3 Penny Stocks to Add to Your October Watchlist in 2021
With earnings season starting strong, penny stocks could be in for an interesting day of trading. And on Wednesday, U.S. stock futures moved higher following JPMorgan Chase & Co (NYSE: JPM) reporting an $11.7 billion profit. This is a 24% increase over the numbers that it reported in the previous year.
Additionally, the major U.S. airline, Delta Air Lines Inc. (NYSE: DAL), reported a quarterly operating profit during the third quarter of 2021. This is a great sign for economic recovery and penny stocks alike. So, with this positive momentum, we see that the economy could be returning to pre-Covid levels if not beyond that. But, it does not look like we are fully out of the woods just yet.
If you’ve invested in penny stocks or blue chips in the past year and a half, you’re likely used to the high rate of volatility in the market. And, this is the main symptom of the overall uncertainty that we’re witnessing with all stocks right now. To have a better chance at making money with penny stocks, investors need to have both a strong trading strategy and an equally strong understanding of how to trade penny stocks.
Because there are so many factors occurring at once that are having effects on the stock market, understanding how to take advantage of these movements will be your best chance at profitability. Considering all of this, let’s take a look at three penny stocks that you may want to add to your watchlist.
3 Penny Stocks For Your October Watchlist
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a communications penny stock that has climbed by around 6% in the past five days. If you’re not familiar, Globalstar is a company that offers two-way voice and data products in the United States. Its products are mostly used for remote business continuity, safety, recreational usage, emergency prep, and more. Its SPOT retail products are used for personal tracking, emergency location, anti-theft, and more.
Recently, rumors surfaced that the newest iPhone would include satellite connectivity. And as a major supplier of satellite-related products, Globalstar looked like an obvious choice. This resulted in shares of GSAT stock skyrocketing over the course of several trading days. However, when the announcement of the new iPhone did not include any satellite features, GSAT stock took a major dive.
But, only a few weeks later, we are beginning to see prices correct in an upward trajectory after shares fell by more than 40%. It’s clear that the company has some recovery to go through, but investors are beginning to show bullish sentiment in Globalstar once again. Based on this info, will GSAT make it onto your list of penny stocks to watch?
PetVivo Holdings Inc. (NASDAQ: PETV)
PetVivo Holdings Inc. is a biotech penny stock that has made some incredible strides in the past few weeks. In the last five days, shares have shot up by over 20% which is quite substantial. For some added context, Petvivo is a company that licenses and commercializes medical devices and biomaterials. These products are used in veterinary applications, where it works to treat diseases in a broad range of animals. One of its flagship products is known as Kush, and is a joint injection to treat osteoarthritis and lameness in dogs and horses.
On September 9th, FMW Media Works Inc’s “New to The Street TV” announced a contract with PetVivo Holdings. This contract is for the production, broadcasting, and distribution of TV commercials and digital billboards which began on September 21st. This agreement is for 600 TV commercials at a rate of 50 commercials per month. The 30-second commercials will air over the next 6 months on popular channels such as MSNBC, CNN, Fox News, and more.
“We are confident that the upcoming PETV ad campaigns can inform the public on the Company’s mission in helping pet owners with the well-being of their pets and in promoting the arsenal of other PETV products being developed for the treatment of both animals and people.”
CEO of PetVivo, John Lai
With its volume, more than 3 times its average, will PETV stock make your October penny stocks watchlist?
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is another biotech penny stock that has climbed substantially in the past few trading days. Up by over 8% in premarket today, shares of PROG stock have climbed by over 55% in the past five days. In the last month, that number jumps to over 135%, which is worth noting.
This company creates molecular testing products in the U.S. The company is involved in the development and commercialization of these products. Recently Progenity caught attention with its COVID-19 PCR testing services. Progenity also has products for detecting gene disorders and Lynch syndrome.
On October 6th, the company announced the closure of a $20 million registered direct offering of common stock. This was a direct offering of 13,333,334 common shares at $1.50 per share. The company intends on using the net proceeds to support its operations, invest in R&D, working capital, and more. H.C. Wainwright & Co. is the exclusive placement agent for this offering.
In other recent news, Progenity announced that it will be participating in the 11th annual Partnership Opportunities in Drug Delivery (PODD) Conference. This conference is taking place on October 28th and 29th in Boston. The VP of Strategy and Operations, Chris Wahl, MD, MBA, will participate in a panel called “Orally Ingestible Devices for Biologics Delivery on the 29th. Presentations like these are important for investors to consider as they allow for up-to-date insight into a company. Noting this upcoming presentation and recent direct offering, will PROG be on your list of penny stocks to watch?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy in 2021 is all about understanding where to look. With hundreds of choices, it can seem like a daunting task to pick just a handful for your watchlist.
However, because there are so many choices, investors have plenty of opportunities to make money with penny stocks. Considering all of this, which penny stocks are you watching right now?