3 Penny Stocks Making Major Moves

Jefferies is upbeat toward crude tankers

Oct 23, 2019 at 2:56 PM
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A positive earnings reaction for Boeing (BA) is keeping the Dow's head above water today. Several small-cap stocks are making notable moves today, too, including 3D printing name Nano Dimension (NASDAQ:NNDM), biotech patent specialist PDL BioPharma Inc (NASDAQ:PDLI), and shipping concern Teekay Corporation (NYSE:TK). Here's a quick roundup of what's moving the shares of NNDM, PDLI, and TK.

Nano Dimension Pops on DragonFly Sales Update

Nano Dimension stock was up more than 69% earlier, after the Israel-based company said it's sold more than 50 DragonFly systems. This rally ran out of steam near the stock's descending 120-day moving average -- which contained a breakout attempt earlier this month -- and was last seen boasting a slimmer 5.7% lead to trade at $3.03. NNDM stock's longer-term trend has been lower, with the shares down 73% year-to-date (YTD), and fresh off yesterday's record low of $2.15.

PDL BioPharma Trades Near Top of Nasdaq

PDL BioPharma is near the top of the Nasdaq, up 12.3% at $2.79, after stakeholder Engine Capital sent a letter to the company's board or directors saying the stock is "deeply undervalued by public markets," and recommending a strategic review, including a possible sale or liquidation. As a result, PDLI stock is on track to close above its 80-day moving average for the first time since April 23, and has pared its YTD deficit to 4.3%.

A round of short covering could be helping power today's surge, too. While short interest fell 28.4% in the most recent reporting period, the 11.68 million PDLI shares still sold short represents 10.5% of the equity's available float, or 7.9 times the average daily pace of trading.

Teekay Soars After Fresh "Buy" Rating

Jefferies upgraded Teekay stock to "buy" from "hold," and boosted its price target to $2.50 from $1.50. The brokerage firm cited improving spot rates for crude tankers in the third quarter, and waxed optimistic on supply and demand. In reaction, TK shares are up 8.3% at $5.49, headed for their highest close since Nov. 15.

Short sellers could be strengthening tailwinds for TK stock, too. Short interest dropped 18.3% in the most recent reporting period, but bearish bettors still control 5.8 million shares, or 5.8% of the security's float. It would take shorts almost two weeks to cover these positions, at Teekay's average daily pace of trading.

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