Hot Penny Stocks to Buy That You Should Know About Right Now

3 Hot Penny Stocks to Watch in October 2021 

With October in full swing, there are plenty of penny stocks to watch right now. But, it takes a careful combination of identifying where there is value in the stock market and how to take advantage of it to make money with penny stocks

In October, several industries are pushing up in value. This includes biotech penny stocks, reopening penny stocks, and crypto stocks. And within each of these industries, there are penny stocks that could have potential value. Before investing in penny stocks, investors should have a full understanding of their own investing style and tolerance for risk. This will help to align the penny stocks on your list with what you’re comfortable with investing in. 

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In addition, investors should stay as up-to-date with the news and current events as possible. Because penny stocks are so volatile and heavily moved by speculation, events and announcements can have both a positive and negative effect on pricing. So, while this is not an extensive list of how to buy penny stocks, it should help to get you started. Considering this here are three hot penny stocks to watch in 2021. 

3 Penny Stocks to Watch in October 2021
  1. Kosmos Energy Ltd. (NYSE: KOS
  2. BEST Inc. (NYSE: BEST)
  3. Enveric Biosciences Inc. (NASDAQ: ENVB)
Kosmos Energy Ltd. (NYSE: KOS)

Kosmos Energy Ltd. is a penny stock that we’ve talked about numerous times over the past few weeks. And in the last month, shares of KOS stock have shot up by over 20%. This brings its one-year gain to over 175%, which is no small feat. If you’re still not familiar, Kosmos engages in the production of fossil fuel resources off the coasts of Ghana, Equatorial Guinea, and the Gulf of Mexico in the United States. In addition, it owns gas developments off the coasts of Mauritania and Senegal, which are among the company’s key assets. And, the company states that it also has a successful basin exploration program in place.

On August 8th, Kosmos reported its second-quarter results for 2021. The company produced 51,600 barrels of oil equivalent per day for its net production. It also had sales of 66,200 barrels of oil equivalent per day which caused a minimal net over lift position. Kosmos’ total revenue for this period was $384 million. In total, its net cash provided by operating activities came in at $289 million.

“Kosmos delivered strong free cash flow in the second quarter. Through further debt reduction and EBITDAX growth, we expect leverage to continue to reduce through year-end 2021 and into 2022.

With strong cash generation, the successful RBL extension, and the recently completed GTA FPSO transaction, Kosmos’ financial position has materially improved and we remain well-positioned to execute our remaining financing plans later this year.”

Chairman and CEO of Kosmos, Andrew G. Inglis

In the past few weeks, KOS stock has seen severely heightened volume. This is the result of both its business model and the trending nature of Kosmos Energy during that time. So, with this in mind, will KOS stock make your penny stocks watchlist?

Penny_Stocks_to_Watch_Kosmos_Energy_Ltd._(KOS_Stock_Chart)BEST Inc. (NYSE: BEST)

BEST Inc. is a penny stock that has climbed by around 14% in the past five days or so. This brings its one-month gain to over 30%, which is sizable considering the previous momentum that the company experienced. For some context, BEST operates as a smart supply chain service provider. Its technology is used in a variety of applications, including network optimization, smart warehousing, and store management. BEST’s technology can be used for a variety of tasks, including sorting line automation, order fulfillment, network optimization, and retail management, among others.

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Recently, the company released its financial results for the second quarter of 2021. The company’s revenue dropped, and it also suffered a gross and net loss. This is taking place as BEST Inc. undergoes a strategic refocusing plan. Despite these unfavorable results, the price of BEST stock has risen on numerous occasions in the market. 

“In the second quarter we continued to press forward with our strategic refocusing plan and build on the encouraging signs we are seeing in network stability, service quality, and cost reduction while adapting to the competitive industry landscape.”

Chairman and CEO of BEST Inc., Johnny Chou

As stated earlier, BEST stock has not performed extremely well in the past few months. However, we are seeing a slight bullish turnaround with BEST in the past few trading days. Considering this, will BEST stock be on your list of penny stocks to watch?

Penny_Stocks_to_Watch_BEST_Inc._(BEST_Stock_Chart)Enveric Biosciences Inc. (NASDAQ: ENVB)

Enveric Biosciences, Inc. is a pharmaceutical company dedicated to the research and development of cannabinoid medications for cancer treatment. It has radiodermatitis, glioblastoma multiforme, pruritus, rashes, dry skin, and chemotherapy-induced neuropathy development programs in the works at the moment. All of this shows that ENVB is a relatively diversified biotech penny stock that could be worth keeping an eye on.

Read more: Best Penny Stocks To Buy This Week? 10 With Potential Biotech Catalysts

Recently, Enveric released a pivotal update. Enveric announced that the artificial intelligence platform PsyAI has identified viable drug candidates from its ‘Psybrary’ of psychedelic molecular compounds. The company’s adoption of this technology is expected to cause predictive outputs on relative drug potential from Enveric’s Psybrary of known and novel compounds. This company has also helped Enveric identify clusters of compounds likely to undergo metabolic conversion.

“Through these machine-learning models, we believe we now have a greater ability to characterize and categorize our ‘Psybrary’ substituents, allowing Enveric to focus on the most promising molecules, accelerate development, and increase our confidence in the psychedelic drug candidates selected for advancement.”

Dr. Joseph Tucker, the CEO of Enveric

This new technology is good for the company, and it will be interesting to see how it affects its future endeavors. For now, will ENVB make your list of penny stocks to watch?

Penny_Stocks_to_Watch_Enveric_Biosciences_Inc_ENVB_Stock_ChartWhich Penny Stocks Are You Watching Right Now?

If you’re looking for penny stocks to buy, there are hundreds of options to choose from. In addition, there is plenty of momentum that investors can take advantage of in 2021.

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But, to figure out where the momentum is and how to make money with penny stocks, investors should have a solid understanding of the current market. So, with all of that in mind, which penny stocks are you watching right now?

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