3 Penny Stocks to Watch Right Now
As another week of trading comes to an end, plenty of penny stocks are showing momentum. While some fear both penny stocks and blue chips to have a massive crash following the sizable bullish movement we’ve seen, others say that is unlikely.
“Counter to the intuition of many investors, the stellar 26% YTD return is not a good reason in itself to expect a weak return in 2022.”
David Kostin, the Chief U.S. Equities Strategist at Goldman Sachs
This is a positive sign and many investors hope that this growth can continue. The largest fear for those who trade penny stocks right now is inflation. With billions of dollars given out in economic stimulus and the new $1 trillion infrastructure bill being passed, some believe that inflation will only continue to rise.
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And yes, this fear is warranted, however, it doesn’t mean that there will be a crash with certainty. So, considering all of this, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks to Add to Your Watchlist in November
- Digital Ally Inc. (NASDAQ: DGLY)
- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
- Precipio Inc. (NASDAQ: PRPO)
Digital Ally Inc. (NASDAQ: DGLY)
Digital Ally Inc. is a manufacturing and distribution company that specializes in digital video imaging, storage, disinfectants, and other safety items. In the United States, these items are employed in law enforcement, security, and commercial applications. One of its products is a police enforcement in-car digital video mirror system. And, its other products work similarly and are used for purposes relating to this.
On November 18th, the company announced its revenue guidance for the fourth quarter of 2021 and the fiscal year 2022. Digital Ally stated that it expects its fourth-quarter revenues for 2021 to be more than $9 million. Overall, the company’s 2021 fiscal year revenue expectation is at about $18 million. Now Digital Ally expects its 2022 fiscal year revenues to be about $50 million.
“We are pleased with our third-quarter financial results and more specifically our recently acquired operating companies. Both TicketSmarter and Digital Ally Healthcare are already impacting our financial metrics and we are confident that through organizational synergies and solid leadership vision, the best is yet to come.”
The CEO of Digital Ally, Stan Ross
In the past five days, shares of DGLY stock have shot up by around 14%, which is no small feat. Despite less than stellar performance in the first half of the year, it looks like DGLY stock is making a bullish comeback right now. Based on this new information, will DGLY be on your penny stock watchlist?
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Seanergy Maritime Holdings Corp. is a shipping and transport company that has pulled in more than 84% in gains in the past YTD period and over 110% in the past twelve months. Specifically, this company ships dry bulk goods around the world by sea. Seanergy’s vessels mostly deliver iron ore and coal, however, it ships a large range of other goods as well. Seanergy currently operates a fleet of 17 Capesize boats with an average cargo-carrying capacity of about 3,011,045 deadweight tons.
On November 2nd, the company reported its financial results for the third quarter and nine-month period ended September 30th, 2021. Let’s start by talking about Seanergy’s third quarter of 2021. During this period, its gross revenues grew 146% to a total of $50 million. Seanergy’s net income increased 459% year over year during this period as well.
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In the nine-month period, the company’s gross revenues and EBITDA went up 130% and 307% respectively. These numbers are very solid and show a sizable amount of growth for Seanergy. While this is a reflection of SHIP stock’s commitment to growing, it is also a sign that the shipping industry at large is performing above expectations.
“I am very excited to announce our financial results for the third quarter and nine-month period that ended on September 30, 2021, marking a record profit for Seanergy since we started acquiring our current fleet in 2015. The exceptional financial performance of our Company is attributed to the combination of the well-timed acquisitions that we executed in the past year, as well as the highest dry bulk market of the last decade.”
The Chairman and CEO of Seanergy, Stamatis Tsantanis
Using this new information as a resource, will SHIP stock make your watchlist in mid-November?
Precipio Inc. (NASDAQ: PRPO)
Precipio Inc. is a biotech penny stock that showed high volume on November 18th. This is a company that develops a large range of cancer diagnosis technologies. It offers oncology products such as clinical diagnostic services for blood-related cancers. Last year, the company began producing COVID-19 antibody tests, which drew a lot of additional interest from investors. Currently, it sells ICE-COLD-PCR tech kits for detecting abnormalities in blood samples to bio-pharma customers for clinical research and as COVID-19 antibody tests.
On November 18th, New York State’s Department of Health approved Precipio’s HemeScreen RUO assay for physician-owned laboratory use. New York State’s DOH is one of the stricter regulatory groups in the United States. This means that this was a positive piece of news for Precipio to deliver.
“The combination of the determination of a formidable practice such as NYC&B to onboard HemeScreen, and the receipt of approval from a regulatory body such as NY DOH, is yet another testament to both the clinical utility, and the business value proposition of the HemeScreen assay to the POL market”.
The CEO of Precipio, Ilan Danieli
Noting this new advancement and its role in diagnosing Covid, will PRPO be on your list of penny stocks to watch?
Are These Penny Stocks on Your Watchlist Right Now?
While 2021 has not been a banner year for stability amongst penny stocks, plenty of investors have made money trading small caps. And with only a few months left to go, there is a lot to look forward to.
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Considering that there is so much movement in the stock market, there are plenty of fluctuations for investors to take advantage of. With that in mind, which penny stocks are on your watchlist right now?
