Shares of Massachusetts based IIOT-OXSYS (OTCMKTS: ITOX) have doubled this week and are up over 80% this morning to be one of the top gaining stocks on the entire US OTC market. The surge is drawing a lot of attention and interest in the stock. As you can see from the chart the move has been a giant one today.
What is going on with the stock? I can find no news today or in recent days that actually explains the move. Often stocks move on news releases put out by the company, but there is no such news on this one. The stock has a very small market cap worth less than one million dollars and only 45 million share outstanding. This makes for a very small trading float so it doesn’t take much money to move the stock.
The only explanation for the move I can find are a series of tweets put out by penny stock traders in the past week that suggest that they were simply buying it because it is a small float stock that can move a lot. It would seem the stock has become the play toy of these traders. Take a look at the tweets.
Congratulations on a monster week https://t.co/ONqBzQJxZp members! YOU can be first because I want you to learn to see the setups instead of buying them from someone else. Thank you @Korn for the inspiration 🙌$SPOM $NSPX $CYDY $KNOS $HALB $ITOX $RBNW $TPTW $ABMC $BWMG $PASO pic.twitter.com/frsbx0G76r— Kicko (@KickoStocks) March 28, 2020
This stock situation is something I am only watching myself. I cannot buy it without knowing what is going on. We are also seeing a massive move in DECN this week that I have been on top of for the past few days. I also did a video update on crashed energy and oil stocks. As for penny stocks my favorites now are mining stocks that are going up because of rising metals prices and not simply tweets. My April stock pick Aftermath Silver still has room to run imho.