3 Penny Stocks to Watch After Today’s Bearish Drop
If you traded penny stocks or blue chips today, you likely saw the result of the stock market crash. If not, the dow dropped by almost 900 points, ending the day with the biggest drop in months. The crash today is the result of reignited fears around the pandemic and the fast-spreading Delta variant.
While many thought we were out of the woods just two weeks ago, in the past few days, cases in the U.S. have risen substantially. The warning sign for this came as the U.K., which has over 70% of its population vaccinated, saw major increases in Covid case numbers in the past few weeks.
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And, experts believed that the U.S. would soon follow suit. Mix this with stagnation around vaccine rates in the U.S. and high inflation rates, and we easily see why the stock market dropped so significantly today. But as always, there are plenty of penny stocks that are still seeing gains. And despite the major drop across the board today, certain industries managed to push up.
In the past thirty days, the number of new Covid cases has tripled in the U.S., according to a study done by Reuters. So, with recovery hopes still on the horizon, it may be a slightly tumultuous road ahead. With all of this in mind, let’s take a look at three penny stocks that could be worth watching for an economic recovery.
3 Penny Stocks For Your Market Rebound Watchlist
Cinedigm Corp. (NASDAQ: CIDM)
One entertainment penny stock performing well in the market right now is Cinedigm Corp. Cinedigm is a distributor of movies and television shows to various platforms. The company also holds a great deal of distribution rights and cinema assets under its belt. Some of the brands its products are distributed to include Hallmark, NFL, NHL, Scholastic, and many others. Additionally, we have discussed CIDM stock plenty of times in the past few months due to its large investor attention and the sizable intraday moves it often makes.
Recently the company announced that its preliminary fourth-quarter revenue is above the consensus. The company also saw greater momentum recently after reporting its streaming channel revenue increased by 197%. The CEO of the company, Chris McGurk said, “We have now successfully completed the transition of Cinedigm from its legacy digital cinema equipment business to a high-growth, independent streaming entertainment channel and content company.”
In other recent news, Cinedigm’s ad-support streaming channel revenues grew 331% year over year, and its subscription streaming channel revenues grew 117%. This has resulted in heightened interest in CIDM stock from investors of all types. With this in mind, will CIDM be on your list of penny stocks to watch?
Senseonics Holdings Inc. (NYSE: SENS)
Senseonics Holdings Inc. is another penny stock that we have talked about numerous times in the past few weeks. In addition to frequently spiking during certain trading days, SENS also has a great deal of potential with its products. For some context, Senseonics is a biotech penny stock with a focus on developing medical devices for those with diabetes. Its Eversense and Eversense XL products help diabetic individuals monitor and manage information related to their condition.
On June 28th, Senseonics announced the presentation of PROMISE data at the American Diabetes Association 81st Scientific Sessions. Other than this, there is not much company-specific information that has come from Senseonics recently. So what could be causing SENS stock to go up in the market?
On July 19th, the company is up 2%, which is not extremely substantial, but considering the rest of the stock market, it is encouraging. Only a year or so ago, shares of SENS stock sat around $0.45 per share, and now, shares sit at almost $3 as of July 19th. Considering this exciting uptick, will SENS stock be on your list of penny stocks to watch?
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a penny stock that offers mobile satellite services and off-grid communication products. It has a variety of offerings such as voice and data products for safety, emergency, remote business, and recreational-related products.
Its SPOT satellite GPS messenger is used for personal tracking and emergency location identification. Globalstar’s SPOT Trace product is in use as an anti-theft locator and an asset tracking device. As you can see, its lineup of personal safety and tracking products is expansive and offers investors a large amount of value to investors.
The latest update from Globalstar Inc. came on July 1stwhen the company announced its partnership with FocusPoint International Inc. The agreement between the two will provide crisis assistance services under the Global Overwatch and Rescue Plan to Globalstar customers.
“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
With travel limited in the past year and a half, many people are once again getting out of the house and going on vacations. And, because off-grid locations offer a pandemic-safe way to travel, Globalstar’s products could see higher demand. While GSAT stock can be rather speculative, it is also a very popular penny stock at the moment. Noting this recent information and GSAT’s solid market performance, will this penny stock make your watchlist?
Which Penny Stocks are You Watching Right Now?
While today’s overall stock market performance was less than stellar, tomorrow is a new day. And as always, both penny stocks and blue chips see an ebb and flow that results in gains and losses.
But, with so much going on in the world right now, it is prudent to stay as up-to-date as possible with all the events going on. And by reading the news and researching different companies, investors can be informed as to how events will impact their portfolio holdings. With all of this in mind, which penny stocks are you watching right now?