Priority Aviation, Inc. (OTC: PJET) left the aviation business to enter the cannabis sector but ultimately fell into inactivity by 2017. Recently, the company has revealed an innovative, new business direction which shows promise for the company as it begins developing its sharing economy app. PJET increased 151% since our first article – hitting its ATH of $.0274 in October – before a sell off drove the stock to its current price of $.0094. As PJET heads into a new market, it remains on of the penny stocks under 1 cent worth watching.

Catalysts 

Puration Inc. (OTC: PURA), North American Cannabis Holdings, Inc. (OTC USMJ), and PJET are all sister companies originally working within the cannabis sector under their majority shareholder ACI – American Cannabis Innovations Conglomerated. ACI acquired these three holding companies in 2017 in hopes of working to streamline operations “by cross-leveling redundant resources across multiple companies”. But since then the company has chosen to take PJET in a different direction. 

ACI announced on August 12th that it “is working on the development of a new business initiative outside of the cannabis sector for PJET”. This shift into a new and unknown sector excited investors’ interest. Since then, PJET’s management cryptically shared that it would be redirecting its business plans and operations to target a multi-billion dollar using a “sharing economy technology solution”.  

Thankfully shareholders were not kept in suspense for long as PJET unveiled its new strategy on October 21st, describing its plans for developing an application called “SHBO” – Student Housing By Owner. Advertising itself as the Airbnb for student housing, this application is a strategic move from PJET to target the well-known supply shortage affecting university students across the country.

SHBO will allow individuals to list their private properties and available rooms near universities which are then advertised to students interested in renting or finding roommates. The company has additional plans to target the underserved, smaller universities first and will optimize its app to advertise directly to the desired student demographic.

Similar apps have had great success in this previously overlooked market. For example, Uloop – which offers a range of services targeting university students – connects potential roommates and lists housing options near specific universities. It has grown considerably since its founding in 2007 illustrating the potential for SHBO to thrive after its expected beta launch in December.

Student housing demand is expected to spike as campuses recover from Covid-19 restrictions which have caused many students to abandon on-campus student housing options. Typically 22% of students live on campus, but if this number decreases there will be even greater demand for off-campus housing options.

With this in mind, PJET announced it will fund and build a student housing residence in Texas near a small private university. This university has around 1,200 students and will provide PJET the opportunity to test its app and entrance into the short-term rental market.

Media Sentiment

@InvestorGroup15 While the AS appears to have increased, PJET has not diluted so far and still has a low float of roughly 722 million.

Technical Analysis

penny stocks under 1 cent PJET chart

The stock had a sell off as the company revealed its entrance into student housing solutions around October 21st making it one of the penny stocks under 1 cent again. Currently trading at $.0094, the stock shows a support at .0088 with an immediate resistance at .011 and a secondary resistance at .0133. The MACD had a bullish crossover at the start of the month while the RSI remains near 48. Accumulation has declined since the initial sell off.

Should You Buy

PJET’s surprising entrance into the market for student housing offers a unique opportunity for investors to take advantage of the burgeoning market for student resources and short-term rentals. While the stock has not recovered from its sell off, this dip in price could be another chance for investors to get in on PJET which offers an appealing SS and relatively low float. If the company’s beta testing proves successful, positive news could send the stock past its .0133 resistance.

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