4 Penny Stocks To Watch Right Now
In 2020, penny stocks have been quite a popular equity class. These low-cost stocks have been intriguing to investors that are new to the market. And this year, there are more new investors than ever due to the pandemic and market volatility. Many people have flocked to the stock market as a way to make money in 2020. Penny stocks are the easiest option for these people as you can enter the market at a lower cost, and own more shares of a company.
At the same time, these cheap stocks can often be highly volatile. Some can move as much as 50% in any direction in a single day. So these could be considered high-risk high reward assets. It is always important to conduct proper research when looking to invest. This includes looking at the volume, stock price, recent news, financial reports, and more before deciding to invest in a company.
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Not every company is what it seems. For example, a stock price could be moving up, but with low volume. That is why it is important to know what you are getting into when investing. Today, let’s look at three penny stocks that have been performing rather well in the stock market.
Top Penny Stocks To Watch: Walcott Resources Ltd.
The first company on this list of the top penny stocks to watch is Walcott Resources Ltd. (OTC : WALRF Stock Report) (CSE : WAL). Walcott is a mining company with land properties in a variety of locations. Its primary focus is the acquisition, exploration, and mining for precious metals and resources on all of its properties.
The company recently closed its acquisition of 60% 1256714 B.C. Ltd., which holds a 100% interest in the Tyr Silver Project and Century South Silver Zinc Project. At the Tyr mines alone resource estimates of high-grade surface mineral occurrences at around 4,710 grams per ton of silver (g/t Ag). Putting this into perspective, Buenaventura’s Uchucchacua mine, located in Peru, is the highest-grade silver mine in the world. It holds reserve grades of 445 g/t Ag. Furthermore, looking locally, South 32’s Cannington Mine produces 6% of the world’s silver; it has a measured mineral resource of 56Mt @ 193 g/t Ag.
On the 22nd of October, Walcott announced that a new CEO was appointed for the company. The new position has been given to David-Thornley-Hall who the company states is a “seasoned executive with a background in management, finance, and corporate development with public companies in the resource sector”.
Something to note is that Walcott has just begun trading on the U.S. exchanges more actively. Prior to this, it had only been trading in Canada. With more excitement surrounding precious metals heading into the election, companies like Walcott could be right in the middle of the market spotlight.
Top Penny Stocks To Watch: Polar Power Inc.
Next up on this list of penny stocks to watch is Polar Power Inc. (POLA Stock Report). Polar Power is an industrial company that operates out of the United States. It designs, manufactures, and sells direct current, power generators, renewable energy, and cooling systems. It serves many different sectors such as telecommunications, military, electric vehicle charging, cogeneration, and many more. Its products are sold through a direct sales force and independent service provides / dealers. So let’s see what this industrial penny stock has been up to in recent times.
Back in July, the company announced a $2.8 million private placement through its equity securities. Its plan was to sell an aggregate of 1,250,000 shares of its common stock at $2.25 per share. The deal then closed on July 7th, after being announced on the 2nd. It can only be speculated right now, but it seems as if there could be big news coming from Polar Power.
This comes after POLA stock increased more than 58.80% in a single day on October 29th. But this recent private placement is important, as it could be hinting at what is to come for Polar Power. POLA stock closed at $3.70 a share on Thursday afternoon. In light of recent natural disasters, companies like Polar Power have also been in the active conversation focused on “hurricane stocks”. Will Thursday’s trend continue into the final trading day of October?
Top Penny Stocks To Watch: Digital Ally Inc.
Now let’s talk about Digital Ally Inc. (DGLY Stock Report), the next company on this list of penny stocks. Digital Ally is a tech and industrial company with a focus on producing and selling digital video imaging and storage products.
These are commonly used in law enforcement, security, and commercial applications. It has digital audio/video recording items, storage items, and more including in-car recorders for law enforcement vehicles. DGLY stock has managed to significantly increase in stock price throughout 2020. So let’s dive into why, and how it is performing through October.
On October 22nd it was announced that the company had entered a preferred integrator partnership for ThermoVu. This is the company’s contactless temperature screening instrument. This should be used for devices with door locking mechanisms, employee badge systems, and more.
The CEO of the company, Stan Ross said, “Partnering with IOS will help businesses utilize the full array of technical features available with our models. We look forward to a successful partnership with a leader in their industry.”
Additionally, the company was awarded a notable contract with Fort Eustis Air Force Base recently. This contract is for its body cameras, in-car video and audio systems, automatic activation systems, and more. If this weren’t enough, today, the Justice Department announced that it will “permit state, local, territorial, and tribal task force officers to use body-worn cameras on federal task forces around the nation.” This could be a cue for sympathy momentum in this tech niche.
Top Penny Stocks To Watch: United States Antimony Corporation
The last company on this list of penny stocks to watch is a mining stock, United States Antimony Corporation (UAMY Stock Report). UAMY has a primary focus on producing and selling antimony, silver, gold, and zeolite products in the US and Canada. Some of its products include a flame retardant system for plastics, rubber, fiberglass, paints, paper, and more. Its antimony oxide is used as a color fastener in paints. Let’s see why UAMY stock is trending in the market.
A few months ago, the company announced a $2 million private placement in order to accelerate the development of its Los Juarez gold and silver project. Its revenue in its last financial report was at $6.9 million, falling 1.82% year-to-date. Why is UAMY stock going upwards then? On the day of October 29th, it is up 4.74% in the market. While there haven’t been many new updates from the company, there has been a bit more progress in the stock market recently. If anything, the part to focus on is the recent uptick in trading momentum UAMY has seen. Will it continue into the month ahead?