Top Trending Penny Stocks to Add to Your List in October 2021
Finding trending penny stocks can be a great way to get ahead in the stock market. And to do so, there are a few things that investors should keep in mind. For one, there are plenty of great resources to find penny stocks that are trending. This includes scouring social media like Twitter and Reddit or perusing our recent articles.
Either way, the options are endless. One metric to use when looking for stocks that are trending is volume. Volume is the number of shares that have traded hands on a given day. In addition, we can multiple the volume by the current share price to see how much money has actually traded.
This matters for a few reasons. Let’s say a stock trading at $0.10 does 50 million in volume. While this may seem impressive, this only equates to $5 million. On the other hand, if a stock trading at $1 does 50 million in volume, this equals $50 million, which is quite obviously, much greater. The difference, however, is that one stock is likely more trending than the other, and calculating this metric will help you in your search.
In addition to all of this, it’s worth looking into why a penny stock is trending. This could be recent news, events, press releases, or industry-wide announcements. Regardless, it is pertinent to have a thorough understanding of what is making the company trend. So, with all of this in mind, let’s take a look at three penny stocks that are trending right now.
3 Trending Penny Stocks to Watch Right Now
Advaxis Inc. (NASDAQ: ADXS)
Advaxis Inc. is a biotech company that managed to climb by roughly 6% at EOD on October 12th. If you’re unfamiliar, this company produces proprietary Listeria monocytogenes technology for antigen delivery. The company engages in the discovery, development, and commercialization of these products. Currently, Advaxis is developing ADXS-PSA for those with prostate cancer, which is in Phase 2 clinical trials. The company is also developing ADXS-503 in Phase 1 / 2 trials for treating non-small cell lung cancer, and more.
On September 10th, the company reported its third-quarter financial results for the period ended July 31st, 2021. The company announced that it has initiated its Phase 1 clinical trial for ADXS-504 to treat early prostate cancer during this period as well. Advaxis’ research and development costs fell, while its general and administrative expenses went up year over year.
“We expect that the coming months will provide data readouts from our expanded off-the-shelf neoantigen program in both NSCLC and prostate cancer which will build upon our strong foundation of data show consistent clinical benefit, the potential to enhance and/or restore responsiveness to checkpoint inhibitors and on-mechanism innate and adaptive immune system stimulation.”President and CEO of Advaxis, Kenneth A. Berlin
On the surface, this may not seem ideal, however, the company is working hard to grow. Considering all of this, does ADXS stock deserve a spot on your penny stocks watchlist?
NexGen Energy Ltd. (NYSE: NXE)
NexGen Energy Ltd. is a penny stock that pushed up by over 14.5% in the market on October 12th. This company develops various uranium properties located in Canada. Primarily, the company is focused on the acquisition, exploration, and evaluation of these properties. Its main project is the Rook I project which has 32 contiguous mineral claims totaling 35,065 hectares in Saskatchewan.
The most recent update from NexGen came when it announced the commencement of its 2021 field and regional exploration drilling programs at the Rook I property. The Rook property was announced to host numerous electromagnetic conductors and structural corridors which have yet to be explored. It will also target high-priority areas within a 10 km radius of the property including along the Patterson Lake Corridor.
“Recommencement of field activities incorporating regional exploration whilst simultaneously advancing the Rook I Project through final engineering and permitting is an exciting time for NexGen.
The NexGen group has a tremendous track record of discovery and the geological team has been looking forward to recommencing exploration drilling on what they consider to be the most prospective land package globally.”The CEO of NexGen, Leigh Curyer
On October 12th, the company’s volume is about double it’s average in the market. Right now, the energy industry is on fire, and NXE is seeing momentum as a result. Keeping all of this in mind, will NXE be on your penny stock watchlist?
Ideanomics Inc. (NASDAQ: IDEX)
Ideanomics Inc. is a penny stock we have mentioned frequently over the past few months. And, with shares of IDEX stock being up by over 93% in the past year, investors continue to show interest in the company. For those unfamiliar, IDEX is focused on improving the adoption of commercial electric vehicles and related items for companies. Ideanomics supplies the procurement, financing, charging, and energy management needs for fleet operators to adopt electric vehicles. Separate from this, Ideanomics has a division known as Ideanomics Capital that invests in budding fintech services.
On September 28th, the company’s subsidiary Wireless Advanced Vehicle Electrification (WAVE) announced a Kenworth collaboration on wireless charging pads. The companies will participate in a U.S. Department of Energy electrified powertrain project designed to develop a one-megawatt wireless charging system for Class 8 electric trucks.
“At the megawatt power levels required by Class 8 EVs, there are significant advantages to eliminating mechanical movement and human contact associated with current charging technologies.”Chief Technology Officer of WAVE, Michael Masquelier
On October 12th, IDEX stock increased by a total of 2.7% in the market. With this to note, will IDEX be on your list of penny stocks to watch?
Which Trending Penny Stocks Are You Watching in October?
Making a list of penny stocks to buy doesn’t have to be as complicated as it seems. However, many investors fail to do the proper research before investing, resulting in sizable losses.
Rather than watch your portfolio end up in the red, investors can put in the time, and understand everything they can about a penny stock. This involves its financials, recent updates, and any news relating to the company or industry. So, with all of this considered, which trending penny stocks are you watching right now?