3 Good Penny Stocks to Add to Your Watchlist Right Now
Finding the best penny stocks to buy is not easy. Depending on what type of investor you are and what you’re looking for, your penny stocks watchlist can be wildly different. As always, it’s important to do your own research and find penny stocks that fit your investing style.
Because penny stocks are volatile, they can go up or down quickly with little to no notice. This means that it is crucial to understand these risks, and know how you will use them to your advantage. For example, some big gainers today include TD Holdings Inc. (NASDAQ: GLG) and Denison Mines Corp. (NYSE: DNN) among others.
Right now, there are also several factors that are impacting the trajectory of popular penny stocks and the stock market as a whole. This includes the ongoing conflict in Ukraine, the threat of new sanctions against Russia, rising interest rates and inflation in the U.S., and much more.
Because of the sheer number of events that are ongoing, paying attention to the stock market and updated news is crucial. So, with all of this in mind, let’s take a look at three penny stocks that could be worth watching in April 2022.
3 Penny Stocks That Could Be Worth Watching in April
Sphere 3D Corp. (NASDAQ: ANY)
One of the bigger gainers today is Sphere 3D Corp. which shot up by over 14%. And in the past month, shares of ANY stock have pushed up by more than 28% which is a significant increase from its bearish movement of months prior.
The big news for the company today came as it announced a termination of its merger agreement with Gryphon Digital Mining. Currently, Sphere is still growing its Bitcoin mining operation with over 1,000 miners in operation.
“Sphere 3D remains committed to building a premier industrial mining operation and already has 6.0 EH/s of capacity under contract for deliveries this year. We are well-positioned to execute on this vision.
The Board has worked closely with our management team, and after extensive discussions, it became clear that shareholders would realize greater value if the companies operated independently as opposed to a merged entity.”The CEO of Sphere 3D, Duncan McEwan
It appears as though Sphere 3D investors are taking this positively, resulting in the 14% gain at midday. Right now, there is also a major emphasis on cryptocurrency with the price of Bitcoin beginning to climb. As a result of that, it appears as though ANY stock could be interesting to keep an eye on moving forward. Considering this, does ANY stock belong on your penny stocks watchlist?
Tantech Holdings Ltd. (NASDAQ: TANH)
Another big gainer today is TANH stock, which shot up by over 23% at midday. That is a major gain for the company especially considering its 95% loss. The biggest recent news from Tantech came on March 28th. On the 28th, the company stated that it won a vehicle order from a customer in Ecuador. The order concerns high-end black and yellow busses that will be sent to Ecuador by May of this year. These busses utilize a five-speed manual transmission with USB ports, air purification, heating, and much more.
“We are seeing increased demand for our midibuses as the global economy continues to reopen, while inventory shortages continue to hamper the passenger vehicle market.”The CEO of Tantech Holdings, Wangfeng Yan
While there is no company-specific news today that is driving the price of TANH stock, we do see that speculation is a major driver of TANH stocks price. So, if you’re comfortable with massive price swings, TANH stock could be worth watching. However, if volatility is not your thing, it could be worth avoiding. Regardless, there’s no doubting the bullish sentiment that Tantech Holdings is seeing right now. Whether that makes it worth adding to your list of penny stocks to buy or not is up to you.
Uranium Energy Corp. (NYSE: UEC)
With over 5% in gains at midday, Uranium Energy Corp. is another penny stock that is on many investors’ watchlists right now. While we do see large gains without any news often with penny stocks, UEC Made an exciting announcement during trading today. The company stated that it has filed a Technical Report Summary with the SEC regarding its hub and spoke project in Wyoming. Only a few months ago, the company announced that it had acquired Uranium One, which is the fourth-largest producer of uranium in the world.
And since then, the company has moved forward with several major mining projects. This includes the Irigaray processing facility, which has now become a central hub for processing seven of its other Wyoming-based uranium mining operations.
Right now, there is also a major emphasis on the energy industry. Because UEC is a pure-play energy penny stock, it has received a sizable amount of attention. And given the increasing price of oil over the past few weeks, many investors are looking at renewables such as nuclear, to be the future of the energy market. Considering all of this, do you think UEC stock is worth buying or not?
Which Penny Stocks Are You Buying Right Now?
Finding the best penny stocks to buy is all about understanding where to look. Because there is so much going on in the stock market, it comes down to investors to know how to take advantage of these events.
As stated earlier, penny stocks are extremely speculative. This means that they will continue to be affected by news. So, always stay up to date on your own strategy and how that is being used as an advantage. With all of that in mind, which penny stocks are you buying right now?