3 Penny Stocks to Add to Your Watchlist This Week
With another week of trading penny stocks upon us, investors are showing heightened confidence in the future. In the past few months, fears surrounding Covid began to increase as cases skyrocketed. However, around the country, we are seeing a major decline in case numbers, indicating that we could be winning the battle against Covid (for now).
It is clear that it is too soon to declare a complete victory over the pandemic, but, lower rates of Covid mean that traders could show more bullish interest in the future. Right now, there are a few other factors at play that are impacting the stock market.
Early on Monday, energy prices began to shoot up, with oil topping over $81 per barrel. While stock futures such as the Dow Jones Industrial Average fell slightly, trading was mostly flat during pre-market. This week, investors are also excited about earnings from major banks such as JP Morgan Chase, Goldman Sachs, and Bank of America among others.
As you can see, a lot is going on in the stock market right now, and as a result, it’s difficult to predict where things could be headed. But, if you’ve invested in penny stocks in the past few months, you’re likely used to this high rate of volatility. So, with all of this in mind, let’s take a look at three penny stocks that could be worth watching right now.
3 Hot Penny Stocks to Watch Right Now
EzFill Holdings Inc. (NASDAQ: EZFL)
One of the largest premarket gainers today so far is EZFL stock, pushing up by over 20% by 9 AM EST. if you’re not familiar, EzFill is a growing company in the mobile fueling market. It has a large share in the state of Florida and works by providing on-demand fueling services. This fuel is brought directly to the consumer, and therefore, can be much more convenient than the traditional methods of getting gas.
During pre-market, the company stated that it has purchased 33 more fueling trucks, which more than triples its current fleet. And, it will use these to expand into other cities in Florida including Fort Lauderdale, Tampa, and Orlando.
“We expect that the purchase of these 33 trucks, with delivery scheduled over the next two quarters, will enable us to expand our services throughout our home state of Florida and around the U.S. Fleet owners and consumers are continuing to reduce their reliance on traditional gas stations and turning to the convenience, cost-effectiveness, peace of mind and safety of mobile delivery to fuel their vehicles.”The CEO of EzFill, Mike McConnell
This growth is exciting for the company and shows just how hard it is working to grow right now. While its recently completed IPO shows that it is a new player on the NASDAQ, it continues to show that it is staking its claim. For these reasons, will EZFL stock be on your watchlist?
Denison Mines Corp. (NYSE: DNN)
Denison Mines Corp. is a mining stock that explores for uranium in Canada. The development company has a 95% interest in its flagship Wheeler River uranium project in the Athabasca Basin region in northern Saskatchewan. This project alone has been extremely fruitful for the company, with a high quantity of uranium ore.
In the last six months, DNN has experienced some large-scale spikes and dips in the market. The company’s average volume as of October 8th is over 13 million. YTD, shares of DNN stock are up by over 104% and in the past twelve months by over 290%. So why is DNN stock performing so well in the market all the time?
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On September 28th, the company announced that it has entered into an equity distribution agreement. This agreement is for providing an at-the-market offering with Cantor Fitzgerald and Scotia Capital. This will allow Denison, through these companies, to offer and sell in Canada and the United States through the facilities of the Toronto Stock Exchange or the NYSE American. The number of common shares offered would have an aggregate offering price of up to USD 50 million.
The company plans to use any proceeds from the at-the-market offering to fund its mineral property evaluation and project engineering activities. It also wants to use the funds for long-lead project construction items and general corporate and administrative purposes. Now it will be interesting to see how Denison performs in the future. Considering this, will DNN be on your list of penny stocks to watch?
Ambev S.A. (NYSE: ABEV)
Ambev S.A. is a penny stock that has begun to show some bullish momentum in the past few trading days. Although for the year, trading with ABEV stock has been mostly flat, it has experienced quite a lot of ups and downs. If you’re not familiar, this company offers a range of products such as beer, non-alcoholic beverages, malt, and food products. Some of the alcohol brands Ambev offers are Brahva, Budweiser, Bud Light, Stella Artois, Corona, and Modelo Especial. When it comes to non-alcoholic beverages, Ambev offers Gatorade, Lipton, Fusion, Pepsi, and Seven-Up among many others.
Ambev has yet to release a new update since July. Back in July however, the company provided an earnings and operational update for the second quarter of 2021. It seems like Ambev was able to achieve some recovery after the pandemic held it back. Its net revenue went up by 36% year over year. Its normalized profit also grew by an impressive margin, up 116%. In addition to this, its consolidated volumes set a new company record during the second quarter.
It will be interesting to see what ABEV reports in its third-quarter results, which currently do not have a release date yet. However, the previous results are exciting for the company, and do show solid growth prospects that have yet to be reflected in its share price. For now, will ABEV make your penny stock watchlist?
Which Penny Stocks Are You Watching Right Now?
Considering that the market is ripe with potential right now, it is worth doing all the research you can to give you a better chance at staying in the green. With all of that in mind, which penny stocks are you watching right now?