3 Penny Stocks to Add to Your January 2022 Watchlist
If you’re making a list of the best penny stocks to buy now, there are hundreds of options to choose from. Because of the sheer number of options when it comes to finding penny stocks, investors need to be extremely picky about the companies that they are watching. Right now and in the past month or so, the main driver of movement has continued to be the Omicron variant of the Coronavirus.
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While we know significantly more about the variant than we did only a month ago, it is still causing a sizable amount of fear and volatility in the stock market. Because of this, it is more important than ever to understand how world events are impacting the stocks in your portfolio and even the ones that you are just considering.
And, when it comes to penny stocks, we tend to see major speculation. This means that prices can move substantially based off of a small amount of news or an industry-wide event. In addition to all of this, understanding exactly what your trading strategy is, will be a major benefit to you and your chance of making money with penny stocks. Considering all of this, let’s take a look at three to watch next week.
3 Penny Stocks to Watch in January 2022
- BioNano Genomics Inc. (NASDAQ: BNGO)
- CBAK Energy Technology Inc. (NASDAQ: CBAT)
- Castor Maritime Inc. (NASDAQ: CTRM)
BioNano Genomics Inc. (NASDAQ: BNGO)
Up by around 4% at EOD on December 30th are shares of BNGO stock. While in the past YTD period, BNGO has dropped by around 55%, we are seeing a small bullish turnaround for the biotech penny stock. One of the main reasons for the recent moves with BioNano comes as the analyst group Oppenheimer stated its beliefs that the company could be underappreciated.
“Management is executing against the cytogenetics adoption thesis. BNGO is on track to meet or exceed its 2021 Saphyr placement goal of 150-plus (our estimate is 156). Multiple clinical validation studies to support reimbursement are enrolling well and commercial adoption is leading to higher consumable pull-through that should impact 4Q21 and 2022.”
Kevin DeGeeter, an Analyst at Oppenheimer
This is great news and although analyst coverage is nothing to live or die by, it is undoubtedly a sizable prospect. It’s also worth noting that the biotech industry is heating up right now. This could be another reason as to why BNGO stock is pushing up over the last few trading sessions. Considering that, will it be on your list of penny stocks to watch?
CBAK Energy Technology Inc. (NASDAQ: CBAT)
Another big gainer of the day is CBAT stock, which climbed by over 10% to just north of $1.61 by EOD. While no news came out today that could help to explain this gain, the company did make an exciting announcement only a week or so ago. On December 21st, CBAK announced that it has agreed with AZAPA R&D China to develop a custom battery pack solution. This battery will be used in the testing of low-speed EVs produced by Daihatsu Motor Co.
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The company states that the first of these battery packs will be delivered by February of next year, which is an exciting and upcoming event to consider. Similar to biotech, there is a lot of bullish momentum in the EV industry right now. And while many companies are focused on producing vehicles, those that are working on related tech are also seeing heightened demand.
If you’re not familiar, CBAL is a tech company focused on the production of lithium batteries for vehicles, tools, energy storage and much more. Because of its placement in the industry, CBAK has become very popular among investors of all types. Whether this makes it worth adding to your penny stocks watchlist or not is up to you.
Castor Maritime Inc. (NASDAQ: CTRM)
Castor Maritime is a penny stock that we’ve covered numerous times in the past few months. And with its over 5% gain by EOD on December 30th, many investors are watching the company with close eyes right now. In February of this year, CTRM stock hit a high of over $17, before dropping substantially to its current price of under $1.50 per share.
Of course, this is a major drop however, some believe that CTRM stock could have value at its current price point. Only a week or so ago, the company announced an agreement to acquire a 2012 Japanese-built Panamax dry bulk carrier from a third party. The deal, worth $23.55 million, will bring Castor’s fleet to 29 on a fully-delivered basis. Right now, its aggregate capacity of 2.5 million dwt, has helped to bring Castor to the forefront of the international shipping market. And as a result, the company has continued to receive a sizable amount of attention.
As the pandemic has come to an end, the resumption of shipping and export has brought more business into the transport industry. While it’s too soon to say what the long-term impact of the pandemic will be on CTRM, right now, the company is seeing a large amount of bullish sentiment. With that in mind, do you think CTRM stock is worth buying?
Are Penny Stocks Worth Buying as 2021 Ends?
With a new year only a few days away, many investors are asking if penny stocks are worth buying. Although it is difficult to say with certainty, there is a lot of potential with small caps right now. Considering that we are seeing so much movement in the stock market, it all comes down to understanding your profile for risk and your trading strategy.
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While it can be difficult to find the best penny stocks to buy, with the right research on hand and a commitment to understanding how to trade, it can be much easier than previously imagined. With that in mind, do you think that penny stocks are worth buying as 2021 ends?
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