Are Penny Stocks Worth Buying? Check These 3 Out Right Now
Three penny stocks that you should know about in October 2021
3 Penny Stocks to Watch in October 2021
Penny stocks are on fire right now. And after a few months of volatile trading, we are seeing a return of bullish sentiment among a large range of penny stocks. As a result, many investors are working to align their strategies with the current state of the stock market. One thing to keep in mind is that there is a lot of movement in the market right now.
This is illustrated by the most recent rise of meme stocks such as Camber Energy Inc. (NYSE: CEI), which has climbed by over 650% in the past month. While this alone does not indicate a larger bull market, it does show that investors are hoping for a bullish turnaround. And right now, there is plenty of volume to make that the case.
Overall, we do have to consider that there are a lot of unknowns in the stock market. While Covid cases are declining in some parts of the world, it’s clear that the pandemic is not over yet. And the result of this is high inflation rates, geopolitical troubles, and so on. So, if we take all of this into consideration, we can begin to adapt our strategies with how the market is moving in October 2021. With that in mind, let’s take a look at three penny stocks to watch this month.
3 Penny Stocks to Watch This Month
BEST Inc. (NYSE: BEST)
BEST Inc. is a company that operates as a smart supply chain service provider in China. The company’s BEST Cloud technology platform enables its ecosystem participants to operate through various SaaS-based applications. BEST uses its technology to network and route optimization applications as well as smart warehouses and store management. It offers integrated services and solutions across the supply chain such as warehouse management and order fulfillment.
Last month, the company reported its second-quarter financial results for 2021. The company’s revenue decreased, and it experienced gross loss and net loss as well. This is happening as the company is going through a strategic refocusing plan. Despite these negative results, there have been many days in the market where BEST stock has gone up in price. Its strategic refocusing plan is very important for investors to consider, as it could present long-term potential for BEST stock.
“In the second quarter we continued to press forward with our strategic refocusing plan and build on the encouraging signs we are seeing in network stability, service quality, and cost reduction while adapting to the competitive industry landscape.”Chairman and CEO of BEST Inc., Johnny Chou
In the last month, BEST stock has gone up in price. Considering all of this, will you put BEST stock on your penny stocks watchlist?
Predictive Oncology Inc. (NASDAQ: POAI)
Predictive Oncology Inc. is a biotech corporation that creates healthcare products for disposing infectious fluids and more. Its STREAMWAY System is an automated system for disposing of fluid to give an uninterrupted performance for physicians. On the other hand, its CRO services enhance the effectiveness of cancer therapy through AI applied to databases. In the past five days, shares of POAI stock have shot up by around 7% and YTD by over 84%.
In August, the company reported its financial results for the quarter ended June 30th, 2021. The company announced net proceeds of $19.4 million from a registered direct equity offering. The total stockholders’ equity increased from $50.4 million to $53.1 million, compared to $2.6 million on December 31st, 2020. Predictive Oncology’s revenue came in at $350,207 compared to $182,784 year over year. This growth is interesting for investors to consider, and shows that the company is working hard to progress.
“As we look towards the latter half of the year, we are confident that we will retain this trajectory as we invest in our people and our product offerings, supporting pharmaceutical companies to deliver more targeted approaches to therapy, increasing our footprint in this space and bringing value to our shareholders.”CEO of Predictive Oncology, J. Melville Engle
In the last month, POAI stock has increased substantially in the market. So, will this company make your list of penny stocks to watch?
Farmmi Inc. (NASDAQ: FAMI)
Farmmi Inc. is a penny stock that we’ve been talking about for months now. Despite a 60% drop in value in the past six months, shares of FAMI stock have been skyrocketing in recent trading sessions. In the past five days, FAMI stock has shot up by a staggering 104% including an over 27% gain at midday on September 30th.
While Farmmi does have a lot to offer, the other main catalyst behind this movement is FAMI’s placement as a meme stock. This is the result of it being discussed heavily online via Reddit and Twitter. On September 29th, the CEO of Fammi issued a letter detailing its forward expectations for growth and expansion.
The CEO of the company stated that “Farmmi has made tremendous progress over the past 20 years, as we have built an industry leading agricultural brand specializing in the production, processing, marketing, and research of edible fungi products. In addition to continuing deep cultivation of edible fungi, we are constantly evaluating strategic options to optimize and expand our business.”
Alongside several acquisitions, the company plans to expand its health and wellness business in the near future. If you’re not familiar with FAMI, it is a supplier of fungi to both retail and wholesale markets. This includes shiitake’s, Mu Er mushrooms, and other agricultural products.
The company has been working hard to expand in the last year, especially considering the effects of the pandemic. And as a result, it looks like this hard work may be paying off right now. It’s worth noting that FAMI stock is highly volatile as illustrated by its recent price movements. But, if that is part of your strategy, FAMI stock could be worth adding to your watchlist.
Are Penny Stocks Worth It or Not?
Finding the best penny stocks for your buy list can be challenging. But, with so many factors contributing to larger market momentum, there is plenty to take advantage of.
As always, the best way to make money with penny stocks is to have a proper trading strategy. This means understanding how the market will fluctuate and what is contributing to its movements. With all of that in mind, do you think that penny stocks are worth it or not?