Are These Penny Stocks on Your Watchlist Right Now?
After a major market pullback for both penny stocks and blue chips at EOD on November 10th, November 11th could be an interesting trading day. In late 2021, we continue to see massive volatility result in the major ups and downs that occur during any given trading day.
As a result of inflation hitting higher levels than in many years prior, we continue to see large intraday fluctuations. While yesterday began positive, the Dow Jones managed to fall by around 240 points with the Nasdaq Composite dropping by around 2%.
[Read More] Here’s 3 Penny Stocks You Need to Know Right Now
However, if we look back, we see that since 1954, the S&P 500 has gained a 0.1% average on Veterans Day. So, while trading penny stocks right now may not be for the faint of heart, it can be profitable for those who have a solid trading strategy on hand. Considering that investors can make money with penny stocks in 2021, let’s take a look at three that could be worth watching in mid-November.
3 Penny Stocks to Watch in November 2021
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a biotech penny stock that has climbed by over 64% in the past month. This company offers molecular testing products in the United States. Progenity is involved in the development and commercialization of these products. One of its primary offerings is Innatal, which is a prenatal screening test for women early in pregnancy. This technology helps screen for chromosome abnormalities such as trisomy 18, Down syndrome, and more.
On November 9th, Progenity appointed a new Chief Executive Officer. Adi Mohanty has been named the new CEO of the company, effective on November 8th. Mohanty will also be a part of the Board of Directors for Progenity. The company states that Adi is a biotech business leader that has been a part of various successful product developments and approvals followed by commercialization, such as with the company BioTime.
“I am excited to be taking on this role, and I look forward to working alongside the Progenity board, management, and employees to accelerate the company’s transformation and realize the potential of its innovative technologies.”
Adi Mohanty, the new CEO of Progenity
Mohanty will replace Progenity’s interim CEO Eric d’Esparbes. One day after the announcement, PROG stock has gone up in value. With this in mind, will PROG be on your list of penny stocks to watch?
Senseonics Holdings Inc. (NYSE: SENS)
Senseonics Holdings Inc. is a biotech penny stock that has shot up by over 300% YTD. This includes its 4.5% gain during premarket on November 11th. If you’re not familiar, Senseonics is a biotech company that offers continuous glucose monitoring systems, or CGMs, for those with diabetes. Senseonics develops and commercializes these CGMs in the U.S., Middle East, Europe, and Africa. Its main products are Eversense and Eversense XL, which are implantable CGM systems. These systems allow patients to measure glucose levels with a smart transmitter, under-skin sensor, and an app for real-time data.
On November 9th, Senseonics reported its financial results for the third quarter of 2021. The company’s revenue during this period was $3.5 million. This was a massive increase over the $0.8 million it reported during the same period in 2020. This increase took place as a result of commercial responsibility for Eversense shifting to Ascensia and its orders for distribution in the E.U. and U.S. Currently, the company’s Eversense 180-day PMA supplement application is still in motion with the FDA.
“We are encouraged by the excitement demonstrated by patients and HCPs for the 180-day sensor in the US and we are pleased with the progression of the review and are hopeful the FDA will reach an approval decision in the coming months based on the positive PROMISE Study results. We look forward to launching the new system shortly after approval.”
The President and CEO of Senseonics, Tim Goodnow, Ph.D.
Following the release of these financial results, SENS stock experienced a large spike and then quickly corrected to its pre-report levels. But over the last month, SENS stock has increased by around 16% which is quite substantial. Keeping this in mind, will SENS be on your penny stock watchlist this week?
Phunware Inc. (NASDAQ: PHUN)
Phunware Inc. is a tech company that gives companies the ability to manage and monetize their mobile app portfolios. The company has an integrated software platform that offers the correct products, solutions, and services to accomplish a wide variety of goals for different applications. Some of its offerings include cloud-based mobile software for companies that license SDKs used in mobile apps.
Recently, Phunware has begun investing in Bitcoin as a way to potentially diversify its asset holdings. Previously it was announced that Phunware had approximately 27 bitcoin in total. On November 5th, the company announced that it has purchased another 100 bitcoin for $6.20 million in cash at $62,030 per bitcoin.
In total, its 127 bitcoin were acquired at an aggregate purchase price of $7.75 million, with an average purchase price of $61,238 per bitcoin. This is an interesting update for PHUN and shows that it is working to diversify its business moving into the future. In the past month, shares of PHUN stock have shot up substantially, by over 320%.
Moving forward, the company will be presenting at a variety of upcoming conferences. On November 17th, Phunware will participate in the Roth Capital 10th Annual Technology & Inaugural AgTech Answers Virtual Event. The following day, Phunware will present at the Ladenburg Thalmann Virtual Technology Expo 2021. If you plan on investing in PHUN stock, these are potentially important dates to look forward to. Considering this, will PHUN stock be on your penny stocks watchlist this month?
Which Penny Stocks Are You Watching Right Now?
With another day of exciting trading queued up, there are plenty of penny stocks to watch. Considering the sheer number of events impacting the stock market, we see that there is a lot of opportunity to be had with penny stocks.
But, to capitalize on this frequent movement, investors need to stay ahead of the game. This means understanding how certain events will impact either the penny stocks on your list or certain industries at large. With all of that in mind, which penny stocks are you watching right now?
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