3 Hot Penny Stocks You Should Know About Right Now
With October more than half way done, investors continue to search for the best penny stocks to buy. Given that this month has already proven itself to be quite bullish, many investors are excited about the future. And recently, stronger than expected jobs reports, retail numbers and more, have helped to fuel a bullish surge.
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On Friday, October 15th, the Dow Jones jumped substantially, mostly due to strong earnings reports across the board. And, if we combine this with the overall volatility in the stock market, we see that there are plenty of opportunities to make money with penny stocks in 2021. If you’re investing in penny stocks however, there are a few things that you should know.
For one, investors need to weigh their own investing style with the penny stocks that they’re interested in. This means understanding your tolerance for risk, and which penny stocks may play into that. Next, traders should do all the research they can into the stocks on their watchlists. That means looking at balance sheets, rumors, speculative events, and industry-wide happenings.
Because penny stocks are highly speculative, anything and everything can affect prices on a daily or hourly basis. So to take advantage of this, staying up to date will give you the best chance at success. Considering all of this, let’s take a look at three top penny stocks to add to your watchlist this week.
3 Penny Stocks to Watch in Mid-October 2021
Citius Pharmaceuticals Inc. (NASDAQ: CTXR)
Citius Pharmaceuticals Inc. is a biotech penny stock that has climbed by over 100% in the YTD period. With some decent gains in the past few trading days, it seems as though investors are paying attention to Citius right now. If you’re not familiar, CTXR is a company that makes anti-infective products for prescriptions, adjunct cancer care, and mesenchymal stem cell therapy. Currently, Citius is developing Mino-Lok, Mino-Wrap, Halo-Lido, and NoveCite among other products.
On October 20th, Citius will be hosting an investor webcast at 8:30 a.m. eastern time. This webcast is to discuss the acquisition of late Phase 3 cancer immunotherapy I/ONTAK (E7777). This is an improved formulation of immunotoxin ONTAK that was previously approved by the FDA. The CEO of Citius Pharmaceuticals, Myron Holubiak, will be hosting this webcast along with the executive chairman, chief medical officer, and the chief financial officer of the company. On October 15th, 5 days before the webcast, managed to climb by over 7%. Its volume is also much higher than its average.
Events like these are important for investors to consider. They allow for an increased understanding of what a company is doing right now and what it could do in the future. For that reason, it’s important to pay attention and stay up to date if you’re interested in CTXR stock. Based on this recent information, is CTXR going to make your penny stock watchlist in mid-October?
Borr Drilling Ltd. (NYSE: BORR)
BORR drilling is one of the larger recent gainers, pushing up by almost 9% on Friday, October 15th. This gives it a one month gain of almost 60% and a one year gain of over 140%. While no news caused BORR stock to rise substantially on Friday, we can look at previous announcements and the industry that Borr Drilling works in to deduce why it may have happened.
Recently, the energy industry has been heating up. With many energy penny stocks climbing due to high demand and a fuel shortage, investors are intent on finding the best energy stocks to watch. And, this could be one of the reasons that BORR stock is seeing so much attention right now.
The most recent announcement from the company came at the end of August when it announced its preliminary results for Q2 2021. In the results, there company posted operating revenue of over $54 million, which is a 13% increase over the previous quarter. While its net loss did increase by around $5.5 million, the company states that this is due to a decrease in income from equity method investments.
“We have seen steady improvement in operations during the second quarter of 2021 with 13 rigs working at quarter end. Following our significant contract wins YTD, we have added approximately $542 million in revenues to our backlog.”
CEO of Borr Drlling, Patrick Schorn
This is exciting, and shows that Borr Drilling is in an advantageous financial position right now. Considering that, will it make it onto your list of penny stocks to watch this month?
Color Star Technology Co. Ltd. (NASDAQ: CSCW)
Another big gainer from Friday was Color Star Technology Co., pushing up by almost 6% at EOD. If you haven’t heard of CSCW, it is a China-based provider of online entertainment and music education services. The company operates through several wholly-owned subsidiaries including Color China Entertainment Ltd. and the CACM Group NY Inc. On October 12th, Color Star announced a new collaborative effort with artists from all over the world to create a ‘virtual world’ live musical.
“We are committed to creating new art forms and combining these artistic works with the use of technology. The innovative, situational musical, “Dream”, which we created this time, will be a bold attempt and breakthrough for us. The theme of the musical will change depending on the country where it is performing and the age of the participating audiences.”
Mr. Basil Wilson, the CEO of Color Star
Right now, virtual entertainment is a major industry, and it has been this way since the start of the pandemic. So, this move looks like it could play out well for the company if all goes according to plan. Considering that the entertainment industry is booming right now, Color Star Technology could be worth keeping an eye on moving forward.
Are Penny Stocks Worth Buying or Not?
Finding the best penny stocks to buy in 2021 can be challenging. But, with so many to choose from, it all comes down to doing the proper research and committing to a strategy.
At the end of the day, buying and selling penny stocks is an individual experience that involves dedication to finding out as much information as you can. And with the right information, making money with penny stocks can be much more achievable than previously imagined. Considering this, do you think that penny stocks are worth buying or not?