Source: Yuriy K, Shutterstock
Just like last year, 2021 also seems to be the year of the pandemic as coronavirus cases continue to surge across the globe, including Canada. Last year, the equity markets were affected due to fear of the unknown but managed to bounce back within a few months. This year, however, reports suggest that the market is expected to remain stable compared to the peak pandemic period.
If you are looking to invest in some cheap stocks available in the Canadian market, you've come to the right place. We've got some penny stocks under C$ 0.50 that might interest you if you're waiting to try your luck in the equity market.
Qyou Media Inc. (TSXV:QYOU)
The short-form video content curating and programming company operates in multiple countries like the US, Canada and India among others. Qyou (TSXV: QYOU) is worth C$ 105 million and is making a mark in foreign countries. Its Q India channel recently reached its 2021 goal of reaching 100 million TV households in India.
One-year performance of Qyou (Source: Refinitiv)
The company's stock skyrocketed by 883.3 per cent in a year. In 2021, it soared by about 181 per cent. In Q2 2021, the company's revenue increased to C$ 968,139 million, up from C$ 390,950 in the previous quarter.
During the same period, the company managed to reduce its net loss to C$ 518,578, a decrease of 55 per cent from the previous quarter.
Renaissance Oil Corp. (TSXV:ROE)
The stock of the oil and natural gas producing company soared by 95 per cent at market open on April 15 and climbed up to C$ 0.20 apiece (at the time of writing this article). Renaissance Oil (TSXV:ROE) is worth C$ 65.6 million and holds a price-to-book (P/B) ratio of 1.85, as per TMX data.
One-year performance of Renaissance Oil Corp (Source: Refinitiv)
The stock surged by 150 per cent in a year and went down by about 20 per cent year-to-date (YTD).
In Q3 2020, the company achieved revenue of C$ 3.2 million, an increase of 28 per cent from the previous quarter. For the same period, the company managed to narrow down its net loss to C$ 1.5 million against C$ 2.1 million.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.