3 Penny Stocks to Add to Your March 2022 Watchlist
Finding the best penny stocks to buy is all about knowing where to look. Right now, investors also have to consider what is going on in the world, to have the best chance of making money with penny stocks. As we all know, there are two factors that are at play in March 2022. This includes the Russian invasion of Ukraine, and rising interest rates. The War going on in Ukraine is the most pressing factor right now as it has resulted in major sanctions against Russia.
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And because of this, the price of oil has skyrocketed, alongside investor fear. On the other hand, we have rising interest rates from the Fed. While this was supposed to occur in early March, the Fed stated that it may hold off as the effects of this war will continue to be widespread. So, with all of this in mind, let’s take a look at three penny stocks to watch in March 2022.
3 Penny Stocks to Watch in March 2022
- Clover Health Investments Corp. (NASDAQ: CLOV)
- Cenntro Electric Group Ltd. (NASDAQ: CENN)
- Pyxis Tankers Inc. (NASDAQ: PXS)
Clover Health Investments Corp. (NASDAQ: CLOV)
One of the bigger gainers of the day so far is CLOV stock. At midday, shares of Clover Health had pushed up by over 24%. This is a sizable uptick and reflects Clover Health’s moves following some sizable bearish sentiment last week. The major catalyst for CLOV stock right now is the release of its fourth-quarter 2021 financial results around two weeks ago.
In the results, the company posted Q4 2021 revenue of $432 million. This is a 160% increase YoY, which is the result of a new network for serving all Medicare lives. Additionally, the company stated that lives under its Clover Assistant Management, increased by over 223% with total 2022 revenue expected to exceed over $3 billion. All of this is a huge deal for the company and is likely the reason that CLOV stock is increasing right now.
“We are really excited about where Clover sits today and our prospects in the future. We are enabling physicians to provide great healthcare to all, especially those in underserved communities, and are pleased to see increasing focus from CMS on health equity.”
The CEO of Clover Health, Vivek Garipalli
With all of this exciting news in mind, do you think that Clover Health is worth adding to your penny stocks watchlist or not?
Cenntro Electric Group Ltd. (NASDAQ: CENN)
Another major gainer of the day is CENN stock. At midday, CENN stock had exploded by over 38% to more than $1.66 per share. Despite an 82% drop in the past six months, we have begun to see a significant bullish turnaround for CENN stock.
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While many penny stocks climb without major news, Cenntro Electric made an exciting announcement during premarket. The company stated that it has acquired the majority interest of Tropos Motors Europe. This should allow it to expand the capability of its European assembly and distribution. In addition to this, it will offer Cenntro a customer network in Europe that it would otherwise not have.
“This acquisition will accelerate Cenntro’s expansion within EMEA (Europe, Middle East and Africa) and represents a significant step in the Company’s growth strategy to be a leading provider of electric commercial mobility.
Through this acquisition, we gain a significant geographical advantage and the addition of key management personnel within the European region, unlocking significant global growth opportunities for the Company.”
The Chairman and CEO of Cenntro, Peter Wang
While it is impossible to say what the long term outcome of this will be, we do know that this is a major positive for the company right now. So, with that considered, do you think CENN will be on your list of penny stocks to buy?
Pyxis Tankers Inc. (NASDAQ: PXS)
Another major gainer today is PXS stock, which climbed by over 30% at midday. This brings its five day gain to more than 40% and one month gain to over 58%. To understand why PXS stock is climbing and whether it’s worth investing in, we have to take a closer look.
While there is no news from the company today, it did make an exciting announcement last week. On March 2nd, the company announced that it had completed the sale of two of its small tankers. This concerns two of its 2010 built, 8,600 dwt product tankers. It received an aggregate sale price of $8.9 million.
“Since the start of the year, the chartering environment has remained relatively flat despite increasing demand for refined petroleum products as low inventories have limited cargo flows to some extent.
Hopefully, increasing crude oil production as the year progresses combined with strong refinery throughput and ton-mile demand should lead to greater global trading activity and better charter rates.”
The CEO of Pyxis Tankers, Valentios Valentis
Right now, there is a sizable amount of bullish interest on the transport industry. And as a transporter of petroleum products, the company could benefit from the recent spike in fossil fuel prices. So, while none of this is guaranteed, it is exciting for investors to consider. With that in mind, will PXS be on your watchlist this month or not?
Can Penny Stocks Continue to Make Gains?
While the stock market has been extremely volatile over the past few months, there are plenty of ways for investors to make money trading. And, the majority of this has to do with understanding what is going on with stocks, and how that will impact your portfolio.
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In March, there are several factors to consider that could contribute greatly to profitability. But, knowing where to look and how to use it as an advantage, is crucial. With that in mind, do you think that penny stocks can continue to make gains or not? And, which penny stocks are you watching in March 2022?
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