In recent years, penny stocks have become a go-to investment for their low cost. These types of stocks usually trade below the five-dollar mark, making them ideal for first-time investors as well. Although, penny stocks have their fair share of critics, the investment has garnered a cult following over the years. Many find it to be a lucrative investment avenue.
Penny stocks are especially popular in periods of economic uncertainty, as investors look for assets with a low capital cost.
But although penny stocks trade at a low price, there are known for their high volatility. This means they can make huge moves in a single day, generating high returns.
Given that penny stocks come with high risk, it is essential that you pick the stocks that show strong growth potential. With that said, let’s take a look at some of the top penny stocks to watch in November. None of these are sure bets, but they all have growth opportunities:
- Nokia (NYSE:NOK)
- Titan Pharmaceuticals (NASDAQ:TTNP)
- Waitr Holdings (NASDAQ:WTRH)
- Dynavax (NASDAQ:DVAX)
- Rolls Royce Holdings (OTCMKTS:RYCEY)
- Neos Therapeutics (NASDAQ:NEOS)
- Cinedigm Corp (NASDAQ:CIDM)
Penny Stocks: Nokia (NOK)
But, there are some events suggest that things are finally taking a turn for the better. The Finnish company announced that it has secured a $14.1 million grant from NASA to create a cellular network to the moon.
Nokia will partner with Intuitive Mechanics to build a 4G/LTE network to the moon by 2022. The goal is to create a communications hub for future missions and enable better exploration of habitation on the moon.
Titan Pharmaceuticals (TTNP)
The biotech space saw a lot of action this year as the race to the Covid vaccine pushes full steam ahead. While Titan Pharmaceuticals (NASDAQ:TTNP) is not a major contender for the vaccine, it does create therapeutics to treat chronic illnesses. TTNP stock is down 39.31% this year but shows promise for future growth.
On Sept. 15, Titan Pharmaceuticals announced that its partner company, Molteni entered a deal with Accord Healthcare. The healthcare company will commercialize and distribute Sixmo in the EU. According to Titan, “Sixmo is indicated for substitution treatment for opioid dependence in clinically stable adult patients.”
This could translate to increased revenue for Titan and improve its bottom line.
TTNP has been on an upward trend this past week and could keep going higher. Keep an eye on this penny stock.
Waitr Holdings (WTRH)
Another industry that has seen a lot of activity this year is the food delivery services. As people work and play from home, food delivery has now become an essential service. One company that has benefitted from this trend is Waitr Holdings (NASDAQ:WTRH). Dubbed as “mini Uber eats,” Waitr stock is up roughly 700% this year.
Unlike larger companies like Uber Eats (NYSE:UBER) and Postmates, Waitr serves smaller communities. The company’s share price went as high as $5.85 this year before falling back to $2.57 this month. However, Waitr shows signs of its momentum picking up once again thanks to a tableside service app.
The new technology will allow customers to order food and pay their bill by scanning a QR code on the Waitr app. This means customers can enjoy a meal at a restaurant with zero contact. The pandemic is likely to change traditional dining as we know it and Waitr’s savvy new app caters to this “new normal.” If that takes off, then WTRH stock could as well.
Dynavax stock (DVAX)
Another penny stock that is a beneficiary of the biotech momentum is Dynavax (NASDAQ:DVAX). The company uses cutting-edge technology to produce vaccines for the masses. The stock is currently trading at $4.16 and analyst estimate the price could go higher.
This confidence stems in part from Dynavax’s involvement in the Covid-19 vaccine race. But it’s not developing the vaccine itself. Rather, it’s developing an adjuvant to be delivered in combination with Medigen’s vaccine. The dual therapy has been granted a subsidy by Taiwan’s government and clinical trials have begun.
If either of these two options takes off, it could make this penny stock well worth your time.
Rolls Royce Holdings (RYCEY)
The name Rolls Royce Holdings (OTCMKTS:RYCEY) is often synonymous with luxury cars, but the actual company has little to do with the auto industry itself. Rolls Royce Holdings is in fact a major player in the engineering space and creates technology for aerospace, big data and defense.
But as pandemic brought its aerospace segment to a halt, the other businesses are picking up the slack.
Rolls Royce recently announced a new R&D investment in its Power Systems business for $13.9 million. The goal behind the investment is to grow its power generation facility in Minnesota. The company is one of nine members chosen to build a nuclear power station in the U.K. This is in an effort to reduce carbon emissions in the country. This power segment will be a huge growth driver for RYCYE stock in the future.
Neos Therapeutics (NEOS)
Neos Therapeutics (NASDAQ:NEOS) is another innovative company making waves this year. The company creates treatments for people with Attention Deficit Hyperactivity Disorder (ADHD). Neos hit some major lows these past few years but is finally putting its dark days behind. Trading at just 70 cents per share, the penny stock is a steal at this price
Sales of the company’s amphetamine treatment of ADHD became stagnant during the pandemic. However, as classes go back in session via remote learning, sales of the medication are picking up. In addition to this, the company has also introduced a new co-pay program, Rx Connect. The goal behind this innovation is to increase the profitability of each prescription.
This technology, alongside cost-cutting initiatives, should help NEOS stock get back on track. Keep an eye on this investment.
Cinedigm Corp (CIDM)
Digital entertainment has become the next big thing this year as theatres remain closed for the foreseeable future. Cinedigm Corp (NASDAQ:CIDM) is an entertainment company with a growing presence in this sector. The company distributes its products for Hallmark and Televisa (NYSE:TV) among others while also partnering with bigger players like Amazon (NASDAQ:AMZN) and Netflix (NASDAQ:NFLX).
Although Cinedigm Corp has been on a downward trend, the company recently announced that it will be expanding its digital streaming segment through television. It has already secured partnerships with Roku (NASDAQ:ROKU) and Samsung to spearhead this development. The new expansion will allow Cinedigm to reach over 15.2 million eyeballs.
At a current price of just 50 cents, CIDM is a penny stock that’s worth watching in November.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Divya Premkumar did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Divya Premkumar has a finance degree from the University of Houston, Texas. She is a financial writer and analyst who has written stories on various financial topics from investing to personal finance. Divya has been writing for InvestorPlace since 2020.