Are These High Volume Penny Stocks on Your Watchlist?
Volume is one of the most important metrics to use when it comes to finding penny stocks to buy. If you’re new to trading or not sure why this is the case, let’s go into detail. For starters, volume is simply the number of shares that have been traded in a given day.
When trading any stocks, investors usually look for companies with volume in the hundreds of thousands and above. This provides enough liquidity to be able to enter and exit trades quickly. Below this, it can take lots of time to complete a trade and it is also likely that the price will have jumped with no increments. Now, volume is also a great metric for how popular a stock is.
If a penny stock or blue chip is trending, it will likely have volume in the high millions. We can always compare a stocks average volume to its daily volume to see what type of price action we can expect. In addition, volume can be used on a minute-by-minute or hour-by-hour basis to see if any intraday movement is occurring.
While volume is not nearly the only indicator that is important when looking for penny stocks to buy, it is crucial to everyday trading. For that reason, let’s take a look at three penny stocks with higher than average volume today.
3 High Volume Penny Stocks to Watch in November 2021
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is a penny stock in the entertainment sector that is up more than 10% today. This brings its YTD gain to over 150%, which is quite substantial. If you’re not familiar with Cinedigm, it owns and distributes the rights to movies, television shows, and other forms of material. These pieces of content are distributed for organizations such as the NFL, NHL, Hallmark, and Televisa, among many others. Its content is available on Apple, Netflix, Amazon Prime, and Hulu, and other digital platforms. Cinedigm’s streaming offerings are also available in physical retailers such as Target and Walmart.
On November 17th, the company acquired the North American rights for “7 Days”, a romantic comedy that stars Karan Soni. This is a film written and directed by Roshan Sethi. The film premiered at the Tribeca Film Festival, and then screened at various other festivals after. Moving forward, the company will be receiving a proper theatrical release in early 2022.
“Karan Soni and Geraldine Viswanathan bring impressive comedic timing and genuine emotion to their roles as these two charming, imperfect, and utterly relatable romantic leads. We are thrilled to share this festival favorite with audiences everywhere.”Chief Content Officer at Cinedigm, Yolanda Macias
New content is always exciting, especially during the pandemic. Throughout the last year and a half, the demand for original content has been extremely high. This could be one of the main reasons that shares of CIDM have increased during that time. Considering all of this new information, will CIDM be on your list of penny stocks to watch?
IAMGOLD Corporation (NYSE: IAG)
IAMGOLD Corporation is a penny stock that has been climbing in several recent trading sessions. In the last five day and one month periods, shares of IAG stock have shot up by around 5% and 21% respectively. IAMGOLD as its name suggests, develops and operates gold mining properties in a number of countries. Its current operations are based in North America, South America, and West Africa. IAMGOLD has active interests in several mines in these areas, including the Essakane mine, the Rosebel mine, and the Westwood mine.
On November 3rd, IAMGOLD released its third-quarter results for 2021. In the report, IAMGOLD’s mine-site free cash flow came in at $121.6 million alongside an adjusted EBTIDA of $265.7 million. During the same time, IAMGOLD also sustained a total net loss of $20.1 million, or $0.04 per share. Despite certain disadvantages in its financial results, the outlook on the gold industry is high right now.
“The third quarter of 2021 saw improvement in our operating performance supported by the continued strong results at Essakane. Rosebel performed in line with the revised plan. Construction activities at Côté continue to proceed well, reaching 36% project completion at quarter-end.”CEO and President of IAMGOLD, Gordon Stothart
As stated earlier, the present outlook on the gold industry is very high. With inflation in the U.S. at sizable levels, many investors have turned to gold as a way to hedge bets against the future. Noting all of this info, will IAG be on your penny stock watchlist in November?
OPKO Health Inc. (NASDAQ: OPK)
OPKO Health Inc. is a penny stock that just went up 7.25% on November 17th and over 20% in the past month. This biotech company operates in the fields of diagnostics and pharmaceuticals. The company also operates BioReference Laboratories which offers lab testing services. These services are used to diagnose, detect, evaluate, monitor, and treat diseases. Aside from this, the company is in the development of OPK88004 which is an orally administered selective androgen receptor modulator, and many more trials.
Recently, OPKO Health reported its third-quarter financial results and business highlights for 2021. During this period, its consolidated total revenues fell from $428.1 million to $385.8 million. However, the company’s operating income for the third quarter went up 72% year over year. The company’s net income in total went up year over year as well. Despite this, its revenue from services in the third quarter of 2021 went down to $340.1 million from $382.5 million.
The emphasis on biotech penny stocks right now has resulted in a major focus on the industry. As a result, OPK stock has made some major headway in the past few weeks. Based on this info, will OPK stock be on your watchlist before 2021 ends?
Are Penny Stocks Worth Buying or Not?
Using volume as a metric to find the best penny stocks to buy is a smart move. But, volume should never be the only indicator that you use on your search. Rather, investing in penny stocks should be done with as much information by your side as possible.
This means looking at balance sheets, press releases, and any other important information that may relate to the company. Considering all of this, do you think that penny stocks are worth buying or not?