3 Penny Stocks That Exploded on March 8th, 2022
After an extremely disappointing day of trading penny stocks and blue chips yesterday, today seems to be a small turnaround. On March 7th, the S&P 500 saw its worst day since 2020, with investors coming to terms with the ongoing conflict in Ukraine. And today, President Biden announced that the U.S. would halt all imports of Russian oil and gas.
While this has resulted in exploding prices of fuel, it has also caused some relief in the market. Now, the only certainty in the stock market is that volatility will likely continue. So, with that in mind, let’s take a look at three penny stocks that exploded during trading today.
3 Penny Stocks to Watch That Are Climbing Right Now
- Enservco Corp. (NYSE: ENSV)
- Hycroft Mining Holding Corp. (NASDAQ: HYMC)
- Desktop Metal Inc. (NYSE: DM)
Enservco Corp. (NYSE: ENSV)
One of the biggest gainers of the day during trading is ENSV stock. By midday, shares of ENSV stock had shot up by over 96%. This is a major gain and brings ENSV stock’s five day uptick to over 310%. And if that seems like a lot, in the past month, shares have exploded by more than 710%.
So, why has Enservco gone from under $1 per share to almost $5? Well, the main reason comes as the price of oil has continued to skyrocket over the past few weeks. And today, the announcement from President Joe Biden that the U.S. would effectively ban the import of Russian oil, means that the price of gas will likely continue to climb.
As a result, ENSV stock, and plenty of other energy penny stocks, are seeing large moves in price during trading right now. To understand the company better, we can look at its latest financial report. On November 15th, the company announced its Q3 2021 financial results. In the results, it stated that revenue shot up by over 70% with its adjusted EBITDA pushing up by around 10%.
“We are particularly pleased with our Texas operations, where third quarter revenue grew 126% year over year on the strength of increased demand for our hot oiling services in both our legacy south Texas yard and our new location in east Texas.”The President and CFO of Enservco, Marjorie Hargrave
So, with all of this in mind, do you think ENSV stock is worth buying right now or not?
Hycroft Mining Holding Corp. (NASDAQ: HYMC)
Another penny stock that exploded during trading today is HYMC stock. At midday, shares of HYMC had shot up by more than 135%, which is no small feat whatsoever. And in the past five days, that number jumps to more than 150%. While there is no company-specific news that is driving this gain, we can look at its most recent announcement to see what is going on with the company.
On February 22nd, Hycroft announced its preliminary operating results as well as some highlights regarding an initial assessment of its Northern-Nevada based mining project. In the report, the company stated that it produced roughly 55,600 ounces of gold for the year ended on December 31st, 2021. With $12.3 million in cash on hand, the company is also in compliance with its current debt covenants.
If you’re not familiar, Hycroft Mining is a U.S. based producer of gold and silver in Northern Nevada. This is one of the most mineral rich mining regions in the nation, and has helped Hycroft to make a name for itself. While it’s tough to say why shares of HYMC stock are climbing right now, we do know that the larger stock market is supporting this growth.
As a result of the conflict in Ukraine, many investors have turned to mining stocks as a way to hedge bets against inflation and volatility. Because of that, HYMC stock is seeing more attention than usual. With all of this considered, will HYMC be on your penny stocks watchlist?
Desktop Metal Inc. (NYSE: DM)
With a 14% gain at midday, DM stock is another penny stock that investors are watching right now. And, with a one year drop of more than 73%, it’s clear that there is a small bullish turnaround occurring with DM stock right now. While many penny stocks climb with little to no news, Desktop Metal announced its Q4 2021 and full year financial results alongside its 2022 guidance today. In the report, the company posted Q4 revenue of $56.7 million. This is a 123% sequential increase over the third quarter of the same year. In addition, the company posted full year organic revenue growth from its metal offerings of 163%.
“With record total revenue, organic revenue, and gross margins, the fourth quarter was an exceptional finish to a revolutionary year for Desktop Metal. We also recently commenced shipments of our flagship Production System P-50, a major milestone for Desktop Metal and the additive manufacturing industry.”The CEO and Co-Founder of Desktop Metal, Ric Fulop
This marks its first full year as a public company, and Desktop Metal took advantage of this wholly. With its continued growth and promising financial results, it’s clear that DM stock could be worth adding to your list of penny stocks to watch.
Are Penny Stocks Worth Buying Right Now?
Finding the best penny stocks to buy can be tricky. However, with such a wide range of options out there, it can be much easier than previously imagined. The key to understanding which penny stocks are worth buying, is to use research and a well-thought-out trading strategy.
These alone will vastly increase your chances of seeing profits with penny stocks. While there is no fool-proof way to make money with penny stocks, there are ways to help. Considering all of that, do you think that penny stocks are worth buying right now or not?