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?