3 Best Penny Stocks to Add to Your Watchlist Right Now
With another day of buying and selling penny stocks, there is a lot that investors need to understand. For one, we are once again seeing some bearish sentiment across the board.
While it is not nearly as great as the previous trading day, the negative trading patterns are concerning for those who invest in penny stocks. As traders, it is our job to learn how to take advantage of this. And for that reason, let’s talk about a few methods to help you make money with penny stocks in 2022.
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Right now, the best course of action is to understand what is going on in the stock market. This means looking at the big picture and penny stocks in the context of the market. For example, when the Dow Jones Industrial Average is up, penny stocks tend to do well. This is because investors are feeling confident about the stock market and are more likely to take risks with their investments. However, when the Dow is down, penny stocks tend to suffer.
This is not true across the board, as penny stocks don’t typically play by the rules. But, it is something to consider. So, with the heightened volatility in the stock market right now, let’s take a look at three penny stocks that could be worth watching right now.
3 Penny Stocks to Add to Your Watchlist in June
- StealthGas Inc. (NASDAQ: GASS)
- Bright Green Corp. (NASDAQ: BGXX)
- 23andMe Holding Co. (NASDAQ: ME)
StealthGas Inc. (NASDAQ: GASS)
One of the leading energy penny stocks that investors are watching right now is StealthGas. While shares of GASS stock were up by as much as 6% during the trading day, at EOD, shares had climbed by around 1.3%. This comes as the majority of the stock market took a small dive at EOD as well. So, why was StealthGas gaining in the first place?
Well, the most recent news from the company came on May 26th, when it announced its Q1 2022 financial and operating results. In the results, the company announced a decrease of $7.4 million in its voyage expenses as well as a $1.5 million decrease in voyage revenues compared to the same quarter of the previous year.
“Following the strategic decision to become a pure player in the broader LPG market, this was the first quarter that the Stealthgas fleet consisted of only LPG carriers of various sizes. During the first quarter the improving LPG market continued its upward trend and we managed to capitalise, posting improved profits of $7.6 million, one of the best quarterly results in many years.”
Chairman of the Board at StealthGas, Michael Jolliffe
This is all exciting news for the company and shows that it is working hard to grow. With this in mind, will it be on your penny stocks watchlist or not?
Bright Green Corp. (NASDAQ: BGXX)
Another big gainer on June 14th is BGXX stock, which shot up by over 12% at EOD. This large uptick comes after a one month drop of over 89%. For that reason, today’s gain comes as a welcomed advancement following this major bearish move. So, is there a reason for this gain today or is it purely speculative?
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The most recent update from the company came on May 16th when the company announced that it would commence trading on the NASDAQ on May 17th. As a marijuana penny stock, the company is one of only a handful to trade on the NASDAQ. While it is tough to say if BGXX stock will continue to climb, it has been moving recently. And considering that it could be worth adding to your list of penny stocks to watch.
23andMe Holding Co. (NASDAQ: ME)
On June 14th, we saw shares of ME stock climb by over 4.8%. While this may not seem like much, considering the rest of the trajectory of the market, is is substantial. The most recent news from 23andMe Holding came on June 8th when it announced that it has moved and downsized its headquarters.
While this is not a major deal for the company, in the long run, it should help it to save some of its free flowing cash. Recently, we’ve seen 23andMe climb due to its its $101 million in revenue for Q4. This was 14% greater than the same period of the previous year. And on top of this, the company announced recently that those with high cholesterol have a higher risk for developing long COVID.
This comes as the genetic testing company has seen a high amount of interest from consumers especially with Covid cases climbing in the last few weeks. Today, the company climbed due to its worse-than-expected Q1 sales results as well as FY23 sales guidance. While it is hard to say why shares are climbing due to this negative news, it is the case. Considering this, will ME be on your watchlist or not?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy in 2022 can be challenging. But, by understanding what is going on in the stock market, investors can have a much easier time taking advantage. Right now, the major concerns all deal with inflation and rising interest rates from the Fed.
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And because these things are not going away anytime soon, we will likely see volatility continue in the coming days, weeks and months. So, with all of this in mind, which penny stocks are you watching right now?
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