3 Penny Stocks to Add to Your Watchlist Right Now
As we continue to traverse through trading penny stocks in March 2022, there is a lot for investors to consider. Of course, the largest factor at play right now is the invasion of Ukraine by Russia. While this has caused major downtrends in the past week or two, we have begun to see signs of positivity in the past few days.
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Now, the only thing we can say with certainty is that volatility is likely to continue in the next few weeks. This is the result of this conflict as well as issues regarding inflation and rising interest rates. So, with that in mind, let’s take a look at three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch in March 2022
- Harmony Gold Mining Co. (NYSE: HMY)
- Globalstar Inc. (NYSE: GSAT)
- Ardelyx Inc. (NASDAQ: ARDX)
Harmony Gold Mining Co. (NYSE: HMY)
One of the bigger gainers of the day and recently is HMY stock. At EOD on March 3rd, shares of HMY stock had shot up by over 2%. This is a substantial gain and one that reflects the company as a whole and the investing environment on mining penny stocks right now.
In the past five days, shares of HMY stock have shot up by over 25% and more than 35% in the past month or so. So, why is HMY stock climbing right now? Well, no news is likely to be causing this gain as the company has not released any information recently.
However, on February 28th in its earning report, the company posted gold production that increased by 4%. Despite costs rising by 21% and EPS dropping by around 60%, investors are showing bullish interest in the company. The main reason comes as gold and precious metals have been one of the main buys over the past few weeks as tensions between Ukraine and Russia continue to rise. During any geopolitical conflict, investors will turn to precious metals as they are considered ‘safeguard assets’.
This means that they tend to hold their value no matter what happens in the greater market. While no one is saying that the price of gold won’t drop, it is clear that it is a valuable resource that holds its value quite well. And because of this, investors have helped to push the price of gold up significantly in the past few weeks.
So, while HMY stock and similar mining stocks can be volatile, they also offer investors an interesting way to make money right now. Considering that, will HMY be on your penny stocks watchlist or not?
Globalstar Inc. (NYSE: GSAT)
Another penny stock that climbed substantially during trading today is GSAT stock. By midday, shares of GSAT had climbed by over 8.5%. This is quite substantial and reflects the bullish sentiment felt with GSAT stock in the past few days. Over the last five day and one month period, shares of GSAT have shot up by over 12% and 25% respectively.
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And with a twelve month drop of around 10%, this recent bullish move is more than welcomed. To understand why shares of GSAT stock are moving right now, we have to take a look at its recent announcements. The most recent update from the company came on February 24th. On the 24th, it announced its 2021 financial results as well as a business update.
“2021 was a very productive year for Globalstar and we’re excited to share the details. In this release we provide a fulsome business update, including the recent news on our satellite manufacturing contract as well as our 2021 financial performance.
We also revisit the terrestrial spectrum progress that we have made in recent months and expected developments in 2022 and beyond. I am proud of our recent achievements yet most excited about our future.”
CEO of Globalstar, Dave Kagan
Fiscally, the company increased its revenue to $1.3 million. This is a 4% increase over the fourth quarter of 2020. And, the company managed to increase its service revenue by the same amount in that period. This is due to an increase in its SPOT and Commercial IoT service revenues. So, because GSAT is in such a financially advantageous spot, it appears as though investors continue to show heightened interest in it. With that in mind, will it be on your list of penny stocks to buy?
Ardelyx Inc. (NASDAQ: ARDX)
Today, shares of ARDX stock shot up by over 11%. This is a substantial move and comes alongside its five day gain of over 34%. The latest update from Ardelyx came on March 2nd. On the 2nd, it stated that it would be presenting at the upcoming Cowen 42nd annual health care conference.
At the conference, the CEO of Ardelyx, Mike Raab, will discuss the company’s GI/Microbiome panel. While this is not a be all end all announcement, it is exciting for investors to consider. And, for some added context, it’s worth understanding what ARDX does. Ardelyx is a biotech company working in a variety of different fields.
The company recently received approval for IBSRELA (tenapanor), and has plans to launch the compound in the second quarter of this year. And yesterday, news dropped that Jefferies analysts had upgraded shares of ARDX stock to a Buy rating from Hold. In addition, Jefferies analysts put a price target of $5 on the stock, which is quite a substantial increase. With all of that in mind, do you think that ARDX stock is worth buying or not?
Are Penny Stocks Worth Buying Right Now or Not?
With so many penny stocks to choose from right now, there is a lot for investors to consider. Although trading penny stocks is not easy, it can be much easier with ample research by your side.
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Considering that there is so much volatility in the stock market right now, having a trading strategy on hand is crucial to making money with penny stocks. And, this strategy should be tailored to your investing style and risk tolerance. With that in mind, do you think penny stocks are worth buying right now or not?
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