Happy Halloween! Here to spice up your spooky season, and hopefully your investment portfolio, we’ve picked out two penny stocks that might be worth keeping your eye on.
Penny stocks are those valued under $5, and they’re usually made up of fallen angel companies or stocks that have yet to reach their true potential. Given their wildly unpredictable nature, investors need a good stomach for volatility and risk because you never really know whether you’ll get a trick or a treat.
Let’s take a look:
Capstone Turbine Corporation (NASDAQ:CPST)
While hitting 52-week lows generally doesn’t make for good news when it comes to investing, the same can’t always be said for penny stocks because sometimes it represents a good buying opportunity. Capstone Turbine, a California-based gas turbine manufacturer, is one such case. After slumping to a low of $1.88 earlier this week, down from as high as $10.20 in March, the stock has rebounded in recent trading sessions up to $2.16, with further gains in sight.
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The reason Capstone rebounded is that it has just received its first offshore oil and gas order in India, where demand for primary energy is set to explode in the coming years as the country’s population continues to grow. Just today, Capstone Turbine secured its second order of its microturbine for use in Manhattan’s Hudson Yards district. It looks as though these deals could provide the catalyst to turn this penny stock around if it extends these gains into November.
Namaste Technologies (TSXV:N) (OTCQB:NXTTF)
Once described as the “Amazon of Cannabis,” Namaste Technologies could be one of the best penny stock plays in the cannabis industry. Namaste operates over 30 websites across 20 countries, and its flagship CannMart site is aiming to be the leading cannabis e-commerce platform in North America. Earlier this week, the company reported solid third-quarter earnings, which saw consolidated revenue of $3.8 billion CAD, despite the company discontinuing several underperforming sites.
Currently trading at just $0.38, this penny stock could surge in 2020 as the second wave of cannabis legalization in Canada comes into effect, opening up the market for the sale of highly sought after products, such as vapes, edibles, and topicals. With demand for such products is expected to bring in three million new consumers and the increasing popularity of e-commerce, Namaste Technologies stock could be set for a very big year ahead.
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