Are These Penny Stocks on Your Watchlist Right Now?
Right now, there are a sizable amount of factors for penny stocks traders to consider. And before we get into them, we have to understand why these issues matter when it comes to trading penny stocks.
The easiest answer to this is that penny stocks are highly speculative. As a result of their low prices and high volatility, penny stocks tend to move frequently when any news is announced. Right now, the three most important factors in the stock market are the Omicron surge, today’s Fed meeting, and high inflation.
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First, we have heightened numbers of Covid due to the highly infectious Omicron variant. While fear is not as much of an issue as it was a few weeks ago, the severity of this variant continues to wreak havoc on world markets. Second, we have the Fed meeting which went as expected.
In the meeting, Fed Chair Jerome Powell discussed unemployment, and tapering efforts. While there is a lot to not look forward to, the stock market seemed enthused by the announcement, which resulted in an EOD spike. Lastly, we have inflation, which is more of a long-term fear, however, it remains a consistent mover. Considering all of this, let’s take a look at three penny stocks to watch with all of these factors in mind.
3 Penny Stocks to Watch as 2021 Comes to an End
- Progenity Inc. (NASDAQ: PROG)
- Transocean Ltd. (NYSE: RIG)
- Powerbridge Technologies Co. Ltd. (NASDAQ: PBTS)
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a biotech penny stock that managed to climb by a sizable 4.4% or so during trading on December 15th. If you’re not familiar, Progenity is a company that creates molecular testing equipment. Progenity recently received acclaim for its COVID-19 PCR testing services, which have been popular ever since the onset of the pandemic. In addition to its Covid testing capabilities, Progenity supplies genetic testing products for disorders such as Lynch syndrome and many more.
On December 2nd, Progenity revealed a new invention for a single-molecule detecting therapy. The title of this patent is “Methods, Systems, and Compositions for Counting Nucleic Acid Molecules,” and it was issued by the United States Patent and Trademark Office. This invention covers crucial methods for counting target molecules, which eliminates the requirement for sequencing.
The company presently has a significant patent portfolio relating to its single-molecule detection platform, which has contributed to Progenity’s overall appeal. This consists of six patent families that cover various areas of Progenity’s programs. Progenity currently has a portfolio of 96 patent families, totaling 180 issued patents and 220 pending. Many of these patents and applications are related to methods and devices for drug delivery, GI sampling, treating disease, and more. Noting its recent advancements, will PROG be on your list of penny stocks to watch?
Transocean Ltd. (NYSE: RIG)
Transocean Ltd. is a sizable player in the energy industry, specializing in offshore contract drilling. The company contracts employees for drilling rigs, drilling equipment, and labor in relation to oil and gas wells. Currently, it owns or has a stake in 37 mobile offshore drilling units. Included in these units are 27 ultra-deepwater floaters and 10 harsh environment floaters. Transocean is also working on adding two more ultra-deepwater drillships to its sizable fleet.
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On November 5th, Transocean Ltd. announced a new joint venture with Intellilift. Intellilift is a subsidiary of the industrial technology group Nekkar, and Transocean will own a 33% interest in the partnership. This joint venture will work to commercialize products and services referring to well construction solutions. The development process has already begun although we likely won’t see the fruits of this deal for some time now.
The joint venture has been dubbed “Inteliwell” and will be used to incorporate digital systems for drilling control, well construction, real-time data monitoring, and more. Additionally, this solution will connect with the drilling rig’s control system to apply tasks on its own according to the plan for the well. The goal is to accelerate the construction process behind the well itself, reducing downtime and increasing efficiency. In the past YTD period, shares of RIG stock have shot up by a respectable 26%. With that in mind will RIG stock make your watchlist before 2021 ends?
Powerbridge Technologies Co. Ltd. (NASDAQ: PBTS)
Powerbridge Technologies Co. Ltd. is a technology firm that develops software programs and offers technological solutions. Its services, which include Trade Enterprise, Trade Compliance, Powerbridge System Solutions, and others, are primarily offered in China. Powerbridge’s Blockchain-as-a-Service offering is especially noteworthy since it propels the company further into the blockchain ecosystem. And as you may know, anything having to do with blockchain or cryptocurrency right now is receiving heightened attention.
On October 8th, the corporation announced the establishment of crypto mining fleets for Bitcoin and Ethereum. Powerbridge’s subsidiary, Powercrypto Holdings, will finish the fleet establishment. The company states that it intends to complete the deployment of 2600 high-performance mining rigs in Hong Kong and elsewhere. Powercrypto expects to deploy these mining rigs, which are comprised of 600 BTC mining machines and 2000 ETH mining machines.
“We are very excited about our launch and positioning as a global presence in the cryptocurrency mining business. We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate our revenue.”
President of Powerbridge, Stewart Lor
Powerbridge remains a popular penny stock and continues to garner quite a bit of attention. Noting its new mining advancements, will PBTS make it onto your penny stocks watchlist?
Are Penny Stocks Worth Buying Right Now?
With so many penny stocks to choose from, it can be difficult to pick the best ones for your watchlist. However, because there is such a broad range of penny stocks out there, the options are plenty. Right now, there is a lot that investors need to consider before investing.
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For starters, traders should have both a thorough understanding of what’s going on in the stock market and what their own investing style is. With all of that in mind, do you think that penny stocks are worth buying right now?
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