3 Penny Stocks for Your March 2022 Watchlist
As we ease into a new month of trading penny stocks and blue chips, there is a lot for investors to consider. Because of the sheer number of factors at play in the stock market right now, traders need to have a complete understanding of what is going on.
This means using a fully developed penny stocks trading strategy, and adapting it to the shifting conditions of the market. And, knowing exactly what is going on in the stock market, is also crucial to making money with penny stocks.
Right now, the main factor at play is the invasion of Ukraine by Russia. This has been ongoing for weeks now and continues to be the driver of all volatility in the stock market. Although there have been a few days of positive momentum, the majority of movement in the stock market has been bearish. With penny stocks, volatility is a major reason for investing.
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This is due to the swing trading method which capitalizes on price movement. But, being able to use this as an advantage is not easy, and can mean losses for a significant time frame before getting it right.
Now, the one certainty about the near future is that penny stocks will continue to be volatile. So, understanding this will allow you to have the best chance at profiting. And, knowing how to use this movement to your advantage will always be crucial when it comes to investing in penny stocks. With that in mind, let’s take a look at three penny stocks to watch right now.
3 Penny Stocks to Add to Your Watchlist in March 2022
- Transocean Ltd. (NYSE: RIG)
- Paysafe Ltd. (NYSE: PSFE)
- Denison Mines Corp. (NYSE: DNN)
Transocean Ltd. (NYSE: RIG)
One of the larger gainers of the day so far is RIG stock. At EOD, shares of Transocean shot up by over 3.8%. This is a sizable amount and shows both the bullishness on Transocean as a company, and the energy industry at large.
In the past few weeks, shares of energy penny stocks and blue chips have climbed substantially. This is the result of Russia’s invasion on Ukraine and the subsequent drop in supply of Russian oil. In the past five day and one month periods, shares of RIG stock have shot up by over 7% and 8% respectively. And to understand if RIG has a role in this, we can look at recent industry-wide news.
The most recent news from Transocean came a few weeks ago when it announced its fourth quarter and full year 2021 results. In the report, the company posted total contract drilling revenue of $621 million. Additionally, it managed to push revenue efficiency of 94.5% with a net loss attributable to controlling interest of $260 million. And, in the fourth quarter, the company posted an adjusted EBITDA of $250 million with a contract backlog of $6.5 billion as of February 2022.
“As we move into 2022, we are more optimistic than we have been in the past seven years. Energy demand remains resilient driving oil prices to seven-year highs. As a result, we are experiencing a growing list of opportunities from customers across the globe who value our high-specification floating fleet and our strong and consistent operating performance.”
The CEO of Transocean, Jeremy Thigpen
With all of this exciting news in mind, do you think that RIG stock is worth adding to your penny stocks watchlist or not?
Paysafe Ltd. (NYSE: PSFE)
One of the bigger gainers today during trading was PSFE stock. At EOD, shares of PSFE stock had shot up by over 4.8% to more than $3.03 per share. This is a sizable uptick and reflects major bullish sentiment on the company right now. In the past five days, shares of PSFE stock have shot up by over 15%.
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The reason for this comes as it recently reported its Q4 2021 financial results. In the results, the company beat expectations with revenue of $371 million. This topped the analyst consensus estimate of $357 million and the company’s own guidance of $365 million. As a result, it looks like today’s gain was both highly speculative and somewhat based on fundamentals. Whether PSFE stock can keep this momentum up remains to be seen. But in the meantime, it looks like it could be worth watching.
Denison Mines Corp. (NYSE: DNN)
Another sizable gainer of the day on March 2nd is Denison Mines Corp. By EOD, shares of DNN stock had shot up by over 5.9% to more than $1.61 per share. In the past few weeks, we’ve covered DNN stock numerous times. And with a five day and one month gain of 34% and 42%, it makes sense why.
Recently, big news in the nuclear energy industry sparked gains among DNN and similar businesses. The main reason is similar to the reason why oil and gas prices have been rising; conflict in Ukraine. As Russian military forces continue to push into Ukraine, many countries are moving to put forth restrictions on Russia. Because it is a major exporter of oil and gas, many investors are turning to alternative energy companies to avoid volatility.
Nuclear energy has remained one of the most high-efficiency and clean energy sources for quite some time. And although it is stigmatized due to disasters pertaining to it, the reality is that nuclear energy is quite safe. Recently, the German economy minister, Robert Habeck, stated that he could consider reversing previous anti-nuclear policies. Considering this, do you think that DNN stock is worth adding to your list of penny stocks to buy or not?
Are Penny Stocks Worth It or Not?
Finding the best penny stocks to buy is all about understanding where to look. While it can be challenging, using a proper trading strategy will allow you to have the best chance at success.
Right now, the stock market is exceptionally volatile. And, this is not something that we are used to witnessing. But, with high volatility comes the chance to make money with penny stocks.
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Considering that there is such a wide variety of penny stocks out there, researching and considering all of the options is crucial. With all of that in mind, do you think that penny stocks are worth it or not?
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