3 Hot Penny Stocks to Watch in Mid-January 2022 

With penny stocks and blue chips pushing up today following a dismal morning trading session, many investors are excited about the future. The big news today came as Fed Chair Jerome Powell’s testimony was regarded with positivity. Right now, those who invest in penny stocks and stocks at large, are concerned about the future. However, a statement from JPMorgan Chase CEO, Jamie Dimon today, could be a reason to build a bullish case for the future. 

Today, the finance mogul stated that “We’re going to have the best growth we’ve ever had this year, I think since maybe sometime after the Great Depression. Next year will be pretty good too. The consumer balance sheet has never been in better shape; they’re spending 25% more today than pre-Covid. Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years.” 

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This news is echoing around the stock market as investors work to cope with fears surrounding the future of the pandemic. And while there are plenty of unknowns to consider right now, there is also a lot to be excited about. Some believe that the Omicron variant could lead to the pandemic becoming endemic in the long term.

And, this excitement coincides with positive labor reports and the Fed raising rates. So, while there is a lot to be concerned about, the overwhelming sentiment in the market is that 2022 could be a great year for all. Considering this, let’s take a look at three penny stocks to add to your mid-January watchlist. 

3 Penny Stocks to Add to Your Watchlist Right Now 

  1. Phunware Inc. (NASDAQ: PHUN
  2. Black Diamond Therapeutics Inc. (NASDAQ: BDTX
  3. Transocean Ltd. (NYSE: RIG

Phunware Inc. (NASDAQ: PHUN)

While PHUN stock’s gain of around 2.8% today is nothing to write home about, it is substantial. In the past twelve months, shares of PHUN stock have jumped by over 115% which is no small feat.

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If you’re not familiar, Phunware is a MaaS or multiscreen-as-a-service that offers products, solutions, data, and SDKs or software development kits. Phunware states that it has approximately one billion active devices that touch its platform each month. Only a week or so ago, the company announced two new supplier relationships for its high-performance computers via its LYTE business unit. 

“With these new strategic supplier relationships, we took the guesswork out of selecting the right personal computer systems for power users’ needs. Phunware launched these four newly optimized personal computers designed specifically for high-end gamers, traders, streamers, and cryptocurrency miners in conjunction with CES in Las Vegas.”

The VP and General Manager of LYTE by Phunware, Caleb Borgstrom

This is all very exciting news for Phunware and should be an exciting prospect for the company moving forward. Right now, there is also a major emphasis on tech penny stocks, with Phunware being a popular company to watch. Considering this, will PHUN be on your list of penny stocks to buy this month?


Black Diamond Therapeutics Inc. (NASDAQ: BDTX) 

One of the bigger gainers of the day so far is BDTX stock, which pushed up by around 8.5% at midday. This is a sizable gain and reflects a big announcement made by the company during premarket trading today. Today, the company announced an FDA allowance of its IND application for BDTX-1535. If you’re not familiar, this is an inhibitor of EGFR for treating Glioblastoma and non-small cell lung cancer. 

“We are incredibly pleased to announce the FDA allowance of our IND, representing a significant milestone for Black Diamond as we continue to mature our pipeline of MasterKey therapies.

Based on the unique approach of our MAP discovery engine platform, we believe that BDTX-1535 is well-positioned to address the unmet needs of EGFR mutant GBM and NSCLC with robust brain penetration to ensure adequate CNS exposure and potent and selective inhibition of EGFR mutations.” 

The CEO of Black Diamond Therapeutics, David Epstein, Ph.D.

For some context, Black Diamond is an oncology-based biotech penny stock working on novel MasterKey therapies. The company utilizes a MAP drug discovery engine that can allow it to produce better and more effective therapies. So, with that in mind, do you think that BDTX stock deserves a spot on your penny stocks watchlist?


Transocean Ltd. (NYSE: RIG) 

RIG is a penny stock that we’ve covered numerous times over the past few months due to its substantial intraday gains. And again today, shares of RIG stock are up by around 6.3%. This brings its one-month total to roughly 20% and over 28% during the past twelve months. While no news has come out of the company in the past few weeks, there is an overwhelming amount of bullish sentiment in the energy industry right now. 

The most recent announcement from the company came back in November when it announced its Q3 2021 results. In the results, Transocean posted $626 million in drilling revenue, with a 98.1% efficiency. Its net loss came in at around $0.20 per diluted share with an adjusted EBITDA of $245 million. These results are encouraging although they are slightly lower than the previous quarter. 

With a company like Transocean, we have to consider the overall state of the oil and gas sector. This coincides steeply with the number of Covid cases and the overall trends regarding the pandemic. Whether this makes RIG stock worth buying or not is up to you. 


Are Penny Stocks Worth Buying Right Now?

If you’re looking for the best penny stocks to buy in 2022, there are hundreds of options to choose from. Although not all are truly worth buying, utilizing a trading strategy can help to avoid losses. In addition, understanding exactly what is going on in the stock market, can be the difference between making money with penny stocks and the opposite. 

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So, while there is a lot to consider in 2022, these factors can also be used as an advantage. Right now, shifting your trading strategy to adapt to the present day and what is going on as it relates to the day-to-day in the market. With all of that in mind, are penny stocks worth buying right now or not?

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