Thursday, May 5, 2011

Profit Taking in Penny Stocks TGC, WYY, GSX

I have noticed in the recent weeks strong selling pressure for penny stocks and micro cap stocks. After doing research on earnings, news releases and the overall market I determined the only explanation was profit taking triggering sell-offs. I will list some penny stocks in this article that may be good buying opportunities due to sell off pressure.


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Tengasco Inc. (TGC)
Current price: $0.86
Recent high: $1.33 (March 7, 2011)
Return: -35.34%

Tengasco is an oil and natural gas exploration company featured on Stocklook November 23, 2010 at a price of $0.49 this penny stock climbed to a high of $1.33 before its recent drop. There has been no negative news, the price of oil has continued to rise and Tengasco reported favorable earnings March, 31. One explanation I have for the sell if is a chain reaction due to profit taking of investors. I could see this penny stock recovering some of its recent losses with ease.


WidePoint Corp. (WYY)
Current price: $1.00
Recent high: $1.48 ( February 10, 2011)
Return -34.43%

Widepoint is a small technology company with a focus on mobile expense management and cybersecurity with its main customers coming from government agencies. This penny stock was first featured on Stocklook November 2009 at a price of $0.82 it then had one major move up into the mid $1.20s and then back down before it went on its current rally. WidePoint is also in a strange sell off stage with favorable earnings released March 28th and a couple of announcements of new customers and contracts.

Gasco Energy Inc. (GSX)
Current price: $0.39
Recent high: $0.62 (January 10, 2011)
Return: -37.10%

Although Gasco's most recent earnings were short of impressive if you leave out the one time extraordinary items they still saw improvements in their operations. This less than impressive earnings as well as a management change may have triggered profit taking and a sell off. It didn't take much to bring this penny stock down but with higher energy prices I anticipate a recovery.

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  (Comparison of sell offs starting early March of this year.)


Disclosure. I own around 1,000 Shares of WYY 

Some of these penny stocks included in my portfolio here

3 comments:

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