3 Penny Stocks to Watch As We Turn the Corner Into December
As another day of trading penny stocks and blue chips gets off to an interesting start, investors continue to search for the best small caps to buy. Right now, there are a lot of factors that penny stocks investors have to contend with. At the top of the list, we have the recently discovered Omicron variant of Covid. This new variant is sparking waves of fear around the world, and resulted in one of the largest market drops we’ve seen this year on Friday, November 26th.
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While there’s not much data showing how infectious or severe the variant could be, experts are working hard to find more information. In the meantime, Omicron is sparking wildly volatile trading with markets fluctuating greatly right now. Although markets have rebounded slightly on the morning of November 29th, traders are likely to contend with more volatility moving forward. With all of this in mind, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks to Watch Right Now
- Engine Gaming and Media Inc. (NASDAQ: GAME)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- GoHealth Inc. (NASDAQ: GOCO)
Engine Gaming and Media Inc. (NASDAQ: GAME)
Engine Gaming and Media Inc. is a penny stock that has climbed by a sizable 8% or so in the past five days. If you’re not familiar, Engine Gaming is as its name suggests, works in the production of gaming applications. Primarily, the company is involved in the development and sale of its products. These products include a content management system, video software, mobile apps, e-sports data, and more. The company also offers an Esports platform for online tournaments, content publishing, engagement, and more.
On November 23rd, the company reported its fourth quarter and fiscal year 2021 financial results. During this period, its fiscal year 2021 revenue went up 253% year over year to $37.2 million from $10.5 million. Its fiscal year fourth-quarter revenue went up 67% year over year and 22% quarter over quarter. As of now, Engine Gaming and Media’s cash position is $15.3 million with $8.6 million in receivables as of the FY end. These numbers are highly substantial and reflect both the growth of the company and the gaming industry right now.
“Our unique competitive advantage is fully realized when we leverage our assets to surface targeted audiences that can be monetized through business to business or direct to consumer social experiences. Key product and client developments have been strong catalysts for the Company’s progress”.
The CEO of Engine Gaming and Media, Lou Schwartz
On November 24th, GAME stock increased by 19.81% in total. Noting this, will GAME be on your list of penny stocks to watch?
Vinco Ventures Inc. (NASDAQ: BBIG)
Vinco Ventures Inc. is a penny stock that has seen some bullish momentum recently following a monthly drop of around 35%. For some context, Vinco is a company that develops digital media and content technologies. Vinco also owns several subsidiaries such as ZVV Media Partners LLC. ZVV Media is a joint venture of Vinco Ventures and ZASH Global Media Group. ZVV Media has an 80% ownership interest in Lomotif Private Limited.
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On November 22nd, Vinco provided its financial results for the third quarter of 2021. Vinco Ventures ended this period with cash, cash equivalents, and restricted cash of $149.9 million. Its revenue also went down 11.5% to $2.23 million from $2.52 million year over year. As a result, its gross profit margin fell from 40.3% to 31.4%. Despite these less than stellar results, Vinco made positive advancements in its business.
“We are very pleased with our operational developments in the quarter, which included key building blocks of our strategy to create a global media and content platform”.
Lisa King, the CEO of Vinco Ventures
King further added that Vinco announced its planned spin-off of its blockchain business called Cryptyde. In the last YTD period, shares of BBIG stock have shot up by around 160%. This is quite a substantial gain and one that should be considered if you’re interested in investing in BBIG. With that in mind, does it deserve a spot on your list of penny stocks to buy?
GoHealth Inc. (NASDAQ: GOCO)
GoHealth Inc. is a healthcare services penny stock that has recently experienced positive momentum. This is a corporation offers a platform that uses machine learning and insurance behavioral data to help consumers select the best health insurance plan for them. Among its product selections are Medicare Supplement, Medicare Special Needs Plans, and Medicare Advantage. These products are available for purchase through independent and external agencies, as well as online platforms and carriers.
In early November, GoHealth reported its third-quarter results for 2021. These results are for the period of three and nine months ended September 30th, 2021. GoHealth’s revenue increased 30% year over year to $211.7 million in total. The company’s YTD 2021 net revenue went up 42%. It also experienced 2021 Medicare Internal revenue up 19% year over year. All of these numbers show solid growth in the company and could be the underlying reason behind its recent momentum.
“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
On November 24th, GOCO stock increased by 9.86%. Although shares of GOCO stock have dropped by around 75% YTD, these numbers could be reason enough to add GOCO stock to your watchlist. With that in mind, do you think GOCO stock is worth considering for your penny stocks watchlist or not?
Which Penny Stocks Are You Watching in 2021?
Finding the best penny stocks to buy in 2021 can be challenging. But, with so many to choose from, there are plenty of ways to make money with penny stocks right now. As a result, investors need to consider what’s going on in the world and how that may impact the stock market at large.
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Because penny stocks are so speculative, events and information will always have a large affect on both small caps and blue chips alike. With all of this in mind, which penny stocks are you watching in 2021?
