3 Top Penny Stocks For Your Summer Watchlist
With summer more than halfway done, penny stocks continue to be the talk of the town. Despite a few months of less than stellar trading with both penny stocks and blue chips, there are plenty of opportunities to be had.
On Friday, trading may not have been the best for the entire stock market, with the Dow dropping by around 300 points. This managed to kill the 3-week win streak that the stock market had been on. But, the less-than-stellar sentiment today can be explained quite simply. On one hand, around the world, we are seeing increased Covid cases as a result of the Delta variant. This is reigniting fears that the pandemic could come back in full force, and all progress may be lost.
On the other hand, we have clear indications of short and long-term inflation that many investors are battling with. But, there is also a great deal of hope for the future as the stock market always tends to ebb and flow. And because of this, now could be a time to find penny stocks to buy at a discounted price. So, with all of this in mind, let’s take a look at three top penny stocks to watch in Summer 2021.
3 Top Penny Stocks for Your Summer Watchlist
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a communications penny stock that provides mobile satellite services. Its SPOT consumer retail products are in line with this and provide the ability to communicate from off-grid locations. In addition, its SPOT Trace product is an anti-theft and asset tracking device, and its SPOT GPS messenger is in use for personal tracking and emergency location.
Its products are sold to governments, the oil and gas industry, construction, transportation, and many other sectors. As stated earlier, GSAT focuses on the needs of industries that may not have access to traditional grid services. And because this is such a broad market, the company could continue to capitalize on its sizable market reach.
On July 1st, Globalstar came out with its latest announcement. The company stated that it entered into a partnership with FocusPoint International Inc. FocusPoint will provide crisis assistance service under the Global Overwatch & Rescue Plan to Globalstar customers.
The plan is available now and is an optional assistance service for $24.95 per year. Providing add-ons like these are important value-added services that can help to drive both short and long-term revenue. While this may not pay off until we see GSATs next balance sheet, it is an important factor to consider.
“We are so pleased to extend this valuable service to Globalstar customers. Many of our users partake in extreme sports and engage in higher than average travel frequency making this offering a service that can help further improve our customers’ peace of mind. FocusPoint provides a comprehensive risk consulting service that is a great compliment to the connectivity we provide our customers.”The CEO of Globalstar, David Kagan
One month ago, GSAT stock was at $1.27 per share on average. Now on July 16th, GSAT stock is at $1.42 per share on average. With this information in mind, will GSAT be on your list of penny stocks to watch?
Iterum Therapeutics PLC (NASDAQ: ITRM)
One of the more popular biotech penny stocks to watch right now is Iterum Therapeutics PLC. This company develops anti-infectives for multi-drug resistance pathogens. Currently, its leading candidate is sulopenem, and is in Phase III clinical trials to treat urinary tract infections and intra-abdominal infections. Infections like these are very common in the U.S. and abroad, and therefore, Iterum is working hard to provide new solutions to those suffering from them.
Recently, shares of ITRM dropped significantly based on some less than stellar news. This followed a letter from the FDA regarding its suopenem etzadroxil/probenecid marketing application review. The FDA identified deficiencies that preclude the discussion of labeling and related activities right now.
The agency has set July 25th as its NDA review completion date. Iterum plans on working with the FDA to understand the deficiencies and resolve them. While this did lead to a short-term drop in the value of ITRM stock, it does look like the company has another chance to get approval with sulopenem.
On July 16th, shares of ITRM managed to rebound by around 1.75%, indicating sold bullish sentiment. Whether this is a full turning point for ITRM stock remains to be seen, however, investors are looking forward to July 25th. This will be when we get the next sizable update from Iterum Therapeutics. So with this info in mind, is ITRM worth adding to your list of penny stocks to watch?
1847 Goedeker Inc. (NYSE: GOED)
1847 Goedeker Inc. is an e-commerce based penny stock that sells a variety of home goods. Its products include fitness equipment, furniture, appliances, and more. The company also provides appliance installation services and removal services. GOED stock is a company that we have discussed countless times throughout the pandemic. As a provider of home goods, it has seen a major demand increase in the past year and a half.
On July 14th, the company announced that it will undergo a strategic and unified rebranding process. 1847 Goedeker has engaged the brand strategy firm Capsule to lead this organizational rebranding. Capsule will work with the company to review its brand name, identity, and much more.
“As our operations continue to grow, we find it paramount to operate under a single brand entity to help engage customers and stakeholders throughout every step of their journey with us. Capsule has historically provided clients with step-by-step strategies to better align messaging with long-term goals.
We at Goedekers are excited to bring this brand identity expertise to the table alongside their suite of consumer insights and activation strategies to better inform current operations while increasing customer awareness and recognition.”The CEO of Goedekers, Doug Moore
So with this recent information in mind, will you add GOED stock to your watchlist?
Are Penny Stocks Worth it in 2021?
Finding the best penny stocks to buy all comes down to knowing what type of investor you are and what your risk tolerance is. This will help to align your penny stocks watchlist with companies that may suit you best.
[Read More] 4 High Volume Penny Stocks to Watch in July 2021
Additionally, investors should make sure that they are doing all the proper research to gain insight into what a company is doing right now and what it could do in the long term. With many penny stocks showing solid signs of recovery right now, what do you think? Are penny stocks worth it in 2021?