Are These Penny Stocks on Your Watchlist Right Now?
After a bullish and relatively stable day of trading penny stocks and blue chips, investors are eager about what the future could hold. Now, in the past few months, penny stocks and the entirety of the stock market have been highly volatile. While this is traditionally characteristic of penny stocks, it is not usually the extreme that we’ve witnessed recently. With the Omicron variant and high inflation rates, investors are showing high levels of uncertainty about the short-term future.
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And while this may seem scary to some, to others, it presents a way to make money with penny stocks. Because most traders tend to swing trade small caps, large price movements present a way to benefit in small increments of time. If a stock shoots up or down a few hours or a few days, investors can take advantage. But, this involves having a well-thought-out and consistent trading strategy.
When it comes to trading any type of stocks, knowing your tolerance for risk and threshold for volatility, will go on a long way. And this is especially true when it comes to small caps. Lastly, understanding what the market is doing and what events are on the horizon, will benefit you greatly. Considering all of this, let’s take a look at three penny stocks to watch as the market regains confidence.
3 Top Penny Stocks to Watch in December 2021
- DatChat Inc. (NASDAQ: DATS)
- New Gold Inc. (NYSE: NGD)
- Ideanomics Inc. (NASDAQ: IDEX)
DatChat Inc. (NASDAQ: DATS)
One of the bigger gainers of the day is DATS stock, pushing up by almost 5% at EOD. While no news came out on December 6th showing why DATS stock would push up, we can look at some older announcements to try and deduce a reason. At the end of November, the company announced the launch of a new rewards program known as Nirad Points Rewards Program or NRD. This will offer the first 1 million users 10,000 NRD.
“We see this as a unique opportunity to vastly accelerate the growth of the DatChat platform by attracting new users that understand and appreciate the importance of blockchain and privacy technology. The Nirad will underpin our blockchain network and power our platform through the engagement of our community.”
Darin Myman, the CEO of DatChat
If you’re not familiar with DatChat, it is a tech company working in the fields of blockchain, cybersecurity, and social media. It offers tech that enables its users to message privately, send encrypted photos, and so on. Right now, there is a large amount of bullishness surrounding the tech industry. And because of this, DATS is seeing heightened attention. Whether this makes DATS stock worth adding to your list of penny stocks to watch or not is up to you.
New Gold Inc. (NYSE: NGD)
New Gold Inc. is a mining penny stock that climbed by a solid 8%, which is quite substantial for a mining stock. While NGD’s main focus is on mining gold, it also searches for silver and gold at its deposits. Its primary properties are the New Afton and Rainy River Mines in Canada. In addition, the corporation owns and runs the Cerro San Pedro mine in Mexico. This penny stock frequently fluctuates in response to current gold prices. However, because New Gold also mines for silver and copper, the prices of those metals have an impact on the company as well.
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On November 19th, the company provided an update on the impact of heavy rains in British Columbia at the New Afton Mine. These heavy rains have created flooding and mudslides in the region. As a result, transportation routes to the New Afton mine have been disrupted. This flooding has had no impact on the infrastructure or operations of the New Afton mine.
The company stated that the negative impact on the mine will depend on the duration of the transportation disruption. Despite this small upset, New Gold is performing well at the moment. On December 6th, New Gold Inc. is up over 8% in total. It’s hard to deduce exactly why this occurred, however, it could be the result of the bullishness on gold right now. Considering this, will you add NGD stock to your penny stocks watchlist in December?
Ideanomics Inc. (NASDAQ: IDEX)
Ideanomics Inc. is another decent gaining penny stock that increased by 3.68% on December 6th. If you’re not familiar, Ideanomics operates in two sectors: mobility and fintech. On one hand, the company promotes fleet operators to replace their current vehicles with electric vehicles. Ideanomics aids these firms at every stage of the process, including procurement, financing, charging, and energy management requirements for the adoption of these commercial electric vehicles. On the other hand, Ideanomics invests in budding fintech solutions, which has become a major focus in the past few months.
On November 23rd, the company released its third-quarter financial results for 2021. Ideanomics’ total revenue was $27 million during the quarter. Its revenue from its Mobility Unit was $11.5 million, up from $8.7 million the previous quarter. This is the third quarter in a row that the Mobility Unit has received growth. The company’s gross profit was $4.5 million compared to $0.7 million year over year.
“This quarter was highlighted by two very important strategic planned acquisitions of VIA Motors and Energica both scheduled to close in the first quarter. The integration of these two companies provides Ideanomics with full OEM capabilities across vehicle types, and positions Ideanomics as one of the only full-service, turnkey, offerings in the market today.”
Alf Poor, the CEO of Ideanomics
Noting this recent stock price increase and its financial results, will IDEX make your penny stock watchlist?
Which Penny Stocks Are on Your Buy List?
If you’re looking for the best penny stocks to buy, there are hundreds to choose from. But, because there is so much price movement in the stock market right now, knowing exactly where to look and which ones fit your investing style, will be a large asset to your trading.
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Right now, investors need to consider factors such as the Omicron variant and inflation as a part of their trading strategies. With all of that understood, which penny stocks are on your buy list right now?
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