3 Hot Penny Stocks For Your February 2022 Watchlist
In the past few days, trading penny stocks and blue chips has not been easy. With so much volatility, making money with penny stocks in 2022 can be difficult. But, by understanding what is going on in the stock market, it can be much easier.
Right now, there are several factors to consider simultaneously. This includes inflation, interest rates, geopolitical tensions, and of course, the pandemic. And, we also are witnessing earnings reports from major tech companies right now, adding even more volatility into the mix.
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One of the biggest stories today is Meta Platforms Inc. (NASDAQ: FB), which posted earnings below expectations. As a result, shares plummeted by over 26% during intraday trading. On the winning side, companies like Aridis Pharmaceuticals Inc. (NASDAQ: ARDS), are seeing heightened bullish momentum today.
So, while it is a tough time to be an investor in the stock market, many believe that the future could be bright. But, always make sure that you have a proper trading strategy on hand that can adapt to changing market conditions. Considering that, let’s take a look at three hot penny stocks to add to your February watchlist.
3 Penny Stocks to Add to Your Watchlist Right Now
- Phunware Inc. (NASDAQ: PHUN)
- Senseonics Holdings Inc. (NYSE: SENS)
- Iterum Therapeutics PLC. (NASDAQ: ITRM)
Phunware Inc. (NASDAQ: PHUN)
One of the bigger gainers of the day so far is PHUN stock. By midday, shares of PHUN had shot up by over 7.3%. With penny stocks, we often see prices move up or down substantially in a given trading day with little to no news. And, this seems to be the case right now with PHUN stock.
Right now, we are seeing two reasons why PHUN stock could be pushing up, but both are non-company related. On one hand, Phunware could be rising as a sympathy play alongside news from the SPAC, CF Acquisition Corp. VI (NASDAQ: CFVI). Because PHUN stock is speculatively tied to certain similar stocks, it tends to see large movements when others move as well.
Now, shares of PHUN have shot up by over 14% in the past five days which is no small feat. And, in the past six months, shares have climbed by over 126%. If you’re not familiar, Phunware also has a sizable connection to the Trump social media platform SPAC, Digital World Acquisition Corp. (NASDAQ: DWAC). As a result, it is extremely speculative and continues to move in both directions by large amounts. With all of this in mind, will PHUN be on your list of penny stocks to watch?
Senseonics Holdings Inc. (NYSE: SENS)
Another decent gainer of the day is SENS stock. By midday, shares of SENS had shot up by over 8% to $3.07. Similarly to PHUN stock, there is no news that is driving SENS right now. However, we can look at recent press releases to see why shares may be pushing up. For one, the company announced on January 5th that it expects the FDA to give it approval on its Eversense Glucose Monitoring System.
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It stated that the FDA review of its PMA supplement is nearing completion and that it has answered all queries asked. Moving forward, the company plans to transition this 180 day CGM system into its product line by the second quarter of this year. And, the company reiterated its FY2021 outlook stating that it could see sales between $12 and $15 million for the year.
“We understand that the FDA is at full capacity managing the backlog of COVID-19 related filings creating longer than expected review timelines. We are confident a decision regarding approval of the 180-day system will be made in the coming weeks as the FDA continues to clear out the backlog.”
The CEO and President of Senseonics, Tim Goodnow
This is all great news for the company and comes at a time when healthcare is heavily in focus. While it may take some time to fully realize sales from this new variation of its product, SENS remains an interesting company to add to your penny stocks watchlist.
Iterum Therapeutics PLC. (NASDAQ: ITRM)
Iterum Therapeutics is a penny stock that we have covered numerous times in the past few months. And today, shares of ITRM stock managed to shoot up by around 6.9%. If this seems like a lot, in the past five days, shares of ITRM have climbed by almost 40%, which is no small feat whatsoever.
Similar to the other two penny stocks on this list, Iterum has not released any news that could be responsible for its recent gains. However, as stated earlier, there is a sizable emphasis on the biotech industry right now and in the past few months. The most recent news from ITRM came in December when it announced an inducement grant under the NASDAQ Listing Rule 5635 (c)(4).
If you’re not familiar, Iterum is a clinical-stage pharmaceutical company working on the development of anti-infective drugs. This includes sulopenem, which is a compound used in fighting antibiotic-resistant infections. Sulopenem is currently in Phase 3 clinical studies for both an oral and IV formulation of the compound. Because this substance is so far along, this seems to be what many investors are excited about with ITRM stock. Considering this, will it be on your list of penny stocks to watch?
Are Penny Stocks Worth Buying?
Finding the best penny stocks to buy all comes down to understanding where to look. In 2022, there are hundreds of options to choose from. And while this can be a daunting task, there are a few steps to put you in the right direction. First and foremost, investors should have a thorough understanding of what is going on in the stock market.
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This means knowing what factors are either short and long term, and how to take advantage. In addition, understanding how to trade penny stocks is a crucial step in making money with small caps. And while it is often overlooked, it remains paramount to profiting. Considering all of this, do you think that penny stocks are worth buying or not?
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