Popular Penny Stocks to Buy in October? 3 For Your Watchlist

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3 Penny Stocks That Are Popular With Retail Traders in October 

In the past year and a half, retail traders have taken penny stocks by storm. It’s worth noting that the term penny stocks itself simply implies any stock trading under $5. And given that retail traders tend to look for heightened volatility at times, penny stocks can be great options to choose from. But, in order to find the best penny stocks to buy, investors need to do the proper due diligence. 

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PennyStocks.com – PennyStocks

This means conducting as much research as you possibly can. Specifically, investors should look for speculative events, balance sheets, upcoming announcements, and social media sentiment surrounding the company. These will all offer invaluable insight into how the penny stock could perform in either the short or long term.

[Read More] These Penny Stocks Jumped Today, Here’s What You Need to Know

In addition, it’s a great idea to have a thorough understanding of the underlying industry that the company works in. This could serve to underline any potential movement that the company could have. 

Because penny stocks can have such immense potential, it’s no wonder that retail traders often invest in them. These stocks offer a relatively cheap barrier-to-entry and large potential momentum that can be beneficial to smaller portfolios. So, keeping all of this in mind, let’s take a look at three popular penny stocks to watch in October 2021. 

3 Penny Stocks That Retail Traders Are Watching Right Now 

  1. ReShape Lifesciences Inc. (NASDAQ: RSLS
  2. ZW Data Action Technologies Inc. (NASDAQ: CNET
  3. Federal National Mortgage Association (OTC: FNMA

ReShape Lifesciences Inc. (NASDAQ: RSLS)

ReShape Lifesciences Inc. is a biotech penny stock that witnessed an over 30% spike on October 8th. While it has corrected since then, many investors are still showing interest in ReShape. This company offers medical devices for treating those with metabolic diseases and obesity. It offers the Lap-Band System and ReShape Vest, both to help with patients suffering from weight-related issues. Additionally, the company offers ReShapeCare virtual health which is a coaching program to enable healthy lifestyle changes.

The latest update from ReShape comes from August when it released its preliminary second-quarter financial results for 2021. Its reported revenue was $3.5 million compared to $1.7 million year over year, showing a 107% increase. From the first quarter of 2021, its revenue grew by 10%. In addition to this, it reported a gross profit of $2.1 million in the second quarter of 2021.

“The second quarter was an exceptional one for the Company. In this period, we completed our highly anticipated merger with Obalon Therapeutics, increased visibility in the financial markets by listing on the Nasdaq, and bolstered our diverse product portfolio with the launch of our online wellness hub, ReShape MarketPlace.”

The President and CEO of ReShape, Bart Bandy

While it is safe to say that RSLS stock is quite volatile, it looks like the company could have a lot to offer. Keeping all of this in mind, will RSLS make your list of penny stocks to watch?

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ZW Data Action Technologies Inc. (NASDAQ: CNET)

ZW Data Action Technologies Inc. is a company that offers advertising, marketing, and data analysis services. The China-based company offers its services through its websites such as 28.com and liansuo.com. These provide advertisers the ability to build sales channels via franchisees, sales agents, and distributors among others. In the past five days or so, shares of CNET stock have shot up by around 5%. And while performance this year for CNET is nothing to write home about, it does look like there is some bullishness surrounding CNET stock right now.

[Read More] 5 Penny Stocks To Watch For October 2021 After Big News

On October 7th, the company launched it’s Blockchain Infrastructure Framework (BIF) for business applications. The company’s platform is for a variety of business applications utilizing non-fungible tokens and decentralized finance (NFT & DeFi). The BIF automation platform intends to provide all types of enterprises with one-stop creation, development, intelligent operations, and more application services. The company states that its BIF automation platform could have a potential market size of $150 billion USD.

“We are excited about the launch of our BIF Platform, as we are unwavering in creating and providing a digitized smart ecosystem and solution where all MSMEs could easily access secured blockchain-powered technologies and applications to rapidly adapt to different business scenarios. Going forward, we will continue focusing on the development of our blockchain technology and infrastructure to provide comprehensive solutions to all our users with various needs.”

Chairman and CEO of ZW Data, Handong Cheng

Considering all of this information, do you think that CNET stock is worth watching or not?

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Federal National Mortgage Association (OTC: FNMA)

Federal National Mortgage Association (FNMA) is a penny stock that has seen its fair share of ups and downs throughout the pandemic. Despite being down by around 70% YTD, FNMA has seen some spikes during that time. If you’re unfamiliar, FNMA is a company that sources financing for mortgages. It offers both single-family and multifamily mortgage-related products. Additionally, the company offers credit risk and loss management services. Its main purpose is to securitize mortgage loans originated by lenders into Fannie Mae mortgage-backed securities.

On September 24th, the company extended multifamily protections for renters indefinitely. Its COVID-19 forbearance program has been extended with no end date in sight to give continued support to property owners and renters in multifamily units that are dealing with tough financial times. While this is not ideal for investors, it could offer long-term prospects instead of short-term gains.

“As financial and economic uncertainties around COVID-19 persist, Fannie Mae is committed to providing continued forbearance options for Fannie Mae multifamily borrowers. This will allow for the continuation of essential tenant protections to help keep renters in their apartments as the recovery process continues.”

Executive VP and Head of Multifamily at FNMA, Michele Evans

Right now, homes in the U.S. are hitting multi-decade high prices. And as a result, more people looking to buy homes are seeking larger loans. Because of this, investors are showing heightened interest in companies like Federal National Mortgage. With this information in mind, will FNMA be on your penny stock watchlist?

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Which Penny Stocks Are You Watching Right Now?

While investing in 2021 has not been easy, to say the least, there are plenty of opportunities to make money with penny stocks. And because of this, investors continue to look for the best penny stocks to buy.

Read More

  • 10 Top Penny Stocks To Watch This Week With Potential Biotech Catalysts
  • Best Penny Stocks Under $1 To Watch As Bitcoin Cracks $58,000

As always, traders should make sure that they have done all the research available to ensure that they know exactly what they’re getting into. With that in mind, which penny stocks are you watching right now?

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