3 Under $3 Penny Stocks to Watch Right Now
With April moving quickly, there is a lot for penny stocks investors to consider. With the ongoing conflict in Ukraine, rising inflation and interest rates and more, the volatility with penny stocks and blue chips is higher than it has been in quite some time. While this seems bad at first, most investors tend to utilize high volatility as a benefit.
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Keep in mind that having a trading strategy and using it thoroughly will be your best chance at profiting with small caps. While it can seem complicated, understanding exactly what is going on in the market and how to take advantage. Right now, there are also several industries that are climbing based off of recent news. So, understand it and use that during your daily trading. With that in mind, let’s take a look at three under $3 penny stocks that could be worth watching right now.
3 Penny Stocks to Watch For Under $3 Right Now
- Mullen Automotive Inc. (NASDAQ: MULN)
- Farmmi Inc. (NASDAQ: FAMI)
- Imperial Petroleum Inc. (NASDAQ: IMPP)
Mullen Automotive Inc. (NASDAQ: MULN)
With over 8% in gains at midday on April 8th, MULN stock is once again in focus. And in the past month, shares of MULN stock have climbed by more than 108%. In the past YTD period, MULN stock has dropped by around 57%, which makes its recent moves a welcomed advancement. The most recent news from the company came a few weeks ago when it announced that it expects to report more than $65 million in cash. This would come during its newest form 10Q submission which would be for the period ending on March 31st.
“We’ve made tremendous progress in key areas over the past three months. With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company’s balance sheet is the strongest it has ever been in our history.”
The CEO of Mullen Automotive, David Michery
If you’re not familiar, Mullen is a California-based automotive company working on the development and production of electric vehicles. In addition, the company states that it has over 120 patents in 24 countries around the world. Recently, the electric vehicles industry has taken off, which has helped to bring in a sizable amount of attention to the company. Considering this, will MULN be on your penny stocks watchlist?
Farmmi Inc. (NASDAQ: FAMI)
Another penny stock that we have covered multiple times in the past few weeks is FAMI stock. While FAMI has been extremely volatile in the past few months, many investors are interested in the company. To understand why shares of FAMI stock are moving right now, we have to take a closer look at what Farmmi is doing. On April 5th, the company announced that it won a multi-product order for Shiitake and black Mu Er mushrooms.
“North America continues to be one of the world’s largest markets for fungi and represents one of Farmmi’s biggest growth opportunities outside of China. We are really pleased with the positive demand growth we are seeing and expect the environment to remain robust. Importantly, mushrooms are benefitting from their mainstream appeal and are uniquely popular with both non-meat and meat diets.”
The Chairwoman and CEO of Farmmi, Yefang Zhang
This is a big deal for the company and should help it to continue growing in the future. Right now, the company is working on expanding its business into North America. If it can do this successfully, it would be a big deal moving forward. Considering this, will FAMI be on your list of penny stocks to buy?
Imperial Petroleum Inc. (NASDAQ: IMPP)
Imperial Petroleum is a penny stock that has seen some sizable gains in the past few months despite falling recently. The biggest recent news from the company came on March 20th when it announced the pricing of an upsized $60 million underwritten public offering. It stated that it will offer 37.5 million units at a price of $1.60 per unit.
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And recently, the company also announced its Q4 and 12 month financial and operating results ended on December 31st. In the report, the company stated that it brought in revenue of $4 million in Q4 2021. This is a decrease of $1.6 million over the previous years same quarter due to dropping charter rates. With a net loss of $1.5 million, the company is working hard to get its financial situation in a better spot.
“Since becoming an independent public company, Imperial Petroleum has had an outstanding course. The daily share trading volume has stunned all of us and investors expressed their trust in our Company’s vision by helping us raise about $90 million of new equity.
We are truly indebted and obliged to our investors, and grateful for their trust and confidence in Imperial Petroleum. Our core strategy is growth as evident from the acquisition of two product tankers. We will focus on expanding our fleet further and endeavor to convert shareholders’ expectations into reality.”
The CEO of Imperial Petroleum, Harry Vafias
Right now, there is a major emphasis on the energy industry. So for that reason, IMPP could be worth considering if you’re looking for a volatile penny stock to buy. Considering that, will it be on your watchlist or not?
Which Penny Stocks Are on Your Buy List?
Finding the best penny stocks to buy can be challenging. But, with the right information on hand, it can be much easier than previously imagined.
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With so much going on in the stock market right now, investors need to pay attention to all the latest news and events. This is crucial to making money with penny stocks. Considering all of this, which small caps are on your buy list right now?
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