3 Penny Stocks to Watch in March 2022
If you’ve traded penny stocks in the past few months, you’re likely used to the extreme volatility we’re witnessing right now. But, if you’re not familiar, there are a few things to understand that will help you to make money with penny stocks.
First and foremost, we have to take a look at what is going on in the stock market right now. And in case you haven’t been watching the news, the biggest issue right now is the invasion of Ukraine by Russia. While this has resulted in major market volatility, nobody could have predicted the amount of volatility that it would have led to. And, most investors believe that this will only continue into the future.
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Because of this, many have chosen to look at defense stocks, energy stocks and a few more. But, as traders, it is up to us to think outside of the box and consider all of the options. Before going any further, investors should have a thorough understanding of their own trading strategy. This means one thing in particular; knowing if you are comfortable or uncomfortable with risk.
And because the market is so volatile, traders essentially need to be comfortable with the high level of volatility in play right now. So, while investing in penny stocks may seem scary in 2022, there are also a lot of potential benefits to consider. But, knowing how to trade and what to take advantage of, remain crucial assets in your search. With all of that in mind, let’s take a look at three penny stocks to add to your watchlist next month.
3 Penny Stocks to Add to Your Watchlist Next Month
- New Gold Inc. (NYSE: NGD)
- Joby Aviation Inc. (NYSE: JOBY)
- Denison Mines Corp. (NYSE: DNN)
New Gold Inc. (NYSE: NGD)
One of the bigger gainers we saw on Friday, February 25th was NGD stock. On that day, shares of NGD managed to climb by more than 3%. This is quite a substantial amount and reflects both New Gold Inc. as a company and the gold industry at large. In the past few weeks, we’ve seen the price of gold skyrocket. This is due to the geopolitical conflict at play between Russia and Ukraine right now.
When there are large conflicts like this, we often see the price of gold and similar resources shoot up in value. And, this is no different. In the past six months, shares of DNN stock have shot up by over 45%. This is no small feat and shows just how ferociously the price of gold is going up. Specifically considering NGD, we saw the company release its fourth quarter operational results and full year 2021 report a few days ago. In the report, the company announced high production and low operating expenses.
“While we had to navigate challenges throughout 2021, I am extremely proud of our resilient team and the way we ended the year. The fourth quarter delivered our strongest production quarter of the year, allowing us to meet our updated guidance. It was also our lowest quarter from a cost perspective, leading to our highest free cash flow quarter of the year. Adding to that, we exited the year on a strong note with the sale of the Blackwater gold stream.”
The CEO of New Gold Inc., Renaud Adams
All of this is very exciting for the company and shows that it could be worth keeping an eye on. With that in mind, will NGD be on your list of penny stocks to watch or not?
Joby Aviation Inc. (NYSE: JOBY)
In the past few days, we’ve covered JOBY stock numerous times. And, in the past month, shares of JOBY stock have shot up by over 19%. This is a sizable gain and one that is also illustrated by the popularity of JOBY stock right now.
And at right under $5 per share, JOBY stock is approaching no longer being a penny stock. But, while it is, it’s worth taking a closer look at. A few days ago, shares of the air taxi maker dropped after it reported a crash during a test. This crash while not anticipated, is not a major deal for the company.
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And, the company followed up by stating that crashes are a standard part of the testing process. Additionally, the company recently announced a new partnership in Japan, which was overshadowed by this crash. So, with that considered, is JOBY stock worth buying or not?
Denison Mines Corp. (NYSE: DNN)
Another penny stock that investors are watching right now is Denison Mines. In the past few days, we’ve seen shares of DNN stock continue to climb. Over the last month, DNN stock has shot up by over 19%. This is no small feat and is a reflection of the uranium industry and Denison itself. A few days ago, the company announced great results at one of the sites located at its 95% owned Wheeler River Uranium Project.
“Follow-up drilling encountered additional uranium mineralization that is also expected to be additive to future updates to the resource model for Phoenix Zone A. Of particular interest is the perched mineralization discovered in WR-784, which presents a style of mineralization that has not been previously encountered at Phoenix.”
The Director of Exploration at Denison
All of this is very exciting for both Denison and investors alike. If you’re not familiar, Denison is a uranium exploration and development company. It has interests in several areas of Canada including Saskatchewan, where it owns a 95% interest in the Wheeler River project. This is a major uranium deposit and one that has been a big positive for Denison Mines. And, with a 50% ownership interest in JCU, Denison has interests in several other projects across Canada. So, with all of that in mind, is DNN stock worth adding to your penny stocks watchlist or not?
Which Penny Stocks Are You Watching in March?
If you’re looking for the best penny stocks to buy, there are hundreds of options to choose from. However, understanding exactly what is going on in the stock market and how to take advantage will always be crucial.
For those that wish to make money with penny stocks, there are plenty of ways to do just that. But, the best place to start will always be to have a proper trading strategy on hand. This means knowing your tolerance for risk and using that in every trade you make. Considering all of this, which penny stocks are you watching in March?
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