Some penny stock news for this Black Friday on Wall Street
Two low-dollar stocks making notable pre-market moves are Auris Medical Holding AG (NASDAQ:EARS) and Orchids Paper Products (NYSE:TIS). The shares of both EARS and TIS are set to rise at the open, so we'll take a closer look at the stocks below.
For EARS, the security is set to rise almost 23% at the open, following news the company's CEO Thomas Meyer increased his stake in the firm to over 27% in total, according to a recent Securities and Exchange Commission (SEC) filing. The last time we checked in on EARS stock, it was making another big move, when it earned its first analyst note on Wall Street last month.
Overall, however, the equity is far below where it was trading at this point last year. More specifically, it has fallen from around $9 to Wednesday's close of $0.60. Along the way, Auris Medical stock hit an all-time low of $0.23 on Aug. 16, and last month's breakout attempt lost steam near the $2 mark.
Meanwhile, TIS stock is pacing for a massive 250% jump at the open, after the company said it's upwardly amending its credit facilities by $5.9 million. What's more, Orchids Paper Products also announced it will be supplying kitchen towels and bath tissues to a national retailer.
The one-year chart of Orchids Paper Products looks even worse than EARS. The shares hit an annual high of $15.71 back in January, but closed Wednesday at $0.68. Not surprisingly, short interest is high on the shares, accounting for almost 17% of the total float. Going by average daily volumes, it'd take short sellers more than 11 sessions to cover.