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Best Penny Stocks to Buy During The Down Market? 3 to Watch

Here are three penny stocks to watch with the stock market down today

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3 Penny Stocks to Add to Your February 2022 Watchlist 

With another rough day of trading for penny stocks and blue chips, we are seeing a renewed sense of volatility in the stock market. And although trading has been extremely up and down in the past few days, today confirms that this is continuing. 

So, why is the stock market down today? Well, there are a few reasons why this is the case. Today, the Dow Jones Industrial Average dropped by over 500 points. This puts it down by over 9% from its recent highs, which is a sign of a serious correction. 

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Now, while some are pointing to a case for a bear market, others believe that this could be temporary. With the stock market and penny stocks, in particular, we often see a natural ebb and flow. And with a lot of uncertainty surrounding the future, investors fears are coming to fruition in how stocks are trading right now. Additionally, we have several interest rate hikes occurring this year to help slow inflation down. This has also instilled fear that economic growth may slow. 

But, it does appear that the opposite could be true as Omicron related Covid cases continue to show signs of slowing down. Regardless, having a consistent trading strategy will continue to be your best chance of making money with penny stocks. With that in mind, let’s take a look at three to watch with the market down today. 

3 Penny Stocks to Watch With the Stock Market Down Today 

  1. Alto Ingredients Inc. (NASDAQ: ALTO
  2. Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV)
  3. BioDelivery Sciences International Inc. (NASDAQ: BDSI

Alto Ingredients Inc. (NASDAQ: ALTO) 

During trading today, shares of ALTO stock climbed by over 7% before dropping to a 2.3% gain at midday. While many large gains occur without news, Alto made an exciting announcement during premarket trading today. 

Before we get into it, it’s worth looking into what the company does. Alto Ingredients is a producer of specialty alcohols and essential ingredients. Today, the company updated its full-year 2021 gross profit guidance. It stated that it expects its full-year gross profit to be more than $60 million. This is a $40 million increase over its previous guidance. 

“Due to strong fourth quarter fuel ethanol margins combined with our operational improvements, we have increased our full-year 2021 gross profit guidance by 50% to over $60 million.” 

The CEO of Alto Ingredients, Michael Kandris

This is major news and is a clear reason for its sizable uptick during trading today. Because Alto has hands in many markets including food, beverage, home, beauty, and health, the company has a very large exposure to the economy at large. And with its major improvements in gross profit, it makes sense that investors are interested in the company right now. So, with all of that in mind, do you think ALTO stock deserves a spot on your list of penny stocks to watch?

Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV) 

One of the larger gainers of the day so far is HOFV stock. By midday, shares of HOFV had defied the rest of the market, shooting up by over 17%. While HOFV stock is down by around 55% in the past six months, this represents a very sizable bullish turnaround. Now, there is no news that is sparking today’s gain for HOFV. 

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However, we could surmise that it is moving due to a positive correction for crypto and NFTs. And, HOFV has hands in several different aspects of the NFT industry. It is hard to say with absolute certainty whether this is the case or not, however, with penny stocks, speculation is often the main driver of movement. The most recent news for Hall of Fame came last week when it announced an update. A few week ago, it provided an update regarding the success of its NFL Alumni Academy. 

“There is no other development and training program in the world that can prepare these aspiring professionals for a career in the NFL like this one. The value that NFL teams see in the Academy is validated by the several individuals who have achieved their dreams of reaching the NFL after participating in this program.” 

Michael Crawford, the CEO of Hall of Fame

While this may not be responsible for today’s gain, it is an exciting prospect nonetheless. With that considered, will HOFV be only our penny stocks watchlist?

BioDelivery Sciences International Inc. (NASDAQ: BDSI) 

Another decent gainer of the day so far is BDSI stock. By midday, shares of BDSI had jumped by over 8% to north of $3.65 per share. The big news for BioDelivery came as H.C. Wainwright & Co. maintained a neutral rating, and raised a price target on BDSI from $4 to $4.50. This comes as BioDelivery recently announced that it expects net sales of its Belbuca compound to be at the higher end of its guided range for the 2021 year. 

It stated recently that net product revenues for the full 2021 year, should come in at around $165 to $167 million. This is a heightened guidance from the previous projection and shows a 6% YoY growth rate. With three FDA-approved compounds right now, BDSI looks like it is in a solid position to continue growing into the next few months. Whether this makes it worth adding to your list of penny stocks to buy, is up to you. 

Which Penny Stocks Are You Watching?

While finding penny stocks to buy right now can be challenging, there are plenty of ways to do just that. Of course, we first have to consider why the stock market is down and how we can benefit. In the past few weeks, there have been plenty of factors that have impacted the market. 

[Read More] 3 Penny Stocks to Watch Under $4 Right Now

This includes, the pandemic, inflation, geopolitical events, Fed rate hikes, and much more. And with all of these, we have seen a market that is extremely speculative and difficult to characterize. So, to have the greatest chance of benefitting, investors need to have a consistent trading strategy that can shift with the times. Considering all of this, which penny stocks are you watching right now?

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By D. Marie

Growing up in the Tri-State area, Wall Street is in my blood. I'm not one to sit and wait, I'm always on the move to find the next big thing and be first to report. I like to focus on any sector that's hot and be at the ground floor of a market boom.

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