3 Penny Stocks to Watch in November 2021
As we enter another week of trading penny stocks and blue chips, investors are excited for what the future could hold. Given that this is a short trading week with the market closed on Thursday and a half-day on Friday, investors will have to fit a full week of trading penny stocks into just three days. Usually, before a holiday, we tend to see either high momentum in the market or low volume and small movements. But, if we consider how trading has gone in the past few months, it’s likely to continue being just as volatile.
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Ahead of the market open on November 22nd, futures are up, which is always a great sign. And, we witnessed some solid pre-market gainers such as Astra Space Inc. (NASDAQ: ASTR) and Vonage Holdings Corp. (NASDAQ: VG). So, although no one can predict what the next week or beyond will look like, investors are excited about what the future could hold. Considering this, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks For Your November Watchlist
- Phunware Inc. (NASDAQ: PHUN)
- Progenity Inc. (NASDAQ: PROG)
- Ault Global Holdings Inc. (NYSE: DPW)
Phunware Inc. (NASDAQ: PHUN)
Phunware Inc. is a tech penny stock that has climbed by more than 250% since mid-October. This is a staggering gain and one that is not often seen with penny stocks. If you’re unfamiliar, Phunware is a company that provides a software platform for businesses to manage mobile applications. The Phunware platform enables businesses to interact with, administer, and monetize their mobile apps.
On November 19th, the company’s cryptocurrency PhunCoin began trading. PhunCoin is a crypto using the global reach and distribution of Phunware, which is focused on consumer engagement and monetization. The cryptocurrency, PhunCoin will be available for trading exclusively on Securitive, which is the first blockchain-enabled transfer agent registered with the United States Securities and Exchange Commission. Right now, there is a major amount of bullish action regarding anything relating to cryptocurrency. As a result, companies involved in the crypto market have seen vastly heightened popularity.
“As we work to commercialize a truly decentralized data economy, we’re thrilled to begin building a market for one of the world’s first regulated cryptocurrencies designed for mainstream adoption. PhunCoin is an important first step towards ensuring consumers not only control their data but also are compensated fairly when their data is purchased by brands.”
Co-founder, CEO, and President of Phunware, Alan S. Knitowski
Amid this new development, will PHUN stock be on your watchlist this month?
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a biotech penny stock that has shot up by a solid 60% in the past five days. In the past six months, that number jumps to almost 100%, which is no small feat. For some context, Progenity provides molecular testing products in the U.S. The company works in both the development and commercialization of its large range of testing products, which makes it a vertical entity. Innatal, a prenatal screening test for women early in pregnancy, is one of Progenity’s main products. This technology aids in the detection of chromosome abnormalities such as trisomy 18, Down syndrome, and others.
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On November 10th, Progenity announced its third-quarter financial results for 2021. When it comes to operating expenses, Progenity’s came in at about the same year over year at $30.7 million. The company experienced a lower net loss than in 2020 and, its net loss from discontinued operations also fell year over year. These are positive numbers, and they show that PROG is working hard to continue growing right now.
“Progenity is making great strides in its transformation into a biotherapeutics company. I’m looking forward to accelerating this process, and to helping the company efficiently advance its innovation pipeline, which has great potential to impact the diagnosis and treatment of serious diseases”.
The CEO of Progenity, Adi Mohanty
Considering the major amount of bullish sentiment toward biotech stocks right now, it makes sense that Progenity is seeing heightened attention. Based on this info, will PROG make it on your list of penny stocks to watch?
Ault Global Holdings Inc. (NYSE: DPW)
Ault Global Holdings Inc. is a company that creates a large range of power system solutions. These solutions are designed, manufactured, and retailed by the corporation. The majority of Ault’s products are sold to military, medical, aerospace, and telecommunications firms. Ault primarily offers power supplies, multiplexers, power conversion devices, and other components. We’ve been covering DPW stock extensively over the past week or so as it has continued to trend in the market.
On November 18th, it was announced that Ault’s subsidiary, BitNile Inc., purchased 16,000 Bitcoin Miners from Bitmain Technologies Limited. BitNile has now achieved its goal of having no less than 20,000 Bitcoin miners. Included in this purchase are S19 XP and S19j Antminers. Now, BitNile expects its hash rate to increase by 2.16 EH/s after all of the miners are deployed.
“Ault Global is pleased to announce the expansion of our strong partnership with BITMAIN, the global leader in cryptocurrency mining and technology. These new purchase orders continue to demonstrate our commitment to our strategic initiatives of becoming one of the top 10 publicly traded Bitcoin mining companies and building one of the most efficient Bitcoin mining operations in the industry.”
The Executive Chairman of Ault, Milton “Todd” Ault III
As stated earlier, cryptocurrency is a very sizable industry right now, and one that only continues to gain traction. And, with the bullish sentiment surrounding Bitcoin, this new deal could be big for the company. With sizable momentum over the past week or so, does DPW stock deserve a spot on your penny stocks watchlist?
Can Penny Stocks Continue to See Momentum?
As another exciting week of trading penny stocks gets off, investors continue to search for the best small caps to buy. To do so involves understanding which industries could see momentum, and which penny stocks could be worth watching.
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As always, thinking outside of the box is a great way to stay ahead when it comes to making a trading strategy. So, with all of this in mind, do you think that penny stocks can continue to see momentum?
