3 Penny Stocks to Watch as October Comes to an End
Are penny stocks worth investing in or not? The answer to this question depends on a number of factors, including your investment goals and risk tolerance. Penny stocks are generally considered to be more volatile and risky than blue chip stocks, so they may not be suitable for everyone. However, if you’re willing to take on more risk, penny stocks could offer the potential for greater rewards. Before making any decisions, it’s important to do your research and understand exactly what is going on in the stock market. With that said, let’s take a closer look at penny stocks and whether or not they’re worth buying right now.
Penny stocks are shares of small companies that trade for less than $5 per share. They are often seen as high-risk investments, since these companies tend to be more volatile and less stable than large blue chip companies. However, penny stocks also have the potential to offer greater rewards if they succeed. The current stock market conditions make it an ideal time to invest in penny stocks. In general, the stock market has been extremely volatile over the past year, which has created opportunities for investors to make a lot of money.
Investing in penny stocks is not for everyone. If you’re not comfortable with taking on more risk, then you should probably avoid these types of investments. However, if you’re willing to take on more risk in exchange for potentially higher rewards, then penny stocks could be worth considering. Before making any decisions, it’s important to do your research and understand exactly what is going on in the stock market. With that said, let’s take a closer look at penny stocks and what you may have missed in on October 18th.
What Happened in the Stock Market on October 18th
On October 18th, we saw penny stocks and blue chips climb for a second day. This comes after some corporate earnings came out, bringing the Dow, S&P 500, and NASDAQ up by 200 points, 0.6%, and 0.2% respectively.
On Tuesday, earnings such as that of Goldman Sachs, showed a positive change in sentiment in the market. And with that, it is tough to say what the direction of the stock market will be moving forward. Considering this, let’s take a closer look at three penny stocks that could be worth watching right now.
3 Penny Stocks to Watch Right Now
COMSovereign Holding Corp. (NASDAQ: COMS)
One f the largest gainers of the day and that we’ve seen in quite some time is COMS stock. By EOD, shares of COMS stock had shot up by over 170%, which is very substantial. While it is tough to say why shares of COMS stock are climbing, we can look at some recent news.
The most recent update from the company came on October 12th when it announced the receipt of its NASDAQ listing determination. It stated that it intends to request a hearing so that no other action can be taken by the NASDAQ. But, as a highly trending penny stock, COMS could be a worthwhile addition to your penny stocks watchlist.
Zovio Inc. (NASDAQ: ZVO)
Another major gainer on October 18th was ZVO stock. By EOD, shares of ZVO stock had exploded by over 35%. This comes after a six month drop of more than 75%, which makes Tuesday’s gain even more exciting.
The main news comes as the company is holding a meeting to vote for a proposal that would dissolve its company. Aside from this, not much news has come from the company in the past few weeks. In august, it released a Q2 2022 financial report which was slightly disappointing. Considering the volatility of ZVO stock, is it worth adding to your list of penny stocks to watch or not?
Helbiz Inc. (NASDAQ: HLBZ)
With over 58% in gains at EOD on Tuesday, HLBZ is another penny stock that investors are keeping a close eye on right now. But, is there any news that is backing this gain? The most recent update for the company came when it announced the expansion of its partnership with Moovit. Since that time however, not much news has come out of the company.
But, as a provider of MaaS (mobility as a service) products, the company has become a sizable player in the transportation industry. With this considered, does HLBZ belong on your buy list or not?
Are Penny Stocks Worth Buying or Not?
So, are penny stocks worth buying right now? While there’s no easy answer, and it depends on your individual circumstances and investment goals, in general, penny stocks are not a good investment.
They’re highly volatile and risky, and it’s very easy to lose money in the penny stock market. If you’re thinking about investing in penny stocks, be sure to do your research first and understand the risks involved. And remember, always invest responsibly. With that in mind, do you think penny stocks are worth buying right now or not?