3 Penny Stocks on Reddit to Add to Your Watchlist
Finding penny stocks on Reddit can be a great way to make a watchlist in 2021. And while Reddit has become a go-to source for investors to make money with penny stocks, the stocks found on Reddit can be extremely volatile. So, to have the best chance at profitability in October 2021, investors need to take a few steps to stay ahead of the game.
Buying Reddit Penny Stocks in October 2021
First, traders need to do the proper research before putting any money into penny stocks. This means looking at balance sheets, rumors, press releases, and industry-wide news. Because penny stocks are so speculative, any news or event can have a major effect on the price of the stock. And in 2021, there is more than enough news to go around.
As stated earlier though, investors need to stay as up-to-date as possible on anything that could have an effect on your watchlist. Right now, the most pressing factors in the news remain Covid, inflation, and the overall uncertainty that we’re witnessing in the stock market. All of this underscores the current high rate of market fluctuations that we see regularly. And with Reddit, there is an extra layer of volatility as prices tend to move steeply based on social sentiment.
The last thing to consider is what your tolerance for risk is. If you are more inclined to invest in riskier stocks, Reddit penny stocks could be worth keeping an eye on. However, if you’re looking for more stable stocks to buy, it could be worth finding alternatives. Considering all of this, let’s take a look at three Reddit penny stocks to watch right now.
3 Reddit Penny Stocks to Watch Right Now
IAMGOLD Corporation (NYSE: IAG)
IAMGOLD is a mining penny stock that explores for, develops, and operates various gold mining properties. These properties are located in The Americas and West Africa. It currently has an interest in the Rosebel mine, Essakane mine, Westwood mine, Diakha-Siribaya project, and several other assets as well. In the past five days, shares of IAG stock have shot up by over 9% and in the past month by over 12%.
IAMGOLD has not recently released any company news. But on Wednesday, November 3rd, the company plans to release its third-quarter 2021 financial results. These results will be released on that date after the market closes. Then the following day, IAMGOLD will hold a conference call for a discussion with management. Events like this are always exciting for investors to consider as they allow for up-to-date insight into how a company is performing.
In the past few days, IAG stock has continued to gain traction with higher than average popularity. This is also evidenced by its above-average volume in the same period as compared to the…