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3 Hot Penny Stocks to Watch in October 2021 

With October in full swing for penny stocks and blue chips, the sizable market momentum means that investing is not easy right now. However, just because it isn’t easy, doesn’t mean that there isn’t the potential to make money with penny stocks in 2021. But, to do so may take some extra digging and searching. 

One of the best ways to stay ahead with penny stocks is to understand where the momentum is. This means considering what’s going on in the world as it relates to specific penny stocks and specific industries. 

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Although the pandemic is less of a worry now that cases are declining in many areas of the world, it is still around. And on top of this, the pandemic has created several after-effects on the stock market that could leave a lasting impact. This includes inflation, economic concerns in the U.S. and abroad, and a general feeling of uncertainty about the future. 

As a result, many penny stocks investors have taken the route of finding stocks that could be less volatile in either the short or long term. But, at the end of the day, understanding your own investing strategy will help you to determine which penny stocks are the best for your portfolio. So, with all of this in mind, here are three penny stocks for your October watchlist. 

3 Penny Stocks For Your October Watchlist

  1. Gran Tierra Energy Inc. (NYSE: GTE
  2. SOS Limited (NYSE: SOS
  3. Ideanomics Inc. (NASDAQ: IDEX

Gran Tierra Energy Inc. (NYSE: GTE)

Gran Tierra Energy Inc. is an energy penny stock that we have discussed quite frequently over the past few weeks. In the last five days and one month periods, shares of GTE stock have shot up by over 30% and 66% respectively. This brings its 12 month gain to over 320%, which is no small feat.

If you’re not familiar, Gran Tierra is an oil and gas exploration company that has been trending heavily in the past couple of weeks. The company explores for oil and gas primarily in South America in Colombia and Ecuador. As of December 31st, 2020, the company had total proved undeveloped reserves of 26.2 million barrels of oil equivalent in Colombia alone.

Back in August, the company reported its second-quarter results for 2021. During this quarter, the company achieved a 14% increase in production for a total of 23,035 barrels of oil per day on average. In addition to this, the company reaffirmed its full-year production guidance of 27,500 to 28,500 barrels of oil per day.

“With production restored, we expect Gran Tierra to generate second half 2021 free cash flow of $100-120 million. With a constructive oil price environment, a successful first half 2021 drilling program, and the expiry of our first half 2021 oil price hedges, we are very excited about the second half of 2021 and all of 2022.”

President and CEO of Gran Tierra, Gary Guidry

Following the release of these financial results, GTE stock has continued to make gains in the market. Considering this, will GTE make it onto your list of penny stocks to watch?


SOS Limited (NYSE: SOS)

SOS Limited is another penny stock that has gained a lot of traction in the market lately. The momentum with SOS stock began during the past year or so as crypto began to boom. And as a cryptocurrency mining company, SOS was able to take advantage. More specifically, SOS is a Chinese tech company that specializes in data mining and analysis services. It offers its services to financial institutions, insurance providers, medical institutions, and other businesses. SOS Limited also provides blockchain-based insurance, mining, and other blockchain-related services.

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On September 10th, the company reported its six months interim financial results. The company’s net revenue came in at $184.5 million, 17 times higher than the previous year. Its gross margin increased to 9.3% from 0.8% YoY as well. As of June 30th, the company was focusing on six product lines and services. The largest chunk of SOS’s revenue came from commodity trading, at 84.11%. SOS generated 8.2% of its revenue from cryptocurrency mining, which it plans to increase in the near future. 

The company stated in these financial results that, “Overall gross margin which reflects the performance of our operating businesses and excluding the foregoing expenses increased from 0.8% to 7.9% for the periods ended June 30, 2021, and June 30, 2020, respectively, showing improvement in our earning ability.” On October 5th, SOS stock managed to climb by around 3.8% in the market. Whether this makes SOS worth adding to your penny stocks watchlist or not is up to you.


Ideanomics Inc. (NASDAQ: IDEX)

Ideanomics Inc. is another trending penny stock that we’ve been discussing for quite some time. In the past twelve months, shares of IDEX stock have jumped by a solid 100%, despite some less than stellar performance in the past six months or so. Ideanomics focuses on commercial electric vehicle adoption, associated energy usage, financial services, and fintech product development.

Its Ideanomics Mobility business allows for commercial fleet operators to adopt electric vehicles. This business also provides solutions for fleet operators of commercial electric cars in terms of procurement, finance, charging, and energy management. In addition to this, Ideanomics has a subsidiary that invests in budding fintech solutions. All of this allows IDEX to be quite a broad company in the EV and finance markets right now. 

On September 28th, the company announced a collaboration with Kenworth. This collaboration is for the development of 1-Megawatt wireless charging pads. These are charging pads made for next-gen Class 8 battery-electric regional trucks. The goal is to use these for each end of a 400-mile delivery route between Portland and Seattle at first.

“The technology we’re developing with WAVE and Utah State will foster important advancements that extend Class 8 battery-electric vehicle range and reduce recharge times, enabling the T680 Next-Gen Battery EV to compete with the range of diesel models.”

Kenworth’s general manager, Kevin Baney

On October 5th, IDEX stock showed strong bullish sentiment during daily trading. So with this information in mind, will IDEX be on your list of penny stocks to watch?


Finding the best penny stocks to buy all comes down to understanding how the market moves. And, by considering the current state of the stock market and what factors are impacting it, investors can have an easier time making money with penny stocks.

[Read More] 5 Top Penny Stocks To Watch In The Stock Market Today

So, although there are plenty of things to consider when investing in penny stocks in 2021, the sheer amount of movement offers ideal opportunities to capitalize on small caps. Considering all of this, do you think that these trending penny stocks are worth buying or not?

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