Penny stocks are small stocks that can bring massive profits from a small investment. This is the basic reason why investors find these penny stocks interesting and persistently keep looking for the next big penny stocks to buy.
However, it requires a lot of research to find the best penny stocks. To make it easier, it is suggested to keep a vigil eye on the stock market.
Below are the top three penny stocks to consider for investment in this month:
- Meet Group
Meet Group Inc (MEET Stock Report) is the top networking application. On October 3, the company provided its projections for the 3rd quarter and proved to be a major triggered behind a rally.
Initially, the company supposed to be in the range of $50.5 million and $51 million in Q3 2019. Perhaps, it raised the projection in the range of $52 million and $52.3 million, this week. Meet also raised its EBIDTA from $10.4 million to $10.6 million range from $9.3 million to $9.5 million.
Naturally, the penny stock rallied and went up by as much as 26.58% closing at $4 on hefty volume. Based on this, it is predicted that it may have more heads turning later this month.
· Fuel energy
Another top penny stock is FuelCell Energy Inc (FCEL Stock Report). This company has successfully signed an agreement with German integrated power solutions provider E. ON Business Solutions.
This sounds to be an important deal as it could open up the European market for the company. There’s no surprise that the FCEL stock market soared. However, it is also important to understand that FCEL has a history of high volatility. So when it comes to this stock market, you must have a closure eye as it can rise from $0.05-$0.10 within a day.
The company announced that it’s MoneyGram plus Rewards program is now going to be available to customers residing in Spain, Germany, France, and Italy. After this announcement, shares of MoneyGram soared by 9%.
Generally, it is a fact that MGI stock is one of the top penny stocks to buy this year. Its collaboration with Ripple has brought attention to the stock. Undoubtedly, MGI stock has recovered by 15% from Thursday’s low.