3 Hot Penny Stocks to Add to Your Watchlist Right Now
When it comes to penny stocks, there are a lot of options out there. And, it can be tough to know which penny stocks are worth investing in. With penny stocks, it all comes down to knowing as much as you can about what is going on in the stock market at large and what is occurring with certain penny stocks.
One key thing to look for with penny stocks is trends. Many penny stocks will rise or fall based on broader market trends, so it’s important to have a good sense of what is happening with the stock market as a whole.
This means keeping up-to-date with news and economic indicators that can impact stocks, such as interest rates, unemployment, what’s going on in Ukraine, and everything in between. At the under $5 threshold, penny stocks move very frequently and mostly speculatively. So, investors also need to have a well-thought-out trading strategy on hand.
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The most common penny stocks trading strategies include swing trading, scalping, and long term trading. Swing trading stocks under $5 is a strategy that involves holding a stock for more than one day but less than several weeks. The goal with swing trading is to take advantage of price swings in order to make a profit.
This type of trading can be profitable if done correctly, but it also carries a higher level of risk. Scalping is more risky, as movements tend to occur quickly. And long term trading is the least risky and not as common with penny stocks. So, with all of this in mind, let’s take a look at three penny stocks to watch in May.
3 Hot Penny Stocks to Watch in May 2022
- Zomedica Corp. (NYSE: ZOM)
- Uranium Energy Corp. (NYSE: UEC)
- Tencent Music Entertainment Group (NYSE: TME)
Zomedica Corp. (NYSE: ZOM)
At EOD, shares of ZOM stock shot up by over 4%. In the past few months, we’ve covered ZOM stock numerous times. Over the last six months, shares of ZOM stock have fallen by over 50%. And because of that, many investors have chosen to buy and sell the spikes and dips in between that.
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So, to understand if there is any potential with Zomedica, we have to take a closer look at what the company does and any recent announcements. Zomedica is a provider of veterinary health products to help meet clinical needs of veterinarians. Yesterday, the company announced that it would be presenting at the H.C. Wainwright Global Investment Conference. On April 13th, the company announced that its PulseVet system is now the Official Shock Wave Therapy of the American Quarter Horse Association.
“PulseVet has a standout reputation for quality, innovation and thorough research, and AQHA is proud to associate with a partner of this caliber. AQHA is pleased to join efforts with a company that supports the Association’s mission to maintain the integrity of the breed and welfare of its horses.”
The Chief Marketing and Business Development Officer of the AQHA, Patty Tiberg
With this exciting news in mind, will ZOM stock be on your penny stocks watchlist or not?
Uranium Energy Corp. (NYSE: UEC)
Another decent gainer of the day on April 28th is UEC stock, which shot up by over 3.2%. In the past six months and one year period, shares of UEC stock have climbed by more than 19% and over 50%, which is no small feat. The most recent news from the company came on April 20th when it announced its expansion its U.S. warehoused physical uranium program to 5 million pounds.
“A year ago, UEC launched a physical uranium portfolio with 500,000 pounds purchased at a uranium cost basis of less than $30 per pound. The Company has grown the size of our inventory over ten-fold to 5 million pounds by making well-timed purchases near cycle lows that allow us to maintain a low-cost portfolio of ~$38/lb with spot uranium now trading at over $63/lb.”
The CEO and President of Uranium Energy Corp., Amir Adnani
The company stated that its warehoused physical uranium program is the largest for a U.S. based uranium business. And with a major emphasis on renewable energy, there’s no doubting that this is an important prospect. As an interest energy penny stock, will UEC be on your penny stocks watchlist or not?
Tencent Music Entertainment Group (NYSE: TME)
With over 1.5% in gains today and a 40% drop YTD, is there any opportunity to make money with TME stock? Well, the short answer is that it is difficult to tell. Because it is so volatile, it may be best just to consider it a penny stock to watch for right now. But, to understand this further, let’s take a closer look at the company.
The latest news from the company came on April 27th, when it announced that its musician platform will offer Chinese musicians a better chance at overseas promotion and distribution. Known as ‘one click for all’, this platform will distribute music to more than 150 platforms worldwide including everything from Shopify to YouTube and more. While it will likely take some time to see the full effects of this, there’s no doubting that this is an exciting prospect. Whether that makes TME stock worth buying or not is up to you.
Which Penny Stocks Are You Watching?
Finding the best penny stocks to buy is all about understanding what is going on in the stock market. First, you need to identify stocks that are gaining in value and have the potential for significant growth.
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Second, you need to understand what is going on in the stock market, and third, you have to have a well defined trading strategy. All of this will help you to have the best chance of making money with penny stocks in 2022. So, with that in mind, which penny stocks are you watching in 2022?
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