4 Penny Stocks to Add to Your February Watchlist
If you’re making a penny stocks watchlist for February, there is plenty to keep track of. As we get set to start another month of trading penny stocks, investors need to understand every factor that is impacting the stock market right now. This includes Covid, inflation, geopolitical tensions, jobs reports, and much more. And because there are so many factors to keep track of, we have seen an extremely volatile stock market in the past few months.
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Right now, many investors hope that February will present more bullish sentiment than January. Although there were a few days of positive trading this month, January has overall, been extremely disappointing. So, with all of that in mind, let’s take a look at four penny stocks to add to your February watchlist right now.
4 Penny Stocks For Your February List
- Exela Technologies Inc. (NASDAQ: XELA)
- Skillz Inc. (NYSE: SKLZ)
- ContextLogic Inc. (NASDAQ: WISH)
- Vinco Ventures Inc. (NASDAQ: BBIG)
Exela Technologies Inc. (NASDAQ: XELA)
Up by over 6%, today are shares of Exela Technologies. For some context, we’ve covered XELA stock numerous times in the past few months due to its consistent announcements and large price moves.
And, in the past five days, shares of XELA stock have shot up by a staggering 60%, which is no small feat. So, why exactly is XELA stock moving right now? The main reason behind all of the recent movement with Exela is its recent share buyback program announcement. The company stated last week that it plans to buy up to 100 million shares of its common stock at $1 per share via the exchange of new notes.
Existing shareholders can trade blocks of 25 shares for a $25 tradable note due 2029 with a 6% interest rate annually. And, the current shares tendered will be retired, thereby reducing the share count by almost 30%. This is great news for shareholders and has resulted in the recent increase in XELA stock. Considering this, will XELA be on your list of penny stocks to watch?
Skillz Inc. (NYSE: SKLZ)
Another big gainer so far today is SKLZ stock, which shot up by over 10% at midday. While shares are down by over 80% in the past year period, we are seeing a recent rise in bullish momentum with Skillz Inc. If you’re not familiar, Skillz offers a mobile gaming platform and has gone from over $46 per share to under $5 in under a year. And, while its partnership with the NFL has driven its price in the past, the company now needs to move forward with getting more customers on its platform.
Right now, the company is spending aggressively to acquire new users, however, growth has not occurred as quickly as anticipated. And while the NFL partnership is big news, Skillz will have to work on organic growth in order to stay competitive. So, considering its major drop in value in the past year, do you think SKLZ stock is worth adding to your penny stocks watchlist or not?
ContextLogic Inc. (NASDAQ: WISH)
By midday, shares of WISH stock had jumped by over 14% to $2.65 per share. This is a sizable move and reflects WISH’s recent bullish price action. Now, in the past six months, WISH stock has done the opposite, dropping by over 74% in value. It’s hard to say why shares of ContextLogic are rising right now as the company is losing money and could continue to do so into the rest of the year. But, there is still a large base of investors that are hoping for a positive future for the company.
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In the past year or so, WISH has become associated with the meme stock movement. This regards stocks that rise and fall based on social media sentiment rather than fundamentals. Although its Q4 sales are already expected to be around 15% less than the previous quarter and more than 60% less than Q4 of last year, speculation is heavily driving WISH stock right now. So, if that is part of your investing strategy, WISH stock could be worth considering. If not, it may be best just to keep it on your watchlist for now.
Vinco Ventures Inc. (NASDAQ: BBIG)
With over 4% in gains so far today, BBIG stock is another penny stock that investors are watching right now. In the past month, we’ve seen solid bullish momentum with Vinco Ventures as shares have risen by over 27% during that time. Now, while BBIG stock is down by around 12% in the past year, the recent bullish movement with it is encouraging for investors to consider.
Because some analysts have put an $8 to $12 price target on the company, many are closely following its trajectory right now. And to understand that, we have to take a closer look. The main movement with BBIG stock in 2022 is due to its involvement in the Metaverse. This mostly concerns its wholly-owned subsidiary, Cryptyde, which recently announced a $42 million common equity and convertible debt raise agreement.
The company states that Cryptyde will potentially begin trading under the symbol TYDE on the NASDAQ exchange, if all goes according to plan. Although BBIG’s fundamentals are nothing to write home about, the potential that the company has to succeed in several budding industries is palpable. Considering that, it’s no wonder why investors are paying attention to BBIG stock right now.
Are Penny Stocks Worth Buying Next Month?
As we enter into a new month, there is a lot for investors to look forward to. While January was disappointing to say the least, traders seem hopeful about making money with penny stocks in February.
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Now, it is always crucial to have a trading strategy on hand, and to use it to the best of your ability. With so much going on in the stock market, this is more important than ever. So, with all of that considered, do you think that penny stocks are worth buying next month or not?
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