4 Penny Stocks to Watch in February 2022
As another day of trading penny stocks and blue chips gets off to an interesting start, we continue to see high volatility in the stock market. Right now, there are a lot of factors that are impacting penny stocks and the stock market as a whole. This includes rising interest rates, Covid, geopolitical tensions, inflation, and so on.
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And because of this, the amount of uncertainty in the stock market right now is almost unparalleled. So, the best course of action is to stay as up-to-date as possible with what is going on in the world. This will make your penny stocks trading strategy potentially valuable and future-proof. With all of this in mind, let’s take a look at four penny stocks to watch in mid-February.
4 Penny Stocks to Add to Your Watchlist Right Now
- Castor Maritime Inc. (NASDAQ: CTRM)
- Bitfarms Ltd. (NASDAQ: BITF)
- Kaival Brands Innovations Group Inc. (NASDAQ: KAVL)
- Tonix Pharmaceuticals Holdings Corp. (NASDAQ: TNXP)
Castor Maritime Inc. (NASDAQ: CTRM)
One of the biggest gainers of the day so far is CTRM stock. During trading, shares of CTRM shot up by over 14% to $1.38 per share. While many sizable gains in the stock market occur without news, today, CTRM made an exciting announcement that investors should consider. During premarket, Castor announced its results for the three months and one-year period ended on December 31st.
In the results, it posted net revenue of $60 million for the three months, compared to $4.4 million in the same period one year ago. Additionally, it posted net income of $29.2 million compared to a net loss of $0.8 million in the same period of 2020. With an EBITDA of $36.1 million and cash of $43 million, Castor Maritime looks like it is in a financially advantageous position right now.
“2021 was a transformational year for Castor. We have grown exponentially ending the year with 29 vessels, on a fully delivered basis, and we have enjoyed strong operating cash flow especially in the second half of the year.”
The CEO of Castor Maritime, Petros Panagiotidis
This is great news for the company and continues to illustrate why so many investors are interested in it. With this in mind, will CTRM stock be on your list of penny stocks to watch?
Bitfarms Ltd. (NASDAQ: BITF)
Another big gainer of the day so far is Bitfarms Ltd. By midday, shares of BITF stock had climbed by a very respectable 12% to north of $4.28 per share. In the past year, shares of BITF have climbed by over 30%, indicating sizable bullish sentiment with Bitfarms.
And while the last few weeks have been nothing to write home about, it has made some bullish moves recently. Now, today’s gain with BITF stock has a rather obvious reason behind it; the rising price of Bitcoin. In the past few days, we’ve seen BTC move back above $44,000, which is a five day gain of almost 20%.
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As its name may suggest, Bitfarms is involved in the mining of Bitcoin, and owns Bitcoin mining operations in Quebec, Washington State and Paraguay. It is regarded as being the only pure-play mining company to be publicly traded on the NASDAQ, and has received plenty of attention as a result. So, with all of that in mind, will BITF be on your penny stocks watchlist?
Kaival Brands Innovation Group Inc. (NASDAQ: KAVL)
One of the largest gainers so far on February 7th is Kaival Brands Group. By midday, shares of KAVL stock had shot up by over 35% to more than $1.44 per share. While there is no company-specific news sparking this gain today, it did make an announcement on February 3rd that could be worth considering. On the 3rd, Kaival, which distributes Bidi Vapor LLC products globally, announced that Bidi Vapor has won a judicial stay of its marketing denial order that was previously announced in September of last year.
“We expect this judicial stay will result in a rebounding of BIDI® Stick sales. Many wholesale and retail partners had discontinued or slowed purchases of the BIDI® Stick, until we heard back from the courts on the likelihood of our merits case succeeding.”
The CEO of Kaival Brands and Bidi Vapor, Niraj Patel
This is great news for the company and should help it to increase the sales of this flagship product. Considering that, do you think KAVL stock is worth buying or not?
Tonix Pharmaceuticals Holding Corp. (NASDAQ: TNXP)
With a 5% gain on February 7th, Tonix Pharmaceuticals is in focus for many investors right now. It’s worth noting that in the past month, shares of TNXP stock have pushed down by around 30%. This shows that today’s gain is a sizable bullish turnaround from its recent negative trading.
While it’s tough to say why shares are gaining right now, we can look at some of its recent announcements to try and find a reason. On February 7th, the company stated that Seth Lederman, M.D., the CEO and President of Tonix, will be presenting at the BIO CEO & Investor Conference which is being held from Feb. 14th to Feb 17th. Now, it is unlikely that this is the cause for TNXP stock’s gain today.
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However, Tonix is working on a next-generation vaccine to hopefully prevent Covid. This is one of the main reasons that the company has been in focus in the past year or so. While it is tough to say what the long-term impact of this will be, it is exciting for now. With this in mind, will TNXP be on your list of penny stocks to buy this week?
Which Penny Stocks Are You Watching Right Now?
If you’re making a list of the best penny stocks to buy right now, there are hundreds of options to choose from. While it can be difficult given how much is going on in the stock market, with the right research, it can be much easier than previously imagined. Considering all of this, which penny stocks are you watching right now?
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