Cheap Penny Stocks To Buy 2017
Penny stocks can hand you triple-digit profits in a matter of months, but finding the biggest gainers isn't easy. Today, we're going to show you the three best penny stocks of 2017, ranked by total return since Jan. 1.
cheap penny stocks to buy 2017
Financial news can be used in pump-and-dump schemes for penny stocks. In 2014, investors noticed that Cynk Technology -- which trades over the counter at four cents a share currently -- had jumped in value by over 25,000% without producing any revenue or having any employees. At one point, shares were topping $20 and the company had a $6 billion market cap. It's market cap today is $11.6 million.
Everyone has been warned about these 6 penny stocks that investors should avoid like the plague and the fact that the roaches are coming out of the woodwork left and right show just how accurate we are in calling these out.
Plug Power has essentially been a penny stock for more than a decade. After spiking to over $1,000 per share on a reverse-split adjusted basis during the dot-com frenzy in 2000, the stock crashed and spent most of the 2000s sliding into penny-stock territory. However, recent emphasis on alternative energy stocks has generated renewed interest in the hydrogen and fuel cell company. The stock broke above $5 per share in June 2020 and ran up all the way to $75.49 in early 2021. Unfortunately, shortly thereafter, the company announced it would be restating its financial results going back to 2018, taking the stock back down to current levels.
He added that, even if email pump-and-dump schemes could be eliminated, ever-developing technology will continue to give unscrupulous operators new ways of delivering their messages. In recent years, for example, they have increasingly been turning to Twitter, message boards and other social media to generate interest in penny stocks. And before spam there were tip sheets, often one-page printouts touting individual stocks that were circulated around Wall Street.
You can actually find penny stocks on virtually all major exchanges, although rules vary on how long a micro-cap gets to stay listed on the exchange. The New York Stock Exchange, for example, delists a micro-cap stock if it trades below $1 for 30 consecutive trading sessions.
The documentary features interviews with investment bankers, whistleblowers like Dan David, who after reading reports by the due diligence firm Muddy Waters Research decided to short many hyped up penny stocks based in China. It also features interviews with journalists from Wall Street Journal and New York Times, Mitchell Nussbaum, the lawyer from Loeb & Loeb who represented the Chinese firms featured in the film, the investment banker who sold shares and issued "buy" recommendations on these stocks to his clients, retired U.S. Army General Wesley Clark, who was chairman of Rodman & Renshaw, another firm selling these stocks, and Paul Gills (a professor at Peking University). The documentary shows the issues that crop up when large accounting firms like KPMG and Price Waterhouse Coopers sign off audit reports done by their affiliates in China, which may not have completely been verified, but is the system that is followed by all large accounting firms across the world.
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