Are These Penny Stocks To Buy Or Sell This Month?
Whether you’re looking to put together a list of penny stocks to buy now or just a simple watch list, you’ve got to keep a few things in mind. First, are there certain sectors gaining interest, overall? An example of this would be something like the biotech sector. Amid plenty of optimism surrounding COVID-19, biotech penny stocks have taken off.
But it hasn’t just been biotech that’s seen a surge. We’ve also seen a number of mining penny stocks taking off thanks to the excitement surrounding gold and silver prices. The long and short of it is that even though penny stocks tend to move on their own accord, sector momentum doesn’t hurt either.
This is exactly what plenty of marijuana penny stocks are experiencing recently. Comments made by Vice Presidential candidate Kamala Harris last week continue resonating with the stock market today. Her optimism around federal decriminalization became the root catalyst to the last few days that pot stocks have taken off.
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So what’s popular right now? Well, there’s a good mix of a few things. Much of the main focus is on communications and entertainment. Plus, due to the market’s bullish undertones today, tech is also helping lead the charge. In light of all of this, are any of these on your list of penny stocks to buy in October?
Penny Stocks To Buy [or sell]: ElectraMeccanica Vehicles Corp.
ElectraMeccanica Vehicles Corp. (SOLO Stock Report) has recently been a focus while EV stocks continue heating up. It seems like ever since Tesla’s Battery Day, alternative energy has become a huge point of attention. EV penny stocks fall right into the mix. ElectraMeccanica has been on and off our lists of penny stocks for months now. But most recently, SOLO stock has experienced some above-average trading activity. A lot of the excitement is in anticipation of the company’s commercial production of its SOLO EV.
Last month ElectraMeccanica posted the first photos and video from its SOLO EV assembly line. Furthermore, in an interview, ElectraMeccanica CEO Paul Rivera explained the company’s place in the EV ecosystem. He explained that they weren’t trying to compete directly with the likes of Tesla.
“What’s really different about this vehicle is it’s designed to solve urban driving challenges. What makes us unique is that this single-occupant vehicle is not like any other vehicle out there.”
Late last week, the company gave an update on a long-awaited decision. ElectraMeccanica has been narrowing down the locations for its SOLO EV U.S. assembly facility and engineering technical center. In last week’s update, the company said it’s going to choose between Arizona and Tennessee. The company aims to have a final decision by the end of November of this year. In light of recent industry trends, as I’ve mentioned above, is SOLO on the list of penny stocks to buy or sell right now?
Penny Stocks To Buy [or sell]: Emerson Radio Corp.
Emerson Radio Corp. (MSN Stock Report) is one of the lower float names on this list. Something to keep in mind with low float penny stocks is that they tend to be very volatile especially in light of above-average trading volume. On Monday, MSN stock jumped over 25%, trading its highest, single-day share volume since June.
There weren’t any headlines nor filings to accompany the move. The company is one of the nation’s oldest consumer electronics distributors. You’ve likely seen the logo on plenty of electronics and appliances if you recall going to department stores, pre-COVID. One of the things to consider with companies like Emerson is what’s going on in the U.S. right now. A push for stimulus, on a basic level, means money in consumers’ pockets. The company’s customers include Kroger, Wal-Mart, Amazon.com, and Fred Meyer.
All of these would likely benefit from reopening and extra stimulus in the hand of Americans. Needless to say, Monday’s move doesn’t appear to have an apparent catalyst. Yet MSN stock could simply have benefited from the general optimism of a favorable stimulus outcome.
Penny Stocks To Buy [or sell]: JAKKS Pacific Inc.
Another one of the penny stocks grabbing attention on Monday is JAKKS Pacific Inc. (JAKK Stock Report). Yes, this is the same JAKKS that designs and markets a wide array of toys and consumer products sold across the world. During the last few weeks, JAKKS has been entering new deals and licensing for new products.
This includes a multi-year, global toy licensing deal with HARIBO Group to create a toy line based on its gummi candy products. JAKKS has secured rights in the North America and EMEA territories to manufacture, market, and distribute collectibles and activities, set to launch in August 2021.
This week JAKK stock saw a larger surge in trading momentum thanks to a “little” Tweet from none other than Ryan Seacrest. The tweet read, “Every year our friends at @JAKKStoys go above and beyond with toys for #SeacrestStudios, and we are incredibly grateful for the ongoing support of this generous company! Thank you for bringing smiles to patients across the country! #JAKKSCARES.”
JAKK stock saw its largest, single-day trading volume of the year on October 12th. Furthermore, the penny stock managed to hold a higher level of support after initially pulling back from the high of day. Will JAKK stock manage to continue its upward trend or is more selling coming?
Penny Stocks To Buy [or sell]: Zovio Inc.
Zovio Inc. (ZVO Stock Report) is one you might remember if you’ve been a reader for a little while. It’s actually been on our watch list since the start of November last year. What’s more is that the company is right in the middle of one of the popular tech niches that coronavirus has created: eLearning. Zovio is an education technology services company. It partners with higher education institutions and employers to deliver its solutions. The company’s network includes Fullstack Academy, TutorMe, and Learn@Forbes.
Last month the company’s TutorMe partnered with the Allendale County School District. it will provide free online tutoring to all 1,150 students who attend its four schools. Additionally, this month Zovio partnered with Sacramento Municipal Utility District. This is actually the nation’s sixth-largest community-owned, not-for-profit, electric service provider. Zovio will offer debt-free educational opportunities to their employees.
Since the end of September, ZVO stock has been moving higher. The penny stock made a solid move during the first 8 months of the year rallying to highs of $7.24. After finding some footing around $4 late last month, the penny stocks has managed to bounce back strongly in October. Can that continue?
Penny Stocks To Buy [or sell]: Iconix Brand Group Inc.
Iconix Brand Group (ICON Stock Report) saw its stock take off on Monday as well. Shares raced from below $1 to well over $1.10 by late-afternoon trading. The company owns a portfolio of consumer brands in the apparel and home categories. Its retail licensees include Wal-Mart, Target, Kohl’s, and Kmart/Sears. Some of the company’s notable brands are Peanuts, Mossimo, Starter, Sharper Image, and London Fog.
Similar to other apparel product retailers, manufacturers, and the like, Iconix may have gained momentum stemming from high hopes for another round of stimulus. As far as recent events in the company, on September 29th, Iconix China Limited, an indirect wholly-owned subsidiary of Iconix Brand Group, Inc., completed the sale of all of the equity interests of Starter China Limited, a wholly-owned subsidiary of Iconix China. The consideration paid was $16.0 million. The Starter China Sale includes the sale of the Starter brand in the People’s Republic of China, Hong Kong, Taiwan, and Macau.
On another side of the coin, you’ve got notable investors taking positions in large department store chains even amid the pandemic. Berkshire Hathaway investment manager Ted Weschler reported a 5.89% stake in department store chain Dillard’s on Friday. In light of this, it isn’t surprising that brand companies like Iconix, JAKKS, and Emerson received some of the sympathy sentiment.