3 Penny Stocks For Your October Watchlist in 2021
While the first day of October began bearish for penny stocks and blue chips, by the end of the day, the market took a very bullish turn. By 3 PM EST on October 1st, the Dow was up by around 1.67% with the S&P 500 also up by around 1.3%. This is great news as last month was the worst-performing September in around a decade.
Will October Remain Bullish For Penny Stocks?
Although it may be too early to say that October will be bullish overall, the clean slate of a new month that we’ve discussed numerous times could be a major benefit. In addition, falling Covid cases and the U.S. extending its financial coverage until December via a vote yesterday means that it could be time to breathe a sigh of relief.
As always, investors should ensure that they have a proper trading strategy on hand. This is the best way to fully understand how your watchlist will do when compared to your investing goals. And because penny stocks move so quickly, having both a strategy and a strong knowledge of the market will together be a major benefit to you.
The overall goal is always to make money with penny stocks. And this can be done by keeping track of what factors are impacting the stock market. This means staying up to date with the latest news and events, and understanding how they may affect certain penny stocks or industries at large. So, with all of this in mind, here are three penny stocks for your October watchlist.
3 Penny Stocks to Watch With October in Full Swing
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a communications penny stock that has been on a tear throughout the last YTD. In that time, shares of GSAT stock have shot up by over 360%. Much of this occurred in the last few months following speculation that it could be working with Apple Inc. (NASDAQ: AAPL) on the newest iPhone. When the news didn’t become a reality, shares quickly slipped for GSAT stock.
If you’re not familiar, Globalstar is a company that offers voice and data products and satellite communications services, as well as equipment. These services and products are for remote business continuity, safety, and more. Its SPOT satellite GPS messenger is used for personal tracking, messaging, and emergency location.
Going further into the speculation surrounding GSAT, there were rumors that Apple’s next iPhone would support satellite communications. Some even believed that Globalstar may provide these services for the tech giant. After the iPhone was announced and Apple didn’t say anything about satellite communications, GSAT stock fell substantially.
However, after this massive correction, it seems as though there is some bullish sentiment beginning to filer back into GSAT stock. On September 30th, GSAT stock rose by 3.73% by EOD. Could this be the momentum GSAT needs to go back up in the market? It will be interesting to see what happens with this company in the future. For now, will GSAT make your list of penny stocks to watch?
Paltalk Inc. (NASDAQ: PALT)
Paltalk Inc. is another tech stock that is performing extremely well in the market today. If we look at PALT stock, shares sit comfortably at around $10.60. This clearly means that it is no longer a penny stock. However, PALT sat at under $5 only a few days ago, showing the ferocity that penny stocks have when supported by bullish momentum. In the past five days, shares of PALT stock have shot up by over 110%.
If you haven’t heard of PALT, it is a company that offers communications software and develops multimedia social applications. Its applications include Tinychat, Camfrog, Paltalk, and Vumber. Additionally, Paltalk offers technology development and related services.
On September 30th, Paltalk engaged ClearThink Capital to lead its expanded investor relations program. This program is focused on increasing awareness and enhancing stockholder value. ClearThink is a consulting firm known for connecting underfollowed and undervalued smaller reporting companies with institutional investors and more.
“We believe we are now ready to enter the next growth phase of our business, as we successfully achieved our Nasdaq listing, and have a strong balance sheet with $6.5 million cash and no long-term debt as of June 30, 2021, and subsequently raised approximately an additional $3.5 million in connection with our recent underwritten public offering.”Chairman and CEO of Paltalk, Jason Katz
On the day of this announcement, PALT’s stock price went up by over 25% in the market. The company’s volume on the same day was over 98 million compared to its market average of about 2.8 million. Keeping this in mind, will PALT be on your list of penny stocks to watch?
Aikido Pharma Inc. (NASDAQ: AIKI)
Aikido Pharma Inc. is a biotech penny stock that develops small-molecule anti-cancer therapeutics. Its therapeutics treat various conditions such as pancreatic cancer, acute myeloid leukemia, and acute lymphoblastic leukemia. In addition, its KPC34 product is a small molecule treatment for leukemia. It also has an antiviral platform that inhibits the replication of multiple viruses.
On September 28th, the company secured interest in the electric truck maker Tevva Motors Ltd. Tevva is a company developing and producing range-extended vehicles at the moment. The company develops modular electrification systems for medium-duty commercial vehicles. The company’s technology can adhere to the most rigorous of standards of safety. While this is an odd move for a biotech company, Aikido does see a lot of potential in the EV market. The company states that its focus is on biotech, however, it also goes where the opportunity is.
“With strategic partners and early customers including, Ryder, Hitachi, and UPS, and with Tevva vehicles already being used in their delivery services, Tevva is well-positioned to take advantage of this rapidly growing sector.”CEO of Aikido, Anthony Hayes
Considering this interesting and advantageous move, does AIKI deserve a spot on your penny stocks watchlist?
Which Penny Stocks Are You Watching Right Now?
With October already getting off to a strong start for penny stocks and blue chips, many investors are excited about what the future could bring. Although it is too soon to say that October will remain bullish, there is no doubt that today’s EOD turnaround is an interesting prospect.
Considering that there is so much movement in the stock market right now, there is plenty of momentum to take advantage of. With all of that in mind, which penny stocks are you watching right now?