3 Hot Penny Stocks to Watch as October Comes to an End
With October coming to an end, there are plenty of penny stocks that investors are watching right now. Thanks to the massive surge in the market boosting share prices of companies like Digital World Acquisition Corp. (NASDAQ:DWAC) and Phunware Inc. (NASDAQ:PHUN), penny stocks and other small-cap companies have gained attention from investors. To understand which penny stocks could have the most potential, it’s best to consider the overarching environment in the stock market, including sentiment-based trends.
For one, we have the pandemic to consider. While it is not as much of an issue as it was only a few months ago, it is still a major driver for shaky price action. And as a result, investors have turned to biotech penny stocks, and also toward more stable penny stocks such as those in the mining industry.
The next aspect to consider is the high rate of inflation we are witnessing right now. This has led many to precious metals stocks, as they often provide a less volatile option in times of economic turmoil. So, while there are a lot of positive signs with the economy right now, there is also a great deal of fear abound. This fear is causing major volatility and large intraday fluctuations. But, with the right trading strategy on hand, investors can learn to take advantage of this volatility, and make money with penny stocks.
Too often, traders will turn to stocks simply because they found them online and without doing the proper research. While this can be profitable for some, those who consistently see gains are the ones that put in the time. With all of this in mind, let’s take a look at three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch Right Now
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is an entertainment penny stock that has climbed by over 27% in the past five days or so. This shows just how popular the company is and how large the bullish interest in it is as well. For those unfamiliar, Cinedigm is a company that owns rights and distributes movies, television, and other forms of content. It distributes its products to the NFL, NHL, Konami, and many more. It also distributes its products to home entertainment platforms such as Netflix, Hulu, Vudu, and more.
Recently, Cinedigm announced the acquisition of Bloody Disgusting. Following this announcement, the company has announced that it will be offering horror-based NFT trading cards branded as Bloody Disgusting Blood Packs. The company has commissioned multiple horror artists such as Luke Chueh and Rick Dienzo to create original paintings on their favorite death scenes from iconic horror movies.
In addition to these cards, it will offer an exclusive trading card from the Standard…