3 Penny Stocks to Watch During The First Full Week of October
With October in full swing, the time to make a penny stocks watchlist is now. But, to do so, investors need to consider a few different factors. While many investors are hoping for a bullish turnaround, there are some events that could keep the market in volatile waters.
It’s worth noting that attention has shifted away from the pandemic slightly and onto more pressing economic and political tensions. This includes inflation in the U.S., jobs reports, and more. However, hopes still remain high that October could be a better performing month for penny stocks and blue chips than September was.
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One aspect that is brightening the outlook right now is the potential of Merck & Co. Inc.’s (NYSE: MRK) new Covid pill. Early studies are showing that this pill could have potential to reduce deaths in those with Covid by half. And, the company plans to apply for EUA or emergency use authorization within a short time frame.
Dr. William Schaffner, an infectious disease expert the Vanderbilt University stated that the pill “would allow us to treat many more people much more quickly and, we trust, much less expensively.” Overall, it looks like the U.S. has turned the corner on Covid for now, with cases continuing to decline over their previous month highs. So, with this in mind, let’s take a look at three penny stocks to watch this week.
3 Penny Stocks For Your Early October Watchlist
- Ault Global Holdings Inc. (NYSE: DPW)
- Sonnet BioTherapeutics Holdings Inc. (NASDAQ: SONN)
- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Ault Global Holdings Inc. (NYSE: DPW)
Ault Global Holdings Inc. is an industrial penny stock that has climbed by over 8% in the past five days. If you’re unfamiliar, Ault is a holdings company with hands in several different industries. This includes the design, development, and sale of power system solutions.
The company manufactures these products for medical, military, and industrial companies all over the world. Some of its products include customer power system solutions, power rectifiers, AC-DC power supplies, EMC filters, and much more. As a whole, Ault invests in breakthrough technologies that act as disruptors in several industries.
On September 23rd, the company announced an investment in Unique Electric Solutions Inc. Unique is a privately-held developer of EV propulsion systems for commercial trucks and school buses. Ault invested $2.25 million for a 7% stake in the company, which could increase to 10% upon the exercise of warrants acquired by the company.
“We are pleased to invest in UES, which has a proven track record of delivering efficient solutions to premier fleets like UPS and Logan. We expect this strategic investment and partnership will dramatically accelerate UES’ production and catalyze numerous high-growth synergies with TurnOnGreen, unlocking significant value for our stockholders.”
The CEO of Ault, Milton “Todd” Ault
In the past few trading days, volume for DPW stock has been much higher than average. This signifies heightened popularity with DPW right now. With this in mind, will DPW stock be on your penny stocks watchlist this month?
Sonnet BioTherapeutics Holdings Inc. (NASDAQ: SONN)
Sonnet BioTherapeutics Holdings Inc. is a biotech penny stock that went up over 7% in the market on October 1st and is up by around 7% in premarket trading today. This company develops a platform for biologic medicines of a single of bispecific action. Its lead product is SON-1010 which is a candidate for treating lung, head, and neck cancer. It also has SON-080 which is for chemo-induced peripheral neuropathy and diabetic peripheral neuropathy.
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On August 30th, Sonnet announced the successful completion of its discovery phase for SON-1410, its next preclinical pipeline candidate. In the second half of 2022, an IND submission is expected for SON-1410. The target indicates that the drug will be for melanoma and renal cancers. This is its second bispecific compound integrating Interleukin 12 with its fully human albumin binding platform.
“Following our recently completed $30 million financing, we are excited to have identified this latest bispecific candidate, which is scheduled to enter the next stages of its development during the fourth quarter of 2021, with the objective of filing an IND in the second half of 2022.”
CEO of Sonnet, Pankaj Mohan
Following this announcement, SONN stock has gone up in the market. With this in mind, does SONN stock deserve a spot on your list of penny stocks to buy this week?
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Seanergy Maritime Holdings Corp. is a shipping company that offers seaborne transportation services. Primarily, Seanergy transports dry bulk commodities by sea. These dry bulk commodities include both iron ore and coal. Seanergy currently has an operating fleet of 17 Capesize vessels with an average age of 11.5 years. These vessels have an aggregate cargo-carrying capacity of about 2,829,630 deadweight tons.
On September 8th, the company took delivery of its 17th Capesize vessel, the M/V Worldship. This is a 181,415 deadweight ton bulk carrier built in 2012 in Japan. This vessel has entered a time charter at a gross fixed rate of $31,750 per day for 12-16 months from the delivery. This purchase was funded via cash on hand.
“I am pleased to announce the addition of the seventeenth Capesize vessel to our fleet and the concurrent commencement of her period employment. Including this delivery and the sale of the M/V Leadership, 94% percent of our fleet is employed under period time charters, 87% of which are index-linked T/Cs.”
The Chairman and CEO of Seanergy, Stamatis Tsantanis
Over the last month, SHIP stock has gone up by around 19% and YTD by over 180%. This is a sizable gain, and one that reflects both Seanergy’s business and the shipping environment right now. Keeping this information in mind, will this company make your list of penny stocks to watch?
Which Penny Stocks Are You Watching This Week?
Right now, there is a sizable amount of momentum in the stock market. This is due to the large number of external factors impacting both penny stocks and blue chips.
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And as prudent investors, it is our job to take advantage of these events and use them as a way to predict price movement. Considering that October presents a clean slate after a less than stellar September, which penny stocks are you watching this month?
