3 Hot Penny Stocks That Made Big Strides in Early October
Right now, there is a large amount of momentum with both penny stocks and blue chips. And although many days have started down in October, we have seen solid bullish movement during the past week. If we look back at September, we see that performance in the stock market was relatively grim.
Although September is historically not a great month for the stock market, investors don’t like to see negative momentum. But, with October already showing solid positivity for penny stocks, investors are showing excitement around what the future could hold. To make money with penny stocks in 2021, there are a few things that all investors need to understand.
First and foremost is the impact of Covid on the economy. While the recent jobs report showed lower unemployment claims, recovery was not as great as expected. And, this can be blamed on both the current impact of Covid and the past year and a half.
With cases continuing to decline in the U.S., there is some hope that we are moving beyond the pandemic. But, this high degree of uncertainty has resulted in the very volatile stock market we’re witnessing right now. As always, the best course of action with penny stocks is to have as much research as you possibly can by your side. This will help to give you a better idea of what sort of momentum you can expect. Considering this, let’s take a look at three hot penny stocks that are making big strides in October.
3 Penny Stocks With Solid Momentum Right Now
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is an entertainment penny stock that we’ve mentioned a lot due to its frequent momentum. This company owns the rights to and distributes a wide range of movies, television shows, and other forms of content. These content pieces are distributed for companies like the NFL, NHL, Hallmark, and Televisa among many others. Its content is distributed on digital platforms such as Apple, Netflix, Amazon Prime, and Hulu. Cinedigm’s content is also physically distributed at stores such as Target and Walmart.
On October 7th, the company announced a joint venture with Emmy-nominated director Laurieann Gibson. This collaboration is to launch the BOP (Born Out of Passion) Network. The partnership makes Cinedigm the first company to offer a comprehensive slate of global dance-related programming. Gibson will oversee the channel and work closely with Cinedigm on the production, development, distribution, and monetization.
“Her career and track record of success is an inspiration for anyone brave enough to pursue their dreams. Having built so many well-known brands throughout her career, we look forward to tapping into that drive while helping her create the next superstar in her repertoire, by launching this first of its kind global streaming platform.”CEO and Chairman of Cinedigm, Chris McGurk
With an over 14% gain in the past month, it’s clear that there is a sizable bullish sentiment with Cinedigm right now. Keeping this new info in mind, will CIDM stock be on your watchlist?
SOS Limited (NYSE: SOS)
SOS Limited is a company that offers data mining and analysis services to its customers. The company’s primary function is offering marketing data, tech, and solutions for those in the insurance, emergency rescue, and health care industries. Its SOS cloud emergency rescue service software offers medical rescue, auto rescue, financial rescue, and life rescue cards. The company currently has a membership base of around 20 million in China.
On September 10th, the company reported its six months interim financial results. SOS Limited’s net revenue was reported at $184.5 million, a 17 times increase year over year. The company’s gross profit went from $0.08 million last year to $17.2 million this year. Its gross margin also improved, moving to 9.3% compared to 0.8% last year.
SOS Limited also engages in blockchain technology and cryptocurrency mining. The company plans to potentially enter the cryptocurrency security and insurance market in the future. It states that the core infrastructure of SOS’ marketing data, tech, solutions, insurance, and EMS is built on blockchain-based tech, AI, and more. Based on these positive results, will SOS make it on to your penny stocks watchlist in October?
iBio Inc. (NYSE: IBIO)
iBio Inc. is a biotech penny stock that managed to climb before EOD on October 8th. This company offers contract development and manufacturing services for pharmaceuticals to its customers. In addition, the U.S.-based company produces its own range of pharmaceutical compounds. Currently, it is developing IBIO-100 which is for treating systemic scleroderma and idiopathic pulmonary fibrosis. It also offers IBIO-200 and IBIO-201 which are in preclinical development for respiratory syndrome caused by COVID-19.
On September 27th, the company provided a corporate update and its fourth quarter and fiscal year financial results. In the fiscal year ended June 30th, 2021, iBio’s revenue increased 50% year over year to $2.4 million in total. The company’s revenue decreased in the fourth quarter by $0.1 million. During this period iBio expanded its immuno-oncology pipeline with a license of next-gen anti-CD25 antibody for solid tumors.
“In the fiscal fourth quarter, we established our new oncology drug discovery team in San Diego. Subsequently, we entered into a partnership with FairJourney Biologics that provides us access to proprietary antibodies and announced the addition of three new anti-cancer targets to our pipeline.”Chairman and CEO of iBio, Tom Isett
Based on this new info, do you think that IBIO stock deserves a spot on your list of penny stocks?
Are These Penny Stocks Worth Buying or Not?
Finding the best penny stocks to buy in 2021 all comes down to understanding the current market. Because there is so much going on, investors need to keep track of everything at once. Although this may seem difficult at first, there are plenty of resources online to help you with your search.
So, if you have a thorough understanding of what’s going on in the world right now, it can make it much easier to make money with penny stocks. Considering this, do you think that these penny stocks are worth buying right now or not?