3 Hot Penny Stocks to Watch Right Now
Right now, there is a sizable amount of bullish sentiment in the stock market. As a result of recent meme stock bull runs, the rise in cryptocurrencies such as Bitcoin and Shib Coin, and the pandemic slowing down, investors are showing confidence in the future. But, it’s not enough to simply throw a dart on a list of penny stocks.
Rather, investors need to take a few steps to ensure high chances of profitability. First and foremost is having a thorough understanding of the penny stocks you’re interested in. This means looking at financials, press releases, industry-wide news, and any speculative events pertaining to the company.
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While we like to think that penny stocks or blue chips are both traded off of fundamentals, the reality is that speculation is the driving force behind most price movement. For this reason, knowing what the next move that a company will make is extremely important when attempting to predict price action.
In addition to this, you have to take into account what type of trader you are. If you’re a long-term trader, certain penny stocks may be better suited for you and vice versa. However, given that the majority of penny stocks are quite speculative and volatile, most tend to short-term or swing trade them. So, with all of this in mind, let’s take a look at three penny stocks that could be worth watching right now.
3 Hot Penny Stocks For Your Watchlist Right Now
- Globalstar Inc. (NYSE: GSAT)
- HCW Biologics Inc. (NASDAQ: HCWB)
- Exela Technologies Inc. (NASDAQ: XELA)
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a penny stock that we’ve covered numerous times in the past few months. Up again today by around 5%, GSAT stock is on many investors’ radars. YTD, shares of GSAT stock have shot up by an incredible 360% and in the past twelve months by over 420%. For some context, Globalstar is a tech penny stock that provides a large range of satellite-based products.
A few weeks ago, shares of GSAT stock were flying on rumors that its technology may be included in the latest iteration of the iPhone. Investors speculated that the new iPhone would offer satellite connectivity, with Globalstar being an obvious choice to provide the underlying tech. When the phone was announced without satellite, shares of GSAT stock quickly dropped. This was a clear indication of both the speculation surrounding the industry and how quickly news and rumors can affect a stock.
While at one point the stock had been up by almost 800% for the year, it quickly dropped back to a more realistic valuation. However, it has continued to show potential in the past few weeks, seeing several days of strong bullish sentiment. So, whether GSAT stock is worth adding to your penny stocks watchlist or not is up to you.
HCW Biologics Inc. (NASDAQ: HCWB)
One of the biggest gainers of the day so far is HCWB stock. By midday, shares of HCWB had shot up by a staggering 114% to north of $6.29 per share. While this technically makes it no longer a penny stock it was only a few hours ago. If we look at its five-day chart, we see a gain of over 120%, which is no small feat.
So, why have shares of HCW Biologics shot up so much in the past few days? The most recent news from the company came during premarket today when it announced that it had received FDA clearance to move forward with the Phase 1B clinical trial of its immunotherapeutic HCW9218. This compound is in use for treating pancreatic cancer.
“The FDA’s clearance to proceed with our first-in-human trial for HCW9218 in pancreatic cancer is an important milestone for HCW Biologics and our efforts to advance the development of potentially groundbreaking immunotherapy candidates for cancer and other age-related diseases. Advances in immuno-stimulatory and anti-immunosuppressive therapeutics have revolutionized cancer treatment.”The CEO and Founder of HCW Biologics, Hing C. Wong
In addition, the company continues to utilize its TOBI drug discovery platform, which is a groundbreaking method of creating new compounds. With this big FDA approval in mind, it seems as though HCW Biologics is in a positive place right now. Considering this, does HCWB stock deserve a spot on your list of penny stocks to watch?
Exela Technologies Inc. (NASDAQ: XELA)
One of the other big gainers of the day for so far is XELA stock, pushing up by over 14%. In the past five days, shares of XELA stock have shot up by over 24% and in the past one year by over 69%. While many gains like this go without news, Exela made an exciting announcement a few days ago.
The company stated that it’s Digital Mailroom (DMR) solution will allow remote employees to access data securely while on the go. The President of Exela Technologies, Suresh, Yannamani, states that “The ever-evolving hybrid work environment has been a catalyst to our DMR solution and demand continues to rise across both enterprise and SMB customers. DMR’s comprehensive feature set enabled us to sign one of the most recognizable logos on the planet.”
While the name of the big brand that the company is working with has not been released, there’s no doubting that this is an exciting prospect for the company. Exela also has a large roster of over 4,000 customers across 50 countries around the world. This shows just how broad it is as a leader in the tech industry. With more people working at home than ever before, Exela remains a tech penny stock that could be worth keeping an eye on.
Can Penny Stocks Remain Profitable in November 2021?
With a new month ones a new opportunity to find the best penny stocks to buy. While it is challenging to do so, there are hundreds of options to choose from.
As a result, investors can narrow down their choices with proper research and a dedicated trading strategy. With all of this in mind, do you think that penny stocks can remain profitable in November 2021?