3 Penny Stocks to Add to Your May 2022 Watchlist
With May fast approaching, there is a lot for penny stocks investors to understand. Now, with so much going on in the stock market, it can seem difficult to find penny stocks that will be profitable. However, because there are so many factors that are impacting either penny stocks or blue chips, there is also a lot to take advantage of.
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Right now, we are seeing an extremely high level of volatility. Because of that, traders need to stay on their toes, and understand how each of the larger impacts will affect the stocks on your list and industries at large. So, with all of this in mind, let’s take a look at three penny stocks to add to your watchlist in May 2022.
3 Penny Stocks to Watch Next Month
- Vivakor Inc. (NASDAQ: VIVK)
- Cyngn Inc. (NASDAQ: CYN)
- Mullen Automotive Inc. (NASDAQ: MULN)
Vivakor Inc. (NASDAQ: VIVK)
By midday, shares of VIVK stock had shot up by over 82%. This is a sizable gain that comes after VIVK stock plummeted back in February. The big news for the company today comes as it announced a new contract with Hot Oil Transport LLC. Hot Oil is a provider of asphalt materials which are then used in a variety of applications. The company states that this deal is for 10 years and could bring in roughly $250 million to the company throughout the full life span of the contract.
“As this is our first long-term contract for sale of our asphaltic binder, it is an important milestone for Vivakor. We have worked closely with HOT to refine our product to meet their specifications.
We have already produced tonnage of asphaltic cement with our Vernal, Utah RPC and believe that by the end of the year we will have ramped up our infrastructure to include three additional RPCs to operate the site to the level required to fulfill the full amount of material requested by HOT on an annualized basis.”
The CEO of Vivakor, Matt Nicosia
This is a great deal for the company and one that easily explains today’s momentum. While it is tough to say what the long term movements for VIVK stock will look like, it’s clear that right now, there is a lot to look forward to for the company. With that in mind, will it be on your penny stocks watchlist or not?
Cyngn Inc. (NASDAQ: CYN)
Another decent gainer of the day so far is CYN stock. At midday, shares of CYN had climbed by over 5.9% to more than $3.89 per share. In the past five days, shares of CYN stock have exploded by more than 89%, which is no small feat.
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And if all that isn’t enough, over the last month period, we’ve seen CYN stock explode by more than 163%. So, why the major gains for Cyngn stock? Well, the most recent news from the company came on April 21st, when it announced the launch of its DriveMod kit. This is a fully autonomous vehicle that can be integrated into manufacturing plants, industrial uses, and much more.
“We are excited to have launched production of DriveMod Kit for Columbia’s Stockchaser. With 883,000 new material-handling vehicles sold each year in the U.S., DriveMod Kit creates a sizable opportunity for Cyngn to lead the rapid adoption of turnkey AV solutions for both retrofit and new vehicles.
Installation can be done quickly and does not require special training. Anyone who works on these vehicles can retrofit an existing Columbia Stockchaser into a fully autonomous vehicle with very little effort.”
The CEO of Vivakor, Matt Nicosia
With this exciting news in mind, it’s clear that CYN stock could have a lot to offer investors. However, it is important to consider that CYN stock is also highly volatile. So, with all of that in mind, do you think that CYN is worth buying right now or not?
Mullen Automotive Inc. (NASDAQ: MULN)
MULN is a penny stock that we have been covering extensively over the past few months. And with an over 6% gain during trading today, shares of MULN stock are up by over 95% since late February. Before we get into the most recent reasons, it’s worth noting that MULN is a meme stock. This means that when it become trending online, it is likely to move in either direction.
And while we can’t blame all of its movement on that, we can attribute some of it to it. So, as far as company specific news is concerned, Mullen recently announced that it would be conducting solid-state polymer battery cell testing with a leading independent facility in Indiana. At the Battery Innovation Center, the company will test all of the different details regarding its battery pack for the Mullen Five EV Crossover.
“We have begun working with the Battery Innovation Center located in Indiana to retest and certify our solid-state battery, BIC is a well-respected battery laboratory, and we look forward to publishing their results related to cell testing coming up in May.”
The CEO and Chairman of Mullen, David Michery
Considering this big news and its recent momentum, will MULN be on your list of penny stocks to buy?
Which Penny Stocks Are You Watching Right Now?
If you’re looking for the best penny stocks to buy, there are tons of different companies to choose from. But, with so much volatility going on in the stock market, it can be complicated to find the best ones for your watchlist.
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Now, understanding exactly what is going on and how to take advantage of that is crucial to profiting with small caps. So, with all of that in mind, which penny stocks are you watching right now?
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