3 Good Penny Stocks to Watch Next Month
With penny stocks and blue chips seeing another interesting and volatile day of trading, there is a lot for investors to know right now. First and foremost, it is crucial to understand exactly what is at play with penny stocks, the stock market, and how to take advantage. Right now, there are two factors that are contributing to market movement.
On one hand, we have the invasion of Ukraine by Russia. This has been an ongoing geopolitical issue for a few weeks at this point, however, new developments have continued to surface. During early morning, we witnessed major attacks on the capital of Ukraine, and, we also saw news that Putin could potentially be interested in peace talks. This is still a developing story with many layers to it, and therefore, it remains a major source of volatility.
On the other hand, we also have to consider rising inflation and interest rate hikes that are likely to occur in the next few weeks. Because inflation has climbed so high in the past two years, the Fed is likely to impose higher interest rates in March. This has contributed to fear in the market and caused large upsets during intraday trading. So, with all of this in mind, let’s take a look at three penny stocks for your March watchlist.
3 Penny Stocks For Your Watchlist in March
- Meten Holding Group Ltd. (NASDAQ: METX)
- Phunware Inc. (NASDAQ: PHUN)
- Cenntro Electric Group Ltd. (NASDAQ: CENN)
Meten Holding Group Ltd. (NASDAQ: METX)
One of the bigger gainers of the day so far is METX stock. By midday, shares of METX had shot up by over 5%, which is no small feat. In the past few weeks, we’ve covered Meten Holding several times due to its consistent popularity in the market. And despite a six-month drop of more than 65%, we are seeing a small bullish turnaround with METX stock right now.
To understand why METX stock is moving right now, we have to take a look at its recent announcements. On February 16th, the company updated investors on its cryptocurrency business. It stated that to date, it has put over 860 mining machines in operation. And, it plans to put 615 more in operation by the end of this month. Currently, Meten is operating 1482 Bitcoin mining machines, which give it a sizable amount of computing power.
“We are excited to see the progress we have made so far and the potential for our cryptocurrency business to grow in the long term. With the recent purchases and the plan to further increase the number of mining machines, we are committed to the cryptocurrency business and aim to continue to improve our financial conditions as well as maximizing value for our shareholders.”The CEO of Meten Holding, Mr. Alan Peng
Right now there is a sizable amount of emphasis on cryptocurrency and the growth of the industry at large. While it is seeing substantial volatility right now alongside the rest of the market, there is a lot to look forward to. With that in mind, will METX be on your penny stocks watchlist?
Phunware Inc. (NASDAQ: PHUN)
Another decent gainer of the day is PHUN stock. By midday, shares of PHUN had climbed by over 2.6% to more than $2.92 per share. While we did see PHUN stock shoot over $3 during the day, it has since dropped below that line. During the past few months, Phunware has been caught in the midst of Donald Trump’s social media platform.
While Phunware was rumored to be providing services to this platform, those rumors since became false. However, with links to the former President’s campaign, updates concerning the social media platform often will have an effect on PHUN stock. So, this has been one of the main drivers for PHUN price over the past few weeks and beyond.
However, the most recent update from the company came on February 17th. On the 17th, it announced a PhunToken uniswap liquidity pool rewards program. This concerns its program which is expected to launch by next month.
“We are thrilled to take this important next step in commercializing a truly decentralized data economy that can access and utilize all of the features and capabilities of our multiscreen-as-a-service (MaaS) platform. Decentralized exchanges like Uniswap will help us further decentralize PhunToken and further extend access to MaaS functionality globally.”The CEO of Phunware, Alan Knitowski
This is great news for the company and should help it to continue growing in the coming months. Considering that, will PHUN be on your list of penny stocks to watch?
Cenntro Electric Group Ltd. (NASDAQ: CENN)
Cenntro Electric Group is another penny stock that is heavily in focus during trading today. By midday, shares of CENN stock had shot up by over 6% to more than $1.40 per share. This is a sizable uptick and one that reflects a bullish turnaround from its 33% drop in the past month. Over the last six months, shares of CENN stock have shot down by over 85%. But in the past few days, we’ve seen renewed bullish interest in the company.
The main reason comes as the company is often discussed on Reddit. This brings in a sizable amount of volatility and movement to CENN stock. Last year when Reddit converged on the stock, the company took advantage by issuing more stock and raising capital. And then, the company began a pivot into the EV market through the acquit ion of privately held, Cenntro Automotive Group.
It then changed its name from Naked Brand Group to Cenntro Electric in an attempt to disguise its past. Then, the company committed to producing roughly 20,000 vehicles in 2022, and since 2013, the company has only produced 3,600. So, while it is tough to say that CENN stock is worth buying, it’s clear that there is some volatility to play with. Considering all of this, do you think CENN stock is worth it or not?
Which Penny Stocks Are You Buying Next Month?
If you’re searching for the best penny stocks to buy next month, there are plenty of options to choose from. While it can be difficult given the sheer number of options out there, understanding exactly what is going on in the market will be a tremendous help.
In addition, having a well-thought-out trading strategy will be a major benefit to your trading. Considering all of this, which penny stocks are you buying next month?