best penny stocks to buy now

Are These Penny Stocks on Your Watchlist Right Now?

While another market selloff is in the mix for both penny stocks and blue chips, investors do seem optimistic about the future. Right now, there are several factors that are impacting the stock market. This includes the rise of the Omicron variant mostly as well as high inflation in the U.S. and the most recent stimulus package. While penny stocks as a whole are quite volatile, these large factors are having an even greater impact on how small-caps trade. 

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Now, this should not serve to incite fear but rather, it should inform you as to how to take advantage of these price swings. So, while it is a tough time to buy and sell penny stocks, there is plenty of money to be made. Considering this, let’s take a look at three penny stocks to watch right now. 

3 Penny Stocks to Watch Right Now 

  1. Ideanomics Inc. (NASDAQ: IDEX
  2. Denison Mines Corp. (NYSE: DNN
  3. New Oriental Education & Technology Group Inc. (NYSE: EDU)  

Ideanomics Inc. (NASDAQ: IDEX)

Ideanomics Inc. is a penny stock that has seen some recent bullish momentum despite a 50% drop in the past six months. If you’re not familiar, Ideanomics works in two unique sectors. On one hand, the company to offers services to promote the usage of commercial electric cars. On the other hand, it invests in a broad range of and ground-breaking fintech solutions. Its Ideanomics Mobility sector offers EV purchase, charging, financing, and energy management solutions. And separately, its Ideanomics Capital, on the other hand, invests in new and emerging fintech services as mentioned above.

The corporation revealed its third-quarter financial results for the year at the end of November. During the quarter, Ideanomics’ total revenue was $27 million. Its Mobility Unit generated $11.5 million in revenue, up from $8.7 million the previous quarter. The Mobility Unit has increased for the third quarter in a row. The company’s gross profit was $4.5 million, up from $0.7 million the previous year. These numbers are very positive, and show solid growth for the company, specifically in its EV department. 

“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.”

CEO of Ideanomics, Alf Poor

In addition to this recent info, Solectrac, an Ideanomics owned corporation was named a top 10 product winner at the World Ag Expo. Amid these new developments, is IDEX on your list of penny stocks to watch?


Denison Mines Corp. (NYSE: DNN)

Denison Mines Corp. is a penny stock that many investors have been watching over the past few months. This is owed to the optimism surrounding the uranium sector, and Denison’s significant involvement in this industry. If you haven’t heard of this company yet, Denison is a Canadian uranium exploration business. It is involved in the development of several uranium projects throughout the country, including the Wheeler River project, in which it owns a 95 percent interest in. 

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On November 4th, Denison released its third-quarter 2021 results. In the results, the company announced that its 2021 ISR field test program at the Phoenix uranium mine has been completed. Phoenix has now advanced to the feasibility study stage, with Wood PLC as the principal author. These results are important for investors, but another large announcement was recently made by the company as well.

On December 14th, Denison Mines Corp. and many other companies were added to the VanEck Uraniun+Nuclear Energy ETF. As of the third quarter, the ETF holds 25 stocks totaling a value of $27 million. VanEck’s purchase of Dension had an estimated average price of $1.22 per share. Since this was announced, DNN stock has increased in market value. On December 15th, stock shot up by over14% before correcting only a day later. Noting this recent info, will DNN be on your penny stock watchlist?


New Oriental Education & Technology Group Inc. (NYSE: EDU)

New Oriental Education & Technology Group Inc. is another popular penny stock that has continued to garner attention due to its high volume and volatile price swings. This is a private education services company that offers exam preparation, K-12 teaching, and other services. As of May 2020, its activities, services, and merchandise were offered in over 1,300 learning centers, over 100 schools, and 12 bookstores.

On November 14th, New Oriental announced new structural reforms. Because of China’s new legislation and restrictions on for-profit tutoring, New Oriental has stated that it plans to terminate all K-9 AST tutoring services at all of its learning centers by the end of this year. According to the corporation, this will have a major impact on revenues for the fiscal year ending May 31, 2022.

Most Chinese educational institutions are no longer able to offer all of the programs they once offered as a result of the restriction. While they can still supply some services, a large number of them have been removed. New Oriental’s sales, as well as those of other similar companies, will be impacted as a result of this. What’s interesting however is that these companies are working hard to continue building their businesses in spite of this legislation. While it may not be an ideal few months, EDU stock remains worth watching as its current prices. Considering all of this, will EDU stock make your watchlist before the year ends?


Can Penny Stocks Continue to See Bullish Interest?

While trading penny stocks has not been easy over the past few years, there is plenty of opportunity to take advantage of the large market movements. As a result of the sheer number of factors impacting the stock market, investors can utilize a solid trading strategy to make money with penny stocks in 2021. 

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The best piece of advice is to stay as up to date on everything that is occurring in the stock market. With that in mind, do you think that penny stocks can continue to see bullish interest?

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