No, Penny stocks do not trade after hours. What you see on those after hours quotes on penny plays are "T Trades". A T Trade is a trade that went thru at some point during the day and the market makers reported it after hours to close out their books. Same when we see a 20 or 40% rise after hours on a stock. It is just a trade that went thru during the day and is being posted after the close.
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