3 Penny Stocks on Reddit With Above Average Volume in October
Reddit is one of the most popular places that investors find penny stocks. And there are a few good reasons for that. For one, Reddit offers a large community of investors that are all working to make money with penny stocks. And as a result, there are plenty of penny stocks that investors can find online.
But, too often investors will find stocks online, and invest without doing the proper research. This can lead to big losses in a short time frame. So to avoid this, the best course of action is to commit to doing as much research as you can. This means looking at balance sheets, upcoming announcements, and industry-wide news events.
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All of this will take the guesswork out of speculative gains. In addition to this, we see that all penny stocks and not just those on Reddit, are highly affected by the current situation in the world. This means that investors need to focus on everything from inflation to Covid and more. All of this results in large and consistent price action that can be scary to newcomers.
But, with a proper investing strategy, using these factors to your advantage can mean the difference between profits and losses. With all of this considered, here are three penny stocks that have high volume right now.
3 High Volume Penny Stocks to Watch Right Now
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is an entertainment penny stock that we have discussed numerous times in the past few weeks. And today, shares of CIDM stock shot up by over 7.9% bringing its five-day gain to almost 30%. If you’re not familiar, Cinedigm owns the rights to various movie, television, and short-form content assets. These assets are distributed to companies such as the NFL, NHL, Hallmark, and Televisa. It also distributes its content library to streaming platforms such as Netflix, Hulu, Vudu, Apple, and more.
Recently, Cinedigm acquired subscription-based horror channel Screambox. The company has now announced a relaunch of the platform with a new look, improved user interface, new content, and expanded digital footprint. The service will see wider distribution via Cinedigm’s expansive list of partners. This allows the company the opportunity to scale its programming at a faster rate.
“With the addition of Screambox to our channel portfolio along with our growing investments in the horror genre, we have an opportunity to reach a loyal fanbase of horror fans and solidify our position as a leader in the horror genre within the OTT space.”The Chief Technology and Product Officer of Cinedigm, Tony Huidor
Following this announcement, shares of CIDM stock have been pushing up as mentioned above. With this in mind, will CIDM stock make your penny stocks watchlist in 2021?
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a communications penny stock that has continued to make gains in the past year. Over the last six months and YTD period, shares of GSAT stock have shot up by over 85% and 385% respectively. These are major gains, and reflect both GSAT’s business model and the bullishness on the company in general. Globalstar offers two-way voice and data products all over the world. These services include those for remote business continuity, recreational use, safety, and more. It offers the SPOT line of consumer products for anti-theft, personal tracking, messaging solutions, and more.
The company experienced a lot of recent momentum when rumors emerged that the iPhone 13 would have satellite capabilities. After the rumor was found to be false, shares of GSAT stock plummeted. As we see, rumors can have a major effect on the price of a stock. And while Globalstar is not going to be a provider to Apple, it still does have a lot of business on its own. In addition, it is frequently mentioned on Reddit and other social media, which is likely contributing to its price movements. So following its major uptick and subsequent drop, is GSAT recovering right now?
Today, on October 20th, shares of GSAT stock shot up by around 4%, which is quite solid considering its previous losses. It will be interesting to see what the company announces next and how that affects its stock price. For now, is GSAT a contender for your penny stock watchlist as we continue through October?
B2Gold Corp. (NYSE: BTG)
B2Gold Corp. is a gold mining penny stock that has pushed up by over 17% in the last month which is no small feat for a gold stock. This company produces gold at several operating mines located in the Philippines, Mali, and Namibia. The company operates the Fekola Mine, Masbate Mine, Otjikoto Mine, and more. It also has an 81% interest in the Kiaka Project located in Burkina Faso. It’s worth noting that B2Gold has other assets in Uzbekistan and Finland which together make up a diversified portfolio of gold-producing assets.
On October 19th, the company reported its gold production and gold revenue for the third quarter and first nine months of 2021. Record quarterly gold production was achieved by the Fekola Mine and Otjikoto mine with 165,667 ounces and 68,959 ounces respectively. Fekola and Masbate’s production guidance has been increased based on the results reported this quarter. Its total gold production for the first nine months of the year was 742,517 ounces, above expectations by 7%.
B2Gold Corp. stated, “The Company’s ongoing strategy is to continue to maximize profitable production from its mines, further advance its pipeline of development and exploration projects, evaluate new exploration, development and production opportunities and continue to pay an industry-leading dividend yield.” Noting this new information, will BTG stock enter your watchlist this month?
Are These High Volume Penny Stocks on Your Watchlist?
While Reddit may not be the first place you go to find penny stocks, it can be a valuable tool in your search. As a result of so many penny stocks being discussed online, Reddit can be a large driver of price action across the board.
So, use it carefully, and always be sure that you do your own research in addition to using Reddit as a tool. With all of this in mind, are these high-volume penny stocks on your watchlist right now?