3 Penny Stocks to Add to Your Watchlist as the Market Drops
If you’re looking for penny stocks to buy, there are hundreds of options to choose from. But, because of the sheer number of penny stocks out there, knowing how to separate the good from the bad is crucial. This can be done by utilizing a trading strategy and understanding exactly what is contributing to market movement.
Right now, this includes the ongoing war following the invasion of Ukraine by Russia. And, we also have to consider the looming threat of rising interest rates. All of these have contributed to the highly volatile stock market that we are witnessing right now.
And while it is tough to predict what will happen, volatility often means the potential for making money with a swing trading strategy. But, always know your own risk and your investing goals. With that in mind, let’s take a look at three penny stocks to watch during the current bearish trending market.
3 Penny Stocks to Watch in March 2022
- Castor Maritime Inc. (NASDAQ: CTRM)
- Borqs Technologies Inc. (NASDAQ: BRQS)
- Ardelyx Inc. (NASDAQ: ARDX)
Castor Maritime Inc. (NASDAQ: CTRM)
With over 15% in gains today, CTRM stock is on many investors’ watchlists right now. And, in the past month, shares of CTRM have shot up by a very respectable 27%. This is a sizable gain and reflects both Castor’s business and the shipping industry right now. So despite the stock market being highly volatile today, there are a few reasons why CTRM stock is climbing.
In the past few months, we’ve seen major declines with Castor. This is the result of vastly increased shipping prices and supply bottlenecks that have resulted in positivity for Castor’s business model. Although the company has used a large amount of leverage to grow, investors have come to terms with this, as bullish sentiment has crept back into the company.
The latest news from the company came on February 7th, when it reported its financial results for the three and nine months ended on December 31st. For the three month period, the company reported more than $29.2 million in net income with more than $52.3 million in net income for the year as a whole. In the fourth quarter, the company also posted revenue of $60 million compared to $4.4 million in the same quarter of the previous year.
With an EBITDA of $36.1 million for the three months ended on December 31st, it is very clear that Castor is in a much better position financially than it was a year ago. So, looking at its financial standing, we see that CTRM could have a lot to offer investors. With that in mind, do you think it is worth adding to your penny stocks watchlist or not?
Borqs Technologies Inc. (NASDAQ: BRQS)
Another big gainer of the day on March 7th is BRQS stock. By EOD, shares of BRQS stock had shot up by a very sizable 21% to more than $0.34 per share. While BRQS stock has plummeted by over 70% in the past year, could this be a bullish turnaround point? Or, is it simply a speculative gain? To understand this, we have to take a look at the most recent news from the company.
On February 22nd, Borqs announced that it had won a contract to design and supply a laptop to one of the largest mobile operators in India. The company states that the market in India is one that should help to grow it both fiscally and strategically moving forward. And, with this relationship, Borqs also stated that it could be a part of the 30% YoY growth for the PC shipments market in India in Q3 2021.
In addition to all of this, we have seen a major emphasis on tech penny stocks as a whole, adding to the bullishness on BRQS stock right now. So, while BRQS stock is highly volatile, it could be worth keeping an eye on. Whether it will be on your list of penny stocks to buy or not is up to you.
Ardelyx Inc. (NASDAQ: ARDX)
With a 5% gain for ARDX stock on Monday, March 7th, shares of Ardelyx have shot up by over 29% in the past five days. After falling by over 75% back in July of 2021, shares of ARDX have since been recovering. And in the past month or so, we have seen that recovery take shape significantly.
A few days ago, analysts at Jefferies raised price targeted with a Buy rating from a previous Hold. This relates to Ardelyx’s Isbrela product for IBS-C, which it states will be available in April. Additionally, around a week ago the company announced its Q4 2021 financial results and full-year 2021 report.
“With a tumultuous 2021 behind us, Ardelyx is positioned to be a biopharma standout in 2022 with our evolution to a commercial-stage company with our April launch of IBSRELA for the treatment of irritable bowel syndrome with constipation (IBS-C) in adults.
This year we become a revenue-generating company commercializing a novel mechanism treatment we developed, with a clear line of sight to breakeven and, ultimately, profitability for the product, which we believe will create significant shareholder value.”CEO of Ardelyx, Mike Raab
This is all exciting news for the company and shows that it is working hard to continue growing. With this in mind, is ARDX stock worth buying this month or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy can be challenging. However, because there is such a wide range of penny stocks to choose from, making money with small caps in 2022 can be completely doable.
Now, the best way to do so is to understand exactly what is going on in the stock market and how to take advantage. This means reading the news thoroughly and understanding the impact that it may have on your portfolio. With that in mind, which penny stocks are you watching right now?