4 Penny Stocks Under $4 to Watch in October 2021
With October already showing itself to be a strong month for penny stocks, there are plenty of options for investors to take a look at. Ahead of the market open on October 15th, the Dow Jones Industrial Average gained around 220 points, with other large indexes adding similar gains.
In September, retail sales beat out expectations, pushing up by over 0.7%. This beat analyst expectations by over 0.5%. On Thursday, October 14th, the S&P 500 had its best day since early March, shooting up by around 1.7%.
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“The banks painted a strong and healthy picture of the U.S. Consumer. Wall Street can’t turn negative on the economy after seeing reserve releases, moderating trading revenue, mixed loan growth, and a consumer willing to take on debt.”
Edward Moya, the Senior Analyst at Oanda
All of this shows that we could be headed toward a much brighter economy in the coming months. But, with Covid still hanging around, there is a large degree of uncertainty in the stock market. Considering all of this, let’s take a look at four penny stocks to watch that are under $4 right now.
4 Under $4 Penny Stocks to Add to Your Watchlist
- Progenity Inc. (NASDAQ: PROG)
- Cemtrex Inc. (NASDAQ: CETX)
- Ocean Power Technologies Inc. (NYSE: OPTT)
- The Metals Company (NASDAQ: TMC)
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a biotech penny stock that has climbed by a staggering 52% in the past five days and over 115% in the past month. While gains like this do happen with penny stocks, they are always exciting to see. If you’re unfamiliar, Progenity is a company that develops and commercializes molecular testing products. One of its offerings is Innatal, which is for women early in pregnancy to screen for chromosome abnormalities. It also offers Preparent which screens for hereditary cancer in pregnant women. And more recently, the company has begun offering COVID-19 PCR testing as well.
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On October 13th, Progenity announced several patents were granted by the United States Patent and Trademark Office. The USPTO issued four patents related to its ingestible technologies for the delivery of therapeutics via the GI tract. Now Progenity’s patent portfolio consists of 96 patent families, including 180 issued and 220 pending applications. This is a big deal and adds to its large bank of intellectual property.
“We believe we hold one of the most robust ingestible device patent portfolios. The addition of these recent patents further strengthens our intellectual property position and underscores our commitment to innovation in advancing therapeutic discovery, development, and delivery.”
The interim CEO of Progenity, Eric d’Esparbes
On October 14th, Progenity’s volume was much higher than its average in the market. And, considering its recent gains, we see that PROG stock is trending heavily right now. With this in mind, will you add PROG to your list of penny stocks to watch?
Cemtrex Inc. (NASDAQ: CETX)
Cemtrex Inc. is a penny stock that climbed by over 17% in the last five days. Again, CETX is a trending penny stock right now which is similar to PROG. This company offers tech devices such as Internet of Things products and smart devices. The company also offers browser-based video monitoring systems and analytics-based recognition systems. Additionally, it is engaged in analytics-based cameras, servers, and access control systems.
On October 12th, the company provided an update on its business operations. It announced that its demand has improved as the economy has reopened over the last few months. Its businesses are now returning to their pre-pandemic operations. Because of this, the company is investing more in sales and marketing staff to increase its R&D and drive innovation. It expects its investments to drive top-line growth over the next few years.
“Looking ahead we are highly committed on executing our development roadmap of next-generation high tech products in IoT, AR & VR, as well as in Artificial Intelligence and Machine Vision for security applications.
Our positive outlook for 2022 is driven by a focus on innovation and product development, and by the achievements of our operating brands. We expect an improvement in our business as the pandemic recedes and with our operational investments are well-positioned for long term growth.”
The CEO of Cemtrex, Saagar Govil
Since this announcement was made, CETX stock has skyrocketed in the market. The company’s volume is at 58 million compared to an average of 600,000. Noting this info, will CETX make your list of penny stocks to watch?
Ocean Power Technologies Inc. (NYSE: OPTT)
Ocean Power Technologies Inc. is another solid gainer of the past few weeks. Over the last month, shares of OPTT stock have shot up by over 12%. For some context, OPTT is an industrial company that offers various proprietary systems for generating electricity using ocean waves. The company is involved in the development and commercialization of these products. Its PB3 PowerBuoy system is used for use independent of the power grid in remote offshore locations.
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On September 13th, the company announced its fiscal 2022 results. Quarter over quarter, the company reported revenue of $0.3 million compared to $0.2 million. Ocean Power Technologies also announced a lower net loss during this period. This was attributable to a $0.9 million gain on the extinguishment of its PPP loan after the SBA granted its forgiveness and an income tax benefit of $1 million.
“We made great progress during the quarter as we continue our strategic transformation from a research and development product-based company to a data and power services’ and solutions’ provider.”
President and CEO of OPTT, Philipp Stratmann
On October 14th, OPTT stock went up by about 0.5% in the market. The company’s volume is also much higher than its market average. With this in mind, will OPTT be on your penny stocks watchlist?
The Metals Company (NASDAQ: TMC)
Electric vehicles have quickly taken a leading position in the stock market this year. With a push toward a “renewable energy future,” everything relating to green, clean, and alternative energy has gained interest. In addition, the broader focus surrounding ESG investing – Environmental, Social, Governance – has also worked its way into the portfolio strategies for some of Wall Street’s top investment firms.
The Metals Company develops low-impact battery metals. Unlike typical recycling companies or mining companies, TMC obtains its raw materials from seafloor polymetallic nodules. Over the last few weeks, the company has begun work testing pilot demonstrations to determine TMC’s path toward a full-scale production plant for battery metals deemed “most critical” to the US by the Biden Administration. These include things like nickel and cobalt.
Another driver of sentiment for TMC has been insider activity. Earlier this month, Form 4s filed show that Director Andrej Karkar and CEO Gerard Barron picked up more shares in company stock. Barron’s 34,000 shares were bought at an average price of $4.41 totaling nearly $150,000. Meanwhile, Karkar’s purchase was considerably larger and to the tune of 2,250,110 at a $4.4442 average – roughly $10 million. With this has come a surge of October momentum.
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While we still have half of the month left in October, there is plenty of bullish sentiment to go around. This is marked by large intraday gains, better than expected economic numbers, and dropping Covid cases.
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So, if we consider all of this, we see that investors may feel confident in the future of the stock market. However, we are still in a small period of economic recovery. Considering this, which penny stocks are on your buy list right now?
