Why Investors Are Watching These Penny Stocks in November
November has already been a landmark month for penny stocks. While we still have around half of it left, investors are searching for the best penny stocks to buy. As a result of the large number of factors impacting both penny stocks and blue chips, it can seem like a daunting task to keep track of everything simultaneously. But, if investors pick a few topics, and deduce how they can be profitable, it can be much easier to make money with penny stocks.
Before buying and selling any small caps, it is crucial to know your tolerance for risk and investing strategy. This will help when it comes to making a penny stocks watchlist. In addition, it is prudent to have a viable and consistent trading strategy that is aligned with your portfolio goals. With all of that in mind, let’s take a look at three top penny stocks to watch right now.
3 Top Penny Stocks to Watch Right Now
- Dogness Corp. (NASDAQ: DOGZ)
- Harmony Gold Mining Co. (NYSE: HMY)
- Genius Brands International Inc. (NASDAQ: GNUS)
Dogness Corp. (NASDAQ: DOGZ)
One of the bigger gainers of the day so far is DOGZ stock, up by around 18% at midday. This brings its six-month gain to a staggering 132%, which is no small feat. Although no news came out today sparking this major gain, we can look at some announcements made a week or two ago to deduce why shares may have shot up.
Early in November, Dogness announced that it had completed over $1 million in Pet-Tech related shipments prior to the holidays. For some context, Dogness is a producer of a large range of pet-aimed products. This includes both OEM and private label offerings, which allow it to have quite a broad reach. Ahead of the holidays, Dogness expects its demand to increase substantially. And, this is especially true considering the massive companion animal adoption rates that have occurred as a result of the pandemic.
“This is another significant milestone as we continue to work closely with our customers and the supply chain to secure inventory to meet holiday demand levels. Demand remains strong across our target geographic markets, as we benefit from multiple catalysts. Smart technologies, in particular, are being increasingly adopted by major retailers to meet customers’ needs.”Silong Chen, the Chairman, and CEO of Dogness
One of Dogness’ strengths is its massive portfolio of over 200 patents and patents pending. As a result, it is a highly recognized brand in all things related to domestic pets. With that in mind, will DOGZ stock make your penny stocks watchlist?
Harmony Gold Mining Company Limited (NYSE: HMY)
Harmony Gold Mining Company Limited is a penny stock that has recently fared well in the market. This includes its over 4% gain on November 17th at midday. In the past month, Harmony Gold has seen a solid bullish turnaround, pushing up by over 13%. If you’re not familiar, Harmony is a mining company that searches for gold, silver, copper, and uranium before extracting and processing it. Its operations are based in South Africa and Papua New Guinea, both of which are extremely mineral-rich.
During the fiscal year 2021, the company’s earnings and revenue increased year over year, according to the most recent statement. As a result of rising metal prices and strong company performance, the outlook for Harmony Gold was met. In addition, the company has been working to diversify and de-risk its asset holdings which have been a major positive for investors. The numbers also show that Harmony Gold is increasing in its financials, which is a great sign.
It’s worth noting that HMY’s stock price often moves in tandem with the price of gold itself. So when gold experienced a large rally, often HMY stock follows suit. On the other side, when gold goes down, HMY stock follows this same rule. Right now, things are very volatile when it comes to gold stocks. Despite the volatility, HMY stock is performing well at the moment. In the last month, HMY has increased in stock price. Noting this, will HMY stock be on your watchlist going into mid-November?
Genius Brands International Inc. (NASDAQ: GNUS)
Genius Brands International Inc. is an entertainment company that we have previously discussed numerous times in the past few months. This company develops and licenses multimedia material such as television shows and cartoon series. Among its many series are titles such as SpacePop, Thomas Edison’s Secret Lab, Superhero Kindergarten, and many more. It caters to broadcasters, consumer goods, manufacturers, retailers, and others.
On November 15th, Genius Brands filed its Form 10-Q for the period ending on September 30th. According to this report, the company’s sales climbed by 585 percent year over year. Genius’ cash and cash equivalents, as well as marketable securities, were $130.2 million. The company’s Kartoon Channel! Achieved a 512% sequential growth in Application Installs quarter over quarter.
These numbers are very encouraging and show major growth for GNUS as a company. It also illustrates the major growth in demand for entertainment throughout that period. This arrives less than one month after Genius Brands International acquired WOW! Unlimited Media.
Regarding the acquisition, Chairman and CEO Andy Heyward said, “The acquisition of WOW! substantially accelerates the financial growth of Genius Brands, delivering on our promise to shareholders to execute meaningful and accretive acquisitions, as we seek to rapidly consolidate the marketplace and become the foremost producer, broadcaster, and consumer product licensor of high-quality children’s entertainment in the world.” With so much new info to think about, will GNUS be on your list of penny stocks to watch?
Can Penny Stocks Continue to Show Bullish Momentum?
While it’s difficult to say what the future will look like for penny stocks, investors are excited about the next few months. One of the biggest factors on the table right now is high inflation rates in the U.S. as a result of the massive stimulus given out in the past year and a half.
Aside from this, we have also seen a sizable amount of bullish sentiment in the stock market in the last few months, which represents a turnaround from the previous period. Considering all of this, do you think that penny stocks can continue to show bullish momentum or not?