3 Penny Stocks on Reddit to Add to Your Watchlist
Finding penny stocks on Reddit can be a great way to make a watchlist in 2021. And while Reddit has become a go-to source for investors to make money with penny stocks, the stocks found on Reddit can be extremely volatile. So, to have the best chance at profitability in October 2021, investors need to take a few steps to stay ahead of the game.
Buying Reddit Penny Stocks in October 2021
First, traders need to do the proper research before putting any money into penny stocks. This means looking at balance sheets, rumors, press releases, and industry-wide news. Because penny stocks are so speculative, any news or event can have a major effect on the price of the stock. And in 2021, there is more than enough news to go around.
As stated earlier though, investors need to stay as up-to-date as possible on anything that could have an effect on your watchlist. Right now, the most pressing factors in the news remain Covid, inflation, and the overall uncertainty that we’re witnessing in the stock market. All of this underscores the current high rate of market fluctuations that we see regularly. And with Reddit, there is an extra layer of volatility as prices tend to move steeply based on social sentiment.
The last thing to consider is what your tolerance for risk is. If you are more inclined to invest in riskier stocks, Reddit penny stocks could be worth keeping an eye on. However, if you’re looking for more stable stocks to buy, it could be worth finding alternatives. Considering all of this, let’s take a look at three Reddit penny stocks to watch right now.
3 Reddit Penny Stocks to Watch Right Now
IAMGOLD Corporation (NYSE: IAG)
IAMGOLD is a mining penny stock that explores for, develops, and operates various gold mining properties. These properties are located in The Americas and West Africa. It currently has an interest in the Rosebel mine, Essakane mine, Westwood mine, Diakha-Siribaya project, and several other assets as well. In the past five days, shares of IAG stock have shot up by over 9% and in the past month by over 12%.
IAMGOLD has not recently released any company news. But on Wednesday, November 3rd, the company plans to release its third-quarter 2021 financial results. These results will be released on that date after the market closes. Then the following day, IAMGOLD will hold a conference call for a discussion with management. Events like this are always exciting for investors to consider as they allow for up-to-date insight into how a company is performing.
In the past few days, IAG stock has continued to gain traction with higher than average popularity. This is also evidenced by its above-average volume in the same period as compared to the weeks prior. And, if you’re interested in IAG, it’s worth keeping tabs on the price of gold itself as IAG has a high correlation to the resource. Keeping all of this in mind, is IAG a contender for your penny stock watchlist this month?
McEwen Mining Inc. (NYSE: MUX)
McEwen Mining Inc. is another mining penny stock that has been increasing in the past few trading days. Over the last five days, shares of MUX stock have shot up by over 8%, which is quite substantial for a mining stock. If you’re unfamiliar, McEwen Mining is a company that explores for, develops, and sells a variety of resources. These resources include but are not limited to silver, gold, and copper. It owns 100% interest in the El Gallo project, Fenix project, Black Fox mine, and plenty more. These properties span countries such as Mexico, Canada, Argentina, and the United States.
On October 6th, McEwen reported its consolidation production for the third quarter of 2021. The company reported 42,900 gold equivalent ounces compared to 30,400 in the same period last year. For the nine months ended September 30th, 2021, its consolidated production was 114,300 gold equivalent ounces compared to 85,700 the previous year. This is all exciting and shows that McEwen is working hard to grow the amount of gold that it can produce. And with heightened demand for the shiny resource.
The above numbers show that its production is moving towards the midpoint of its guidance range for the year. McEwen’s commercial production at the Froome deposit was recently achieved 3 months ahead of schedule as well. Keeping this new information in mind, will you be adding MUX stock to your list of penny stocks to watch?
Asensus Surgical Inc. (NYSE: ASXC)
Asensus Surgical Inc. is a biotech penny stock that has climbed by over 5% in the past five days with a YTD and one-year gain of over 50% and over 340% respectively. This company offers medical device robotics in the United States, Asia, and Europe. The company offers these robotics for the purpose of enhancing minimally invasive surgery. Its Senhance Surgical system allows up to four arms to control robotic instruments and a camera. It also offers the SurgiBot System and Senhance ultrasonic systems as well.
On October 6th, the company announced that Hirosaki University Hospital has entered an agreement to lease and use a Senhance Surgical System. This system is the first digital laparoscopic platform that uses augmented intelligence for performance and patient outcomes through machine learning. The Hirosaki University Hospital is one of the most key medical care and research centers in the northern area of Japan.
“We are excited to add a system at Hirosaki University Hospital to help build out its Senhance Robotic Surgery Program. We are very encouraged by the continued momentum we are seeing in Japan and look forward to further expanding our footprint in the region.’’CEO and President of Asensus, Anthony Fernando
Right now, the biotech industry is on fire with many players making big waves. And although ASXC’s performance in the past month is nothing to brag home about, it does look like it is witnessing a bullish turnaround right now. Considering this, does it deserve a spot on your watchlist right now?
Which Reddit Penny Stocks Are You Watching?
Finding the best penny stocks to buy on Reddit can be challenging. But, with so many to choose from, making a watchlist with potential is more than possible.
- 10 Top Penny Stocks To Watch This Week With Potential Biotech Catalysts
- Do These Penny Stocks Present a Buying Opportunity At Current Levels?
If we consider everything that’s going on in the stock market, we see that there is a great deal of movement to take advantage of. But, having and using a trading strategy will always put you ahead of the game. Considering that, which penny stocks on Reddit are you watching right now?