Can These Penny Stocks Continue Higher Next Month?
Penny stocks can be some of the most rewarding trades for any investor. That’s due to the possibility of these stocks generating significant returns within a short span of time. That being said, it is important to keep in mind that the volatile nature of penny stocks makes it imperative for an investor to choose the stocks wisely.
It’s also important to understand that the nature of these cheap stocks doesn’t lend much in the way of taking time away from your trading platform either. The direction can shift within a matter of hours or even minutes in some cases. So if you’re looking for penny stocks to trade, be prepared to focus your attention on the stock until you’re ready to exit.
In order to choose stocks that could potentially generate profits, one needs to watch the market closely and track the latest moves among penny stocks. Here is a look at three penny stocks that should be on the watch list of most investors.
Penny Stocks To Watch #1 Yamana Gold (AUY)
One of the penny stocks that soared recently was that of Yamana Gold Inc. (AUY Stock Report). On Friday, the Yamana Gold stock rallied significantly after the gold mining firm beat expectations in its third-quarter financial results. The price of gold and precious metals rose substantially during the course of the quarter, which was then reflected in Yamana Gold’s bottom line as well.
The company’s net earnings after adjustment stood at $49.5 million, which worked out to $.05 earnings per share. It is a significant jump from the $.02 earnings per share that it produced in the year-ago period. The stock rose by as much as 8% on Monday and should be watched closely this week as well. Over the course of October, shares of the gold stock have jumped as much as 20.7%.
Penny Stocks To Watch #2 Xunlei (XNET)
On the other hand, Xunlei Ltd (XNET Stock Report) stock was on a tear on Wednesday. It rose by as much as 107% after particularly positive development surfaced. Xunlei is one of the biggest blockchain technology companies in China and its stock jumped after Chinese President Xi Jinping endorsed the usage of blockchain tech.
On Friday, investors piled on to the stock as they felt that if China adopts blockchain tech then it will be Xunlei which will end up being one of the biggest beneficiaries. The stock is definitely one to watch over the coming days.
Penny Stocks To Watch #3 Matinas BioPharma (MTNB)
The other penny stock that made a significant gain this month was Matinas BioPharma Holdings Inc (MTNB Stock Report). Earlier in October, the company made a positive announcement with regards to one of its products and that proved to be the trigger behind the rally in the stock.
The company announced that it has initiated the Phase 2 study for its product MAT2203, which is meant for the treatment of cryptococcal meningitis in HIV-positive patients. On Friday the stock rose by as much as 21% and remains one of the stocks to watch this week.