Are These Electric Vehicle Penny Stocks On Your Watch List Right Now?
One of the hottest niches for penny stocks in Q4 is electric vehicles. What initially began with Tesla’s (TSLA Stock Report) Battery Day has spilled over into an industry boom. With it has come a tidal wave of momentum boosted by small-cap stock traders. I remember we wrote on plenty of electric vehicle penny stocks earlier in the year.
The interesting part is that many have now become centerpieces for larger firms that, for whatever reason, didn’t take these companies in a serious light when they were “just penny stocks”. Needless to say, it likely just came with the territory. Now that Nio (NIO Stock Report) is trading above $45 and Blink Charging (BLNK Stock Report) surpassed $50, some traders are starting to connect some dots. Those dots point to emerging growth, high volatility, high-risk penny stocks.
When we were writing about Nio, shares were trading under $2. The same holds true for Blink. We also saw companies like Ayro Inc. (AYRO Stock Report) and Electrameccanica Vehicles (SOLO Stock Report) explode from levels under $1 to more than $10 in 2020. So are there any electric vehicle penny stocks left? The short answer is, Yes. But just like these former EV stocks, speculation has become a bigger driver of momentum and should be taken into consideration. What’s more, is that these companies didn’t just see shares go up in a straight line. There was plenty of volatility along the way. However, if you’re looking for electric vehicle penny stocks to buy, you might want to start with a simple watch list. Here are a few related names trending in the stock market today.
Electric Vehicle Penny Stocks To Watch #1: Aqua Metals Inc.
This was one of the top 5 electric vehicle penny stocks we discussed this month. Aqua Metals Inc. (AQMS Stock Report) is one of the “pick and shovel” companies in the space. It doesn’t manufacture EVs but it does contribute to the electric vehicle ecosystem, in general. The company focuses on battery recycling that it then uses to provide certain raw materials for manufacturing.
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Aqua Metals’ AquaRefining method allows the company to extract things like plastics, metallics, and lead. In particular, it’s the lead that the company focuses most on. Not only does this reduce the negative environmental impact from lead batteries going into landfills, it also puts raw materials back into the industrial lifecycle without extracting new natural resources. It also provides materials for things like lead-acid batteries which are in electric vehicles. While the company’s model has a wide range of applications, the popularity of EV might be one of the sticking points for traders right now.
Additionally, the company came out with news to start the week. This has also become a focal point in the stock market today. The company announced completion of its V1.25L electrolyzer program. It was both on time and under budget, achieving lead production that is 100% greater compared to its V1.0 electrolyzer deployed at the AquaRefinery during commercial production in 2018 and 2019. The company said it previously guided a 20% increase of throughput. However, the V.125L electrolyzer surpassed that guidance by 500%.
Electric Vehicle Penny Stocks To Watch #2: Ideanomics Inc.
Love it or hate it, Ideanomics Inc. (IDEX Stock Report) has been on the move this month. In fact, since the start of the fourth quarter, IDEX stock is up 200% and climbed as high as 433% with November’s $4.75 high. There’s been plenty of speculation surrounding the company’s operations. However, Ideanomics continues to make positive headlines and attract the interest of traders each week. Furthermore, being one of the few remaining electric vehicle penny stocks has had some perks as well in my opinion.
Monday the company announced that its Mobile Energy Global and contracting entity Qingdao Chengyang Medici signed a deal with Meihao Chuxing. The agreement is to purchase 2,000 model BYD D1s. These are ride-hailing vehicles that are set for deployment in China. Delivery is anticipated for sometime during the first half of 2021.
“The D1 is a very thoughtfully designed ride-hailing EV and is a culmination of the latest design and technology to bring drivers and their customers an enjoyable travel experience. We are very pleased to work with Meihao Chuxing and BYD to promote the sales of the D1.”Alf Poor, Ideanomics CEO
Electric Vehicle Penny Stocks To Watch #3: American Battery Metals Corporation
American Battery Metals Corporation (ABML Stock Report) is another one of the “EV ecosystem” stocks. The company recycles lithium-ion batteries and has its own mineral resources in Nevada. In fact, one of the biggest focuses of the company has been opening its pilot lithium-ion battery recycling plant. What’s more, is that due to this focus, the company is also in the process of changing its name to American Battery Technology Company.
“ABTC is making great strides to construct our pilot lithium-ion battery recycling facility in Fernley, Nevada as quickly as possible. We are grateful for Nevada’s support to do so. At full capacity, our pilot facility will recycle 20,000 metric tons of feedstock a year to recover critical and strategic materials needed to manufacture new EV and consumer electronic batteries – and to ensure these lithium-ion batteries do not end up in the landfill as waste.”CEO Doug Cole
Considering the potential demand for EVs, batteries are likely going to follow suit. Also, keep in mind that the company has begun expanding its leadership team. Earlier this month, ABML brought on the former Staff Procurement Manager at Tesla, Kris Gustafson. The role at American Battery will be Lead Procurement Manager. So with all of this happening right as EVs are heating up, ABML could be one of the electric vehicle penny stocks to watch heading into the new year.