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These Penny Stocks Exploded Today, What You Need to Know

Are these big gaining penny stocks worth watching right now?
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3 Penny Stocks That Are Climbing Right Now 

With the market off to a better start than the past few days, there are plenty of penny stocks that could be worth watching. If you’ve invested in either penny stocks or blue chips in the past few months, you are most likely used to the high volatility that we are witnessing right now. But, that doesn’t make it any easier to make money with penny stocks in 2021

Rather, having a thorough understanding of what’s going on in the market, will help to secure winning trades alongside your investing strategy. But before landing on a handful of penny stocks to buy, there is one thing that all investors should do. And that is, understand exactly what your portfolio goals are and which stocks will align. 

Which Penny Stock Trader Are You?

On one hand, we have those who swing trade penny stocks. This is essentially short-term holding, with the hope of large spikes. For these traders, intraday shifts and high volume are key to making profits. But, if you are not experienced in trading or are lacking in a trading education, it can be easy to lose money with this strategy. 

[Read More] Best Penny Stocks To Buy On Robinhood Under $1? 4 To Watch Now

Take Gevo Inc. (NASDAQ: GEVO) for example. Today, shares of GEVO stock skyrocketed by over 35%. This massive spike follows a few months of relatively stable trading. But during early morning trading, the company announced a joint investment with Chevron Corp. (NYSE: CVX) to build a fuel production plant that processes corn for aviation fuel. With this, we see how quickly stocks can move off of news or in other words, speculation. With short-term trading, this is something that investors are always looking out for. 

On the other hand, we have long-term traders. While this is a smaller proportion of those who buy and sell penny stocks, there are plenty of long-term traders out there. These investors look for undervalued penny stocks that may have sizable future gains. With this strategy, it’s important to know everything about a company, and how it may move in the future. So, considering all of this, let’s take a look at three penny stocks that exploded today. 

3 Penny Stocks to Watch That Exploded Today 

  1. Cinedigm Corp. (NASDAQ: CIDM
  2. Enveric Biosciences Inc. (NASDAQ: ENVB
  3. Gold Royalty Corp. (NYSE: GROY

Cinedigm Corp. (NASDAQ: CIDM) 

One of the more decent gainers of the day so far is Cinedigm Corp. During trading, shares of CIDM stock shot up by over 5% bringing its one-month gain to over 30%, six-month gain to over 70%, and YTD gain to over 220%. These are all great signs for prospective investors and show that there is a sizable amount of bullish sentiment for CIDM stock right now. So, why are Cinedigm shares shooting up right now? 

Well, previously, Cinedigm was a digital content producer working heavily on the cinema and in-theaters industry. But as a result of streaming services and the pandemic, this business model has shifted rapidly in the past year. As opposed to working in the in-person entertainment industry, now, the company offers its content for the home viewing screen. 

And after months of negative sentiment in 2020, shares began to rise on positive financial news. In addition to this, the company has only continued to gain traction through a variety of partnerships, an entrance into the blockchain world via NFTs, and new leadership. With digital at-home entertainment only continuing to grow, especially considering the Delta variant, CIDM stock could be worth keeping a close eye on. 

Enveric Biosciences Inc. (NASDAQ: ENVB) 

As far as big gainers of the day go, ENVB stock managed to push up by over 19% to $3.64 per share on September 9th. This brings its five-day gain to over 70% and one-month gain to almost 90%. For some context, Enveric Biosciences is as its name may suggest, a biotechnology company working on cannabinoid-based medicines. 

This includes those for the treatment of radiodermatitis and chemotherapy-induced neuropathy. Due to both the massive growth of the cannabis industry and the novelty of its products, many believe in the future of ENVB. The most recent news from the company comes as it will be presenting at a variety of investor conferences this month.

[Read More] 4 Biotech Penny Stocks To Watch After EFTR Stock Jumps 351%

 And, this follows a definitive agreement it signed to acquire MagicMed Industries back in May of this year. MagicMed is another pharmaceutical company working in the psychedelic industry. It aims to derive medicines from different psychedelic compounds such as MDMA, LSD, mescaline, and ibogaine. 

A few months ago, Enveric received approval from the Israeli Ministry of Health to begin a Phase 1/2 trial of its EV101 compound on those with glioblastoma. This is a big deal, and the results of which will be important for investors to consider. So, with its cutting-edge work, and new acquisition, is ENVB stock worth adding to your list of penny stocks to watch?

Penny_Stocks_to_Watch_Enveric

Gold Royalty Corp. (NYSE: GROY) 

By midday, shares of GROY stock had shot up by over 20% to just north of $5 per share. There are two pieces of news that are worth considering when we try to break down by shares shot up today. But before going any further, we have to discuss what Gold Royalty does. 

As its name may indicate, Gold Royalty focuses on gold-related royalties which in turn result in financing solutions for various mining companies. Its current portfolio is made up of net smelter return royalties on a variety of gold properties scattered across the Americas. Around a week ago, Gold Royalty announced that it had secured a $25 million credit facility.

“We are excited to have the support of BMO (Bank of Montreal) as this up to $25 million facility strengthens our balance sheet and provides us with further financial flexibility as we continue to grow our already strong and well-diversified royalty portfolio.”

Josephine Man, CFO of Gold Royalty

Following this announcement, yesterday Gold Royalty stated that it had signed a definitive agreement to acquire all of the issued and outstanding shares of both Abitibi Royalties and Golden Valley. 

The CEO of Gold Royalty, David Garofalo, states that “we are pleased to present this consolidation opportunity to the shareholders of Golden Valley, Abitibi Royalties and Gold Royalty that’ll firmly establish the combined company as the leading growth and Americas-focused precious metals royalty company.”

All of this is big news for Gold Royalty Corp. and helps to explain why shares shot up during trading today. Whether this makes it worth considering for your penny stocks watchlist, however, is up to you. 

Penny_Stocks_to_Watch_Gold

Which Penny Stocks Are You Watching Right Now?

Finding the best penny stocks to buy right now can be challenging. With so much going on in the stock market, volatility is arguably higher than it has been in many months prior. But, with an equal amount of hope on the horizon, many investors are confident that the future could be filled with bullish sentiment.

[Read More] Hot Penny Stocks That Top Investors Are Watching Right Now

So, understand what type of trader you are, and how to use that to your advantage. Considering all of this, which penny stocks are you watching right now?

The post These Penny Stocks Exploded Today, What You Need to Know appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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