3 Penny Stocks to Watch For Your October List
Finding the best penny stocks to buy in October can be challenging. But, with the right tools at your disposal and a commitment to research, it can be much easier than previously imagined. So, what exactly should you look for if you’re trying to find a penny stock to buy? Well, you have come to the right place to find out. For that reason, let’s take a closer look.
What to Look For in a Penny Stock to Buy
The first aspect investors should look at is the company’s financials. This is where you’ll see everything from its revenue to its outstanding debt and profitability. While it may seem like a lot of information to pour through, it can be narrowed down very easily.
The best way to do so is by looking at the most important numbers. This is usually profitability, revenue, and debt (as stated earlier). These figures will give you a general idea of where the company is financially and where it could be in the future. And, investors should use these figures in conjunction with one another to create a larger understanding of the company in question.
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The next aspect to check out is all of the speculative factors that are impacting a company. This could be a recent announcement, a balance sheet release, or even rumors surrounding the future of the company. Because penny stocks tend to be highly speculative, speculation is often the number one cause of movement with small caps. And for that reason, it can result in large price jumps in either direction. So, make sure that you check out and consider all the speculative factors that are impacting a penny stock before moving further.
While this is not a complete list of how to buy penny stocks, it should help to put you in the right direction. With that in mind, let’s take a look at three penny stocks to add to your October watchlist.
3 Penny Stocks For Your October Watchlist
- Sesen Bio Inc. (NASDAQ: SESN)
- Transocean Ltd. (NYSE: RIG)
- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Sesen Bio Inc. (NASDAQ: SESN)
Sesen Bio Inc. is a biotech penny stock that has climbed by almost 80% in the past six months and over 250% in the past YTD period. This brings its one-year gains to a staggering 790%, which is relatively unmatched in the small caps world. If you’re not familiar, Sesen creates targeted fusion protein therapeutics.
These therapeutics are used to treat cancer patients. Sesen is involved in the design, development, and commercialization of these products. Its lead product is Vicinium, which is in Phase 3 clinical trial to treat bladder cancer. Sesen is developing other products as well such as VB6-845d which is for different types of tumors.
Sesen suffered a setback when the FDA rejected its Biologics License Application for Vicinium. Despite the harsh news, SESN stock has recently performed well in the market on several occasions. Moving forward, it will be interesting to see if Sesen is able to recover and resubmit its Vicinium product for FDA approval in the future. Despite these negatives, the last 5 days in the market have been great for Sesen. 5 days ago, SESN’s stock price was at $0.74 per share on average. Now on October 15th, SESN stock is at $0.95 per share. With this in mind, will SESN make your list of penny stocks to watch?
Transocean Ltd. (NYSE: RIG)
Transocean Ltd. is a company that offers drilling services in several countries around the world. The company provides offshore contract drilling services for oil and gas wells. Transocean contracts its drilling rigs with equipment and work crews for these services. The company currently has 37 mobile offshore drilling units which include 27 ultra-deepwater floaters and 10 harsh environment floaters.
On October 18th, the company announced that it will cut its operational Scope 1 and Scope 2 greenhouse gas emissions intensity by 40% from its 2019 levels by 2030. The company will do this without risking its safety and operational integrity records. It believes that it must continue to provide services in a way that does not harm the environment.
“Our responsibility as the industry leader extends beyond providing superior results for our customers. We must continue to deliver our services in a manner that minimizes our impact to the environment and, in this context, supports the interests of all our stakeholders, including employees, customers, investors, and for the broader public good.”The President and CEO of Transocean, Jeremy Thigpen
In the last month, RIG stock has increased by over 22% and in the past twelve months by over 390%. Keeping this in mind, will RIG be on your list of penny stocks to watch?
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Seanergy Maritime Holdings Corp. is an industrial penny stock that has climbed by over 150% in the past YTD period, including an over 4% gain today. This company transports dry bulk commodities by sea. Primarily, Seanergy transports iron ore and coal. The company has a fleet of 17 Capesize vessels with an average age of 11.5 years. These ships together offer a very large carrying capacity for the company to take advantage of.
On September 8th, Seanergy took delivery of its 17th Capesize vessel, the M/V Worldship. The M/V Worldship has a carrying capacity of 181,415 deadweight tons and was built in 2012 in Japan. It’s worth noting that the vessel has already started a time charter with an existing charterer of the company at a rate of $31,750 per day for 12 to 16 months from the delivery.
“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. This allows us to fully utilize our fleet in order to capitalize on the robust market rates.”The Chairman and CEO of the company, Stamatis Tsantanis
Now on October 18th, SHIP stock managed to climb by over 4% in the market. Considering this new info, will SHIP be on your penny stock watchlist this month?
Which Hot Penny Stocks Are You Buying Right Now?
Finding the right penny stocks to buy can be a challenge with so much news in the stock market. However, because there is so much going on, there is plenty of movement to take advantage of.
The best traders are always the ones that can find information, and use it to their advantage. And with penny stocks, information will always be the name of the game. With that in mind, which penny stocks are you buying right now?