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Stocks  | October 29, 2019

The penny stock definition according to the SEC is any stock that trades under $5. This allows investors with both big and small portfolios to get in on the action. Trading penny stocks can be extremely profitable if done correctly. This involves taking profits when you earn them and limiting losses through stop-loss orders.

Another difficult thing about penny stocks is the large amount of them on the market. A lot of these cheap stocks are defunct or mysterious because of the lack of available information. A good place to start finding more insight is with articles like these that give you an introduction to penny stocks to watch.

From there you can further investigate your list of penny stocks by looking through corporate filings and other company info. Another way to zero in on profitable stocks is by using scanners. With this in mind, let’s take a look at a few penny stocks that have gained ground in October. But are they good to buy before November?

Penny Stocks To Buy [or sell]: Fitbit (FIT)

The first on this list of penny stocks is Fitbit. This has been one of the most popular penny stocks on Robinhood for months, now. We’ve covered it for quite some time and the month of October has been strong so far. This is in spite of FIT stock dropping like a rock in July. But since then, the wearable tech stock has been steadily climbing. Needless to say, patience has paid off.

Fitbit stock posted new 7-month highs on October 28. It was mainly thanks to some big penny stock news. We aren’t talking just any news either. Right after being halted, it was revealed that Fitbit received a buyout offer from none other than Google parent, Alphabet.

According to sources, the price of the offer wasn’t revealed. Furthermore, these same “sources” explained that there is no actual certainty that any negotiations between the companies would amount to anything. So here we have a case of hype and speculation driving momentum.

Keep this in mind as the week goes on. There’s still no firm deal in place; these are just very early negotiations if anything at all. In any case, FIT stock hit highs of $6.09 following the news.

best penny stocks to buy sell Fitbit (FIT)

Penny Stocks To Buy [or sell]: ChinaNet Online Holdings Inc. (CNET)

China has been undergoing rapid growth over the last decade and with that growth comes a bigger need to provide internet services. ChinaNet Online Holdings Inc. is an internet company that promotes business expansion and sales opportunities for small-to-medium enterprises. The company serves over 3,000 of these enterprises worldwide.

The company recently completed its private placement and share issuance of 3,216,860 shares of common stock. ChinaNet raised approximately $4.8 million and is supposed to be used for the development of new revenue streams. As a result, the company’s stock price has risen 28% on October 28th over 100 times its average volume.

best penny stocks to buy ChinaNet Online Holdings (CNET)

Penny Stocks To Buy [or sell]: Palatin Technologies Inc. (PTN)

The next company on this list hails from the healthcare sector in the biotechnology industry. Palatin Technologies Inc. is a biopharmaceutical company that develops treatments for diseases with unmet medical needs and commercial potential. The company’s primary treatment plan is called Vylessi which treats hypoactive sexual desire disorder. In addition, Palatin has 7 other treatments in its clinical pipeline.

After taking a dip at the end of Friday, October 25th’s trading session, Palatin’s stock is bouncing back at the start of this week. The biotech penny stock is up 2.15% on October 28th after falling 5.5% on 25th. Can PTN stock ride positive momentum early in the week and end the month on a strong note?

best penny stocks to buy Palatin Technologies (PTN)

Penny Stocks To Buy [or sell]: HTG Molecular Diagnostics Inc. (HTGM)

Although the next company is also from the healthcare sector, it is focused on something completely different. HTG Molecular Diagnostics Inc. provides instruments and services for molecular profiling applications. The company launched a system known as HTG EdgeSeq that combines chemistry and automation with new sequencing technology.

This penny stock has had a very successful October after being hammered for 5 months straight. The healthcare penny stock grew from $0.629 all the way to $0.9098, a 46.5% gain.

This momentum has come off some news the company announced. First off, HTG Molecular launched a new autoimmune profiling assay. Furthermore, HTG has presented updates regarding its diagnostic programs.

best penny stocks to buy HTG Molecular Diagnostics (HTGM)

Penny Stocks To Buy [or sell]: Plug Power Inc. (PLUG)

To wrap things up, we have an energy technology company. Plug Power Inc. is a fuel cell company that aims to provide businesses with cost-effective hydrogen and fuel cell power solutions. These solutions help reduce carbon footprints as interest in renewable energy grows as well as increase productivity and lower costs.

At the moment, the company offers 5 products including 3 power sources, fueling solutions, and after purchase support. PLUG stock has been rallying since the middle of August. The energy technology penny stock has risen 48% over this time frame and like most penny stocks, this has come courtesy of news.

For instance, in October the company partnered with Washington State University. This partnership allows Plug Power to implement a new cryogenic hydrogen sub-cooling technology to improve the storage and transfer of hydrogen.

best penny stocks to buy Plug Power (PLUG)

How To Trade Penny Stocks

If you’re new to penny stocks or just need a quick refresher, you need to keep some things in mind. Unlike most blue-chip stocks, these cheap stocks are incredibly volatile. Obviously the stocks mentioned above and their corresponding charts clearly display this.

One day a stock can hit 52-week highs and the next it could plummet sharply. Likewise, other penny stocks can get beaten down dramatically for months but in the blink of an eye, they can skyrocket for hours, days, weeks, or even months.

Something to keep in mind is that most people who look at penny stocks, look to trade penny stocks. The vast majority of investors don’t regularly buy and hold in this climate. So, it’s important to have time to watch the market closely. Take your eye off your screen for a short time and you could be looking at a stock completely different than the one you bought originally.

Also, timing is key. If a sector is cold, meaning that the sentiment is generally bearish, it may not be the best time to buy penny stocks within the sector. Similarly, if a sector is hot, it could make for an exciting time to be watching certain stocks.

In any case, make sure to keep to a set of rules and have a plan going into your trades. Don’t just buy on a whim or sell because you saw something on a message board. The choice is yours at the end of the day so be well-equipped to make that on your own.

A revolutionary initiative is helping average Americans find quick and lasting stock market success.

275% in one week on XLF - an index fund for the financial sector. Even 583%, in 7 days on XHB… an ETF of homebuilding companies in the S&P 500. 

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