3 Penny Stocks You Need to Know About Right Now
With so many penny stocks to buy in 2021, how can investors understand which small-caps are the best to buy? Well, there are a few ways to do so. The first step to investing in either penny stocks or blue chips is to make a watchlist. Making a penny stocks watchlist involves researching the stocks on your list, and having a thorough understanding of the current state of the stock market.
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Today, stock futures managed to climb by around 100 points during early morning trading. In addition, premarket saw Johnson & Johnson (NYSE: JNJ) shot up by around 3% on news that it would be breaking off a piece of its company to become a separate publicly traded entity. Additionally, high inflation has led to many investors fearing what could happen in the future of the stock market.
“We’ve probably reached maximum supply chain disruption and I think the labor market is going to free up a bit as we saw with the jobs report last Friday.”
Brent Schutte, the Chief Investment Strategist at Northwestern Mutual
So, it’s difficult to say what the future could look like. However, we do know that it is an interesting and highly volatile time to be buying and selling penny stocks. But, with these large price movements, there are plenty of opportunities to make money. So, with all of that in mind, let’s take a look at three penny stocks to watch right now.
3 Hot Penny Stocks For Your Watchlist Right Now
- Denison Mines Corp. (NYSE: DNN)
- Harmony Gold Mining Company Limited (NYSE: HMY)
- Globalstar Inc. (NYSE: GSAT)
Denison Mines Corp. (NYSE: DNN)
Denison Mines Corp. is a mining penny stock that has increased in value by over 20% in the past month. If you’re not familiar, Denison is a uranium mining company that operates the Wheeler River project. Denison actively engages in the exploration and development of its properties. The company currently has a 95% interest in the Wheeler River project, which is located in northern Saskatchewan.
On November 4th, Denison reported its third-quarter results for 2021. The company successfully completed its 2021 ISR field test program at the Phoenix uranium deposit. Phoenix has now been advanced to the feasibility study stage, and Wood PLC will be the lead author for the study. Back in August, Denison also completed the acquisition of 50% of JCU from UEX Corporation for cash consideration of $20.5 million.
“With increased interest in the uranium market and a recent lift in both spot and long-term uranium prices, we are encouraged that future utility customers are returning to the market and looking at Denison’s Wheeler River project as a potentially viable source of reliable and low-cost future supply.”
President and CEO of Denison, David Cates
Over the last year, shares of DNN stock have continued to climb, with a YTD gain of over 197%. In the past twelve months, shares have shot up by over 460%, which is no small feat. With that in mind, will DNN stock be on your penny stocks watchlist?
Harmony Gold Mining Company Limited (NYSE: HMY)
Harmony Gold Mining Company Limited is another mining penny stock that is performing well right now. This company explores for gold, uranium, silver, copper, and molybdenum deposits. The company currently has 9 underground operations located in the Witwatersrand Basin, an open-pit mine on the Kraaipan Greenstone Belt, and more.
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During the fiscal year 2021, the company’s earnings and revenue increased year over year according to the most recent financial results released by the company. This happened as a result of rising metal prices and strong company performance this quarter.
It’s worth noting that HMY’s stock price often moves up or down with the price of gold itself. So when gold prices go up, HMY stock usually follows in tandem. In the past five days, shares of HMY stock have climbed by over 16%. With this in mind, will HMY make your list of penny stocks to watch?
Globalstar Inc. (NYSE: GSAT)
Globalstar Inc. is a penny stock that has achieved an incredible YTD gain of over 379%. This company offers voice and data products such as satellite communications services and equipment. Specifically, Globalstar offers equipment used for remote businesses, safety, emergency preparation, and more. Its SPOT satellite GPS messenger is used for tracking, emergency location, and messaging. It also offers the SPOT Trace which is used as an asset tracking device. These products are sold through direct distribution and independent gateways.
On November 4th, Globalstar released its third-quarter results for 2021. Globalstar’s total revenue slightly decreased year over year because of its timing of engineering services revenue. With that, its SPOT service revenue went up 4% quarter over quarter amid higher average subscribers. As of September 30th, 2020, the company had 275,000 subscribers which is higher than what it had before COVID.
“We are pleased with the continued positive momentum in SPOT and Commercial IoT as the associated service and equipment revenue are each up from the third quarter 2020. The significant increase in equipment sales following the COVID-related headwinds that impacted demand in 2020 is a clear indicator of a rebound in these areas of the business.”
CEO of Globalstar, Dave Kagan
In the last month, GSAT stock has gone up in the market as mentioned previously. With this new info to note, is GSAT stock on your watchlist today?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy can be challenging with so much going on in the stock market. However, because of the sheer number of events occurring simultaneously, there is plenty of opportunity for investors to benefit.
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The best way to make money with penny stocks right now is to understand exactly how certain events can impact specific stocks on your list. This means constantly staying up to date with the latest news, and thinking outside of the box. With all of that in mind, which penny stocks are you watching right now?
