Oct 18, 2021 (Penny Stocks via COMTEX) -- Penny Stocks To Watch For October
Are you making a list of penny stocks to watch right now? With the second half of October well underway, eyes are on volatile assets. The thing to remember is that with potential for great rewards can come great risk. Understanding how to manage that risk is key.
Thanks to global economic concerns stemming from things like the Evergrande default, markets pulled back over the last few weeks. The S&P, Dow, and Nasdaq all paired annual gains and dipped to some of the lowest technical levels in months.
A looming government shutdown, an uncertain future on the US economy, and other contributing factors brought fear back into the market. However, you can fast-forward to this week and the stock market is back in rally mode. With this has also come a rebirth in a risk-on environment.
Heading into the second half of October, there are plenty of penny stocks to watch right now. In this article, we'll have a closer look at 4 gaining momentum this month.
Hot Penny Stocks To Watch
Cinedigm Corporation ( NASDAQ:CIDM )
EQONEX Group ( NASDAQ:EQOS )
High Wire Networks ( OTC:SGSI )
Alpha Esports Tech /zigman2/quotes/226809780/delayed CA:ALPA -6.67%
Take a look at some of the emerging trends in the stock market today and esports is likely one that stands out. While it has gained momentum over the last few years, the pandemic helped speed up the adoption and awareness of this new industry. In fact, Newzoo estimates that just slightly more than 800,000 people had heard about esports in 2015. Now, Newzoo finds that nearly 2 billion people are well aware of the industry itself with over 660 million making up the active live streaming audience.
Alpha made its public debut earlier this year. Since then, the focus based on its series of updates has been on rapid expansion. This not only goes for its breadth of offerings but its userbase as well. In order to achieve this, Alpha set out on a path to use partnerships and acquisitions. In fact, some of its most recent deals have it working with Nasdaq-listed companies like Esports Entertainment Group ( NASDAQ:GMBL ) and The Nets Gaming Crew, the NBA 2K League affiliate of the Brooklyn Nets.
At the center of its model is Alpha's GamerzArena platform designed for building an active community of dedicated gamers. Not only can they play and watch games alongside their peers, but they can also compete in tournaments to earn prizes through daily tournaments. According to the company it boasts over 100,000 active users and a rapidly evolving ecosystem. With the rising adoption of esports, viewership, and the like, Alpha has begun gaining attention in the market recently.
Cinedigm Corporation /zigman2/quotes/208171392/composite CIDM -2.47%
Another tech penny stock to watch is Cinedigm Corporation. It has structured a model to play off of the growing adoption of streaming entertainment. The company provides content, streaming channels and technology services to media companies. Unlike companies like Netflix or Hulu, Cinedigm offers more branded content networks. These include the Dove Channel, The Bob Ross Channel, GameToon, FashionBox, Comedy Dynamics, Docurama, among others.
Similar to Alpha, Cinedigm has focused on an expanded reach. In particular, the company has leveraged its stake in popular entertainment genres and pivoted into other areas like non-fungible tokens (NFTs), in addition to signing new distribution agreements and even relaunching some timely subscription services. It's a lot to discuss but the interesting part is a lot of this recently happened this month.
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