3 Penny Stocks to Watch in Mid-November 2021
As we come to the second half of trading penny stocks in November, the market continues to heat up. While buying and selling penny stocks in 2021 is not easy, there are plenty of ways to make money doing so. As a result of the overwhelming number of factors impacting the stock market, investors can take advantage of movement of all types.
But, traders need to have a thorough understanding of what is going on in the stock market and how to use it to their advantage. While the pandemic is dwindling in severity, the after-effects such as inflation, continue to play a big role in the market. So, thinking outside of the box on how to use this as an opportunity, can be a great strategy. Considering all of that, let’s take a look at three penny stocks to watch.
3 Penny Stocks For Your November Watchlist
Romeo Power Inc. (NYSE: RMO)
Romeo Power Inc. is a penny stock that has seen some sizable bullish momentum in the past few trading days. This company engages in the sale of lithium-ion batteries in North America. These lithium-ion batteries are used for commercial electric vehicles. Romeo is involved in the design and manufacturing of the battery modules and packs for these vehicles.
On October 4th, Romeo announced that it has signed a lease for a 215,000 square foot facility located in Southern California. Out of the total 215,000 square feet, 191,000 square feet of it is dedicated to industrial space. This will double the critical laboratory and testing capacity for the company. Romeo expects this transition to take 6-9 months. It will be interesting to see what comes from this new location in the future.
“The development of this new facility is an important milestone for Romeo Power and provides a critical foundation as we continue to further enhance our industry-leading technology and scale to meet the growing needs of our customers for our products”.The President and CEO of Romeo Power, Susan Brennan
Right now, there is a large amount of emphasis on EV penny stocks and the future of electric vehicles at large. Because of this, companies like Romeo Power are seeing heightened attention. Whether this makes RMO stock worth adding to your list of penny stocks to watch or not is up to you.
Digital Brands Group Inc. (NASDAQ: DBGI)
Shares of Digital Brands Group continued trading higher toward the middle of the week this week. While no apparent headlines were immediately to point at, momentum in the crypto market could have become a catalyst. At the center of its business model, Digital Brands specializes in online branding and product sales. If it seems familiar, that’s because it has been a company we’ve followed for weeks. Everything from e-commerce trends to short squeeze stocks has put this name on plenty of lists of penny stocks to watch.
As far as a crypto catalyst, earlier this month Digital Brands had news that folds the company into the red hot “bitcoin” niche right now. The company announced that it will accept cryptocurrencies as a form of payment across all of its brands. Since it leverages the Shopify (NYSE: SHOP) platform and Shopify accepts crypto as payment, the company is able to extend this option to its own end users.
With Bitcoin reaching fresh, all-time highs this month, crypto stocks have been on the radar. In addition to this latest milestone, Digital Brands also recently launched its DSTLD brand on Amazon Prime. This news further supports the company’s goal of rapid eCommerce expansion across multiple platforms. Hil Davis, Chief Executive Officer of Digital Brands Group, stated that “we are excited to finally move into our growth phase, and believe these programs will show the power of our platform and the growth opportunity for Q4 of 2021 and 2022.”
With these latest catalysts, DBGI stock could be on the watch list for some traders heading into the second half of the week this week.
GoHealth Inc. (NASDAQ: GOCO)
GoHealth Inc. is a healthcare services provider that has been making some big strides recently. On November 10th, shares of GOCO stock climbed by over 8.5% by EOD, which is no small feat. This company operates a platform that uses machine learning and insurance behavioral data to help people find a health insurance plan that is right for them. Some of its products involve Medicare Supplement, Medicare Special Needs Plans, and Medicare Advantage among others. These products are sold through independent and external agencies, as well as online platforms and carriers.
On November 9th, GoHealth reported its third-quarter results for 2021. During this period, GoHealth’s net revenue went up 30% year over year to a total of $211.7 million. Compared to 2020, its YTD net revenue increased by 42% to $612.8 million. The company’s third-quarter 2021 Medicare Advantage Approved Submissions increased 100% year over year. GoHealth also managed to significantly decrease its net loss.
“During the third quarter, we delivered revenue growth of 30%, while also exceeding our agent hiring goals in preparation for a successful Annual Enrollment Period. We are excited about our ability to grow our membership base during AEP and deliver the trusted healthcare advice seniors need to navigate the increasingly complex Medicare market.”CEO and Co-Founder of GoHealth, Clint Jones
This is all exciting news and is a reflection of both GOCO’s work and the healthcare sector right now. While Covid has emphasized healthcare in the past year and a half, investors are hoping that it could create a lasting positive effect on the sector. Considering that, is GOCO stock worth watching?
Are These Penny Stocks on Your Watchlist Right Now?
Finding the best penny stocks to buy right now is all about understanding what the market is doing. By keeping a close eye on all the latest news and updates, investors can deduce how certain events may impact the price of certain penny stocks either positively or negatively.
With so much to think about in the stock market right now, there are also plenty of ways to make money with penny stocks. Considering this, are any of these penny stocks on your watchlist right now?