Yes, float, outstanding shares and authorized shares are all very important when looking at a stock, ESPECIALLY when news in involved. Share price history/behavior is also important as it relates to past news and dilution situations.
But imo, the most important things to look for in a penny stock?
Whether the transfer agent is GAGGED(ALWAYS BAD!) and message board activity and hype and which posters are doing the posting. You will have to get to know the players on here and who is (and there are MANY) involved in pump and dumps and move from stock to stock. Look at the past week's activity, and make sure you don't buy at the end of a run!
Be wary of claims of grandeur by companies, posters etc. Sorry, but a .0005 s/p pinky company is NOT going to get a $250,000,000 contract with the government. A .01 tech pinky company is NOT going to bought for .50 a share by Google. A giddy poster who valuates a .03 pinky with fancy breakdowns of numbers is NOT going to be valued at $2.00 a share. A poster who claims he's buying boatloads more of a .005 stock after it runs from .005 to .02 and crashes back down to .005 after news, is lying! LOL, you'll see this all the time.
Use common sense, buy and sell appropriately, and you can and will make money.
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