3 Penny Stocks to Watch in March 2022
As another volatile day of trading penny stocks comes to an end, there is a lot for investors to consider. And as a result of conflict between Russia and Ukraine, investors are on the edge of their seats right now. But, have no fear because every event going on can be broken down and looked at from a potentially profitable point of view.
To understand how to make money with penny stocks, investors need to know exactly what is going on in the stock market. And right now, this includes the geopolitical tension with Russia and its invasion of Ukraine, inflation and rising interest rates, and the pandemic. So, with all of this in mind, let’s take a look at three penny stocks to watch in March.
3 Penny Stocks to Add to Your Watchlist in March
- Globalstar Inc. (NYSE: GSAT)
- Arrival SA (NASDAQ: ARVL)
- Clear Channel Outdoor Holdings Inc. (NYSE: CCO)
Globalstar Inc. (NYSE: GSAT)
One of the larger gainers of the day today is GSAT stock. At EOD, shares of GSAT had climbed by over 20% to more than $1.16 per share. This is a substantial gain and reflects big news that the company announced during early trading. Before we get into the news, it’s worth looking into what Globalstar does. Globalstar is a provider of personal safety and satellite products. This includes its line of SPOT Satellite GPS messenger products and low-earth-orbit satellites. As a provider of these IoT products, Globalstar has a large role in the tech industry.
During trading today, the company announced that it has entered into a satellite procurement agreement with Macdonald, Dettwiler and Associates Corporation. This will allow Globalstar to acquire 17 new satellites to build out and update its current configuration. The total price of the contract comes in at $327 million, which is quite a large number.
“After running a competitive process with multiple bidders, we are very pleased to announce the selection of MDA in partnership with Rocket Lab for the construction of our new satellites. The combination of these vendors offered us the best overall balance of innovation, technical capability, schedule reliability and cost.”The CEO of Globalstar, Dave Kagan
The company states that the satellites will allow it to continue offering its customers uninterrupted service and high-quality satellite needs. While it is tough to say what the long-term impact of this will be, there’s no doubting the excitement behind it right now. With all of that in mind, will GSAT be on your penny stocks watchlist?
Arrival SA (NASDAQ: ARVL)
Another big gainer of the day is ARVL stock. By EOD on February 24th, shares of ARVL had shot up by over 4.8% to more than $3.49 per share. And despite a more than 65% drop in the past six months, it’s clear that there is a small renewed bullish sentiment surrounding the company. To understand why it is trading up right now, we have to also look at why shares have been down in the past few months.
The main reason comes as Arrival is finding it challenging to enter into the electrified transport space. Back in March of 2021, the company went public via an SPAC, and stated that it would deliver its first all-electric bus by the second quarter of this year. And now, this lofty goal has proven itself to be highly challenging for the company. But, there are a few positives that ARVL stock has up its sleeves right now.
For one, the company has partnerships with several major companies including Uber, Hyundai and UPS. But, these are all dependent on whether the company can deliver or not. Now, the contract with UPS for 10,000 vehicles with the option to purchase 10,000 more, is able to be canceled at any time. But, if it delivers, Arrival SA could be a penny stock to add to your watchlist.
Clear Channel Outdoor Holdings Inc. (NYSE: CCO)
Clear Channel Outdoor Holdings is a penny stock that we have discussed numerous times in the past few months. And today, shares of CCO stock shot up by almost 10% at EOD. In the past month, we’ve seen a sizable bullish rally with the company, as it has added more than 35% in value during that time. And in the past six months, that number almost doubles to more than 66%.
So, why is there so much bullish sentiment surrounding CCO stock right now? Well, to understand this, we have to take a closer look at the company. The reason for today’s double digit gain comes as the company announced its results for the fourth quarter of 2021. In the results, it managed to increase revenue in America by more than 44% to $371.1 million with its segment adjusted EBITDA up by over 80%.
“As the recovery in our business accelerated, we delivered strong revenue in the fourth quarter of 2021 surpassing both the fourth quarter of 2020 and 2019, in each of our segments. Entering the new year, we are continuing to see broad-based demand from advertisers, with particular strength in the Americas.”The CEO of Clear Channel Outdoor Holdings, Scott Wells
In addition to this, the company managed to grow its European revenue by 30$ to more than $349 million with a segment adjusted EBITDA up by over 128%. Moving forward, the company expects its Q1 2022 consolidated revenue to come in between $520 million and $550 million. And, with $410.8 million in cash, Clear Channel looks like it is in an interesting position to grow. Considering all of this, is CCO worth adding to your list of penny stocks to watch or not?
Are Penny Stocks Worth Buying Right Now?
With so much going on in the stock market, buying and selling penny stocks right now can be difficult. But, with a consistent and thorough understanding of how to trade penny stocks, it can be much easier than previously imagined.
In February 2022, there is a lot for investors to consider. This includes geopolitical conflict, rising interest rates, Covid, and more. And because of this, learning how to take advantage of the current situation is paramount to profiting. With that in mind, are penny stocks worth buying right now?