7 Penny Stocks That Traders Are Watching Right Now
With penny stocks heating up right now, traders continue to search for the best small caps to watch. One of the best ways to make a penny stocks watchlist is to consider which companies are trending right now. This can be done by researching on social media sites such as Reddit and Twitter as well as seeing the social sentiment of the underlying penny stocks. The entire list of penny stocks contains hundreds of companies.
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And to some degree, there could be an opportunity with a large number of them. However, to see which those are, investors need to pour through the data and understand the trajectory that a company could take. Right now, investors need to consider what factors are affecting the market. This includes Covid, but also the impact of social media as mentioned earlier. So, with all of this in mind, let’s take a look at seven penny stocks for your watchlist.
4 Penny Stocks to Watch Right Now
- Hut 8 Mining Corp. (NASDAQ: HUT)
- W&T Offshore Inc. (NYSE: WTI)
- Ring Energy Inc. (NYSE: REI)
- Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Hut 8 Mining Corp. (NASDAQ: HUT)
Hut 8 Mining Corp. is a penny stock that has taken off in value recently. As its name slightly suggests, HUT offers cryptocurrency mining. Specifically, it engages in industrial-scale Bitcoin mining operations in Toronto, Canada. It also owns and operates 38 BlockBoxes in Drumheller, Alberta. Additionally Hut 8 has 56 BlockBoxes in Medicine Hat, Alberta.
On June 30th, Hut 8 announced the purchase of 12,000 new MicroBT miners for deployment by the end of the fourth quarter of 2021. The $44.373 million purchase will significantly increase Hut 8’s progress.
The CEO of Hut 8 Mining, Jaime Leverton said, “We are excited to have identified this unique opportunity to purchase MicroBT equipment that will enable us to almost double our hash rate before the end of the year and substantially increase the number of Bitcoins earned on a daily basis”.
Now on July 1st, HUT stock is up 7.70% in the market. While Bitcoin does fluctuate greatly, it’s worth considering that it remains the most popular cryptocurrency out there. For this reason, this looks like it could be big news for investors and the company alike. Considering this, will HUT stock make it onto your list of penny stocks to watch?
W&T Offshore Inc. (NYSE: WTI)
W&T Offshore Inc. is an oil and gas penny stock based in the United States. The company produces, acquires, explores, and develops oil and natural gas properties. With this, it sells crude oil, natural gas, and other fossil fuel-related resources. It currently holds a working interest in 43 offshore fields in federal and state waters. It also has an interest in 146 offshore structures which is quite a substantial number. The company’s offshore leases cover 506,000 net acres. As of December 31st, 2020, the company had 144.4 million proved reserves of oil barrels equivalent.
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In the past year, shares of WTI stock have shot up by over 120%. This is due to both the positive momentum surrounding WTI as well as the increased demand for oil and gas as the pandemic ends. Recently W&T announced its participation in multiple upcoming investor conferences. The company will be at the Stifel 2021 Virtual Cross Sector Insight Conference, the Bank of America Securities Virtual 2021 Energy Credit Conference, and more.
In one month, WTI stock has gone from $4.30 per share to over $5 per share on average. This means that WTI has technically surpassed penny stock status as it closed today past $5. With all of this information in mind, is this company a contender for your penny stock watchlist in July 2021?
Ring Energy Inc. (NYSE: REI)
Ring Energy Inc. is an energy penny stock that focuses on fossil fuel exploration and production. The company acquires, explores for, develops, and produces oil and natural gas. As of December 31st, 2020, the company had proven reserves of 76.5 million barrels of oil equivalent. It also has a net interest in 18,712 net developed acres and 6,650 net undeveloped acres of land in multiple Texan regions. Additionally, it holds a variety of other net developed and net undeveloped acres of land in other places as well. Its oil and natural gas are sold to end-users, marketers, and regular purchasers. On June 16th, Ring Energy provided an update on its Northwest Shelf Phase II development program.
“The continued successful results from our development program are very encouraging and reinforce our confidence in the strong inventory of drilling locations on our NWS acreage. In addition to the strong production results, all seven wells in our Phase I and Phase II programs were drilled and completed on schedule and within budget.”
The Chairman of the Board and CEO Mr. Paul D. McKinney
6 months ago, REI stock was worth under $0.70 per share on average. Now as of July 1st, REI stock is worth more than $3.22 per share on average. The company’s volume right now is also more than double its average at the moment. Keeping this in mind, is REI going to make it on your list of penny stocks to watch?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
Tonix Pharmaceuticals Holding Corp. is a biotech penny stock that is moving upwards in the market right now. This company discovers, acquires, develops, and licenses small molecules and biologics. These are used to treat and prevent human diseases and reduce suffering.
One of Tonix’s developments that caught attention is its TNX-1800 live replicating vaccine created to protect against Covid-19. It also has TNX-2300, which is another product that is used in the fight against Covid-19. Biotech penny stocks with a big focus on Covid-19 developments are extremely popular right now and continue to be due to the new variants of Covid. On June 28th it was announced that the company has been added to the Russell 2000 and Russell 3000 indexes.
“Tonix is pleased to be included in the Russell indexes which reflects our positive achievements and growth over the past year. These indexes are widely followed and we look forward to a broader awareness of our Company as a result of this inclusion.”
The President and CEO of Tonix Pharmaceuticals Holding Corp.
With all of this information in mind, will TNXP make your penny stock watchlist this week?
3 More Penny Stocks to Watch
- Barnwell Industries Inc. (NYSE: BRN)
- Ibio Inc. (NYSE: IBIO)
- Ur-Energy Inc. (NYSE: URG)
Why Trending Penny Stocks Could Be Valuable
Finding the hottest trending penny stocks can be a valuable strategy. However, it’s worth noting that these companies also tend to be some of the most volatile out there. If volatility is a part of your strategy then this could be a benefit.
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But, if you’re more of a conservative investor then volatility could play against you. With all of this in mind, there’s plenty of reasons that trending penny stocks can be valuable. And, it’s up to you to find the best ones to watch.
