock hit a new 52-week high at $1.07 after surging up 3% on a higher than average volume of 9.1 million. At the moment, GSAT stock trades flat at $1.07 per share on a below average volume of 1.6 million. So far nearly $1.7 million have been exchanged in more than 320 transactions with GSAT stock.

Today, the company announced that James Monroe, Chairman and CEO of GSAT, would speak at the imperial Capital Global Opportunities Conference held at the Waldorf Astoria in New York on Sept 19. The news was officially reported in an 8-K filing.

Apparently the announcement have not produces any significant effect on market players today as the share price of GSAT stock still remains unchanged. For now, this also means that GSAT stock has enough volume to buffer the profit-taking impulses which have been amounting these days after the stock reached new record highs.

PCWT logoPacific Clean Water Technologies, Inc. (PCWT) – Despite the fact that PCWT was awarded with a pirate’s sign yesterday, the stock continues generating hype on the OTC Markets. PCWT is still one of the most heavily traded penny stocks on the OTCQB, as today’s trade value generated by the stock has already exceeded $1 million.

PCWT chartYesterday, PCWT skyrocketed to $0.18 per share, or 107% higher than the previous close, after the stock received a promotional coverage which had cost $500,000 provided by anonymous third parties. The market awareness campaign was the single factor driving the stock up, as the company had not issued any corporate updates until yesterday. This was, actually, one of the reasons the company got marked with caveat emptor sign, which obviously didn’t scare seasoned penny stock speculators.

However, a press release did came out yesterday. Two hours before the closing bell, GSAT announced that after working with Bolthouse Farms for nearly a decade, the company, through its subsidiary Western Water Consultants Inc. (WWC) had begun to create new products to enhance existing applications.

This additionally bolstered the stock and today it is going higher despite the black sign. Currently shares of PCWT are trading 8% higher at $0.194 per share on a volume of 7 million. Apparently the trading interest towards PCWT has decreased significantly as yesterday the stock generated a huge trading volume of more than 94 million.

If the outflow of trading interest continues, PCWT will likely face a revision of its current market valuation of $54 million.

ELTP logoElite Pharmaceuticals, Inc. (ELTP) – ELPT has built a significant momentum in the last couple of days. At the beginning of September the stock was consolidating around $0.08 per share but one week ago ELTP suddenly shot up breaking several established resistances. Since then the stock has been registering new 52-week highs.

ELTP chartToday, ELPT still faces a lot of demand to the extent that it has claimed a place on the most actively traded stocks list on the OTCQB market. At the moment shares of ELTP stock are trading 20% higher at $0.156 per share on a higher than average volume of 9.6 million.

Yesterday, the company announced the initial shipment of naltrexone hydrochloride under the license, manufacturing and supply agreement with its sales and marketing partner. This became one of the reasons for the surge of ELTP stock.

The other reason for ELTP to soar was the official announcement of several insider transactions, which attracted the attention of market speculators and provoked an even higher interest towards the stock today. The insider transactions were executed by the company’s directors who had heavily loaded the stock last week:

  • Epic Investments LLC, beneficial owner at ELTP, had purchased 65.8 million shares of ELTP stock at $0.02 per share.
  • Epic Pharma LLC, a beneficial owner at ELTP, had purchased 65.0 million shares of ELTP stock at $0.02 per share.
  • Niglaye Ashok, Chief Scientific Officer at ELTP, had purchased 19.8 million shares of ELTP stock at $0.02 per share.
  • Narine Jeenarine, Director at ELTP, had purchased 14.5 million shares of ELTP stock at $0.02 per share.

The first two transactions executed by Epic Investments and Epic Pharma represented a conversion of series E convertible preferred stock reported in an 8-K form on Sept 13.

Leave a Reply

Join Now!

Become a member today to beging receiving the hottest penny stock picks on the net! Join us in the hunt for huge returns.