As the first week of October comes to a close, we’ve picked out some penny stocks that could keep your portfolio ticking over the month.
Penny stocks are defined as stocks with a share value of under $5 and can often be risky bets as they’re usually made up of fallen angels or companies that are yet to, and may never, reach their full potential. However, if you’re an investor with an appetite for risk, we’ve got just the stocks for you.
CV Sciences Inc (OTCQB:CVSI) is a Las Vegas-based CBD producer that has made some strong gains since the turn of the month. The CBD market has experienced substantial growth over the last year, particularly after the passage of the Farm Act 2018, which legalized hemp cultivation. CV Sciences is at the heart of the industry, with its market-leading PlusCBD Oil brand available in over 5,400 stores across the US, which means it probably won’t stay in penny stock territory for much longer.
Earlier this week, CVSI stock climbed 15% after the company launched a new partnership with department store Harris Teeter, which will see PlusCBD hit shelves in over 150 locations across five states. In the first half of 2019 alone, the company posted revenues of $30 million USD, and given the expanding availability of its products, this is only expected to go up in the latter half of the year. This penny stock is currently at $2.31, which looks like a bargain for a company that produces an industry-leading product such as PlusCBD.
Resonant Inc (NASDAQ:RESN) creates innovative software and service platforms that increase the efficiency of radio frequencies for mobile phones. Earlier this week, the company announced that it had signed a major deal with Murata Manufacturing Co to achieve higher frequency and superior performance as the mobile industry prepares for the arrival of 5G. The deal will see Murata invest $7 million USD in RESN and led to its share value soaring 18%.
RESN stock is currently valued at $3.28 and has climbed a whopping 245% since last December, proof that penny stocks can be a very worthwhile investment when the timing is just right.
So that’s our pick of penny stocks to warm up your October—what do you think?
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