3 Top Penny Stocks to Add to Your Watchlist Right Now
Finding penny stocks to buy in 2022 can be challenging. Because of the sheer amount of movement in the stock market, investors need to be diligent in their research to find stocks that are trading at a discount. There are a large number of strategies that investors can use to find penny stocks.
But before picking a strategy, traders should first consider exactly what is going on in the stock market. With penny stocks, volatility is typically very high. This means that penny stocks are more reactive than their blue-chip counterparts. And to take advantage of this to profit with small caps, traders need to consider both what is going on in the stock market, and whether or not it can be taken advantage of. Right now, the main factors at play are rising inflation and climbing interest rates.
The two of these have made the stock market more volatile, which has in turn made penny stocks more reactive. So, to have a better chance of profiting and not losing money, strategies should always be made with the current economic situation in mind. At the end of the day, investing in penny stocks is a very individual experience and should be treated as such. With this in mind, here are three penny stocks to add to your watchlist right now.
3 Penny Stocks to Watch in June 2022
Tantech Holdings Ltd. (NASDAQ: TANH)
One of the largest gainers on June 21st is TANH stock. At EOD, shares of TANH stock had shot up by over 18%. And, during after hours, we saw TANH stock shoot up by another 13%. These explosive gains come after a six month drop of more than 93%.
So, is TANH stock worth buying or avoiding? To understand this, we have to take a closer look at the company and its recent announcements. The largest news from Tantech came on June 21st when it announced a new six vehicle order. It stated that its subsidiary, Shangchi Automobile Co. Ltd. won a six vehicle order for high-end busses for delivery to Nigeria in July 2022.
“Demand for our multi-passenger vehicles continues to grow led by multiple very strong catalysts, which include the reopening of the global economy, surging fuel costs and the desire to reduce harmful emissions.
Our high-efficiency midibuses check all the boxes and provide both the driver and passengers with a much more comfortable experience, while dramatically cutting harmful emissions that would have been caused if each passenger drove their own vehicle.”Mr. Wangfeng Yan, the CEO of Tantech
This is all great news for the company and is something that investors should definitely keep in mind. Whether this makes TANH worth adding to your list of penny stocks to buy, is up to you.
Carlotz Inc. (NASDAQ: LOTZ)
After dropping by over 3.5% during trading today, shares of LOTZ stock managed to climb by more than 2.5%. In the past five days, shares of LOTZ stock have climbed by more than 7.5%. So, why is LOTZ stock climbing right now? On June 21st, the company announced that it would be closing 50% of its stores. The goal with this is to have the company focus strategically on profitability for the future.
“While decisions that impact our teammates are not taken lightly and are not easy, we believe the hub closures are a necessary step to help improve the Company’s financial performance. We greatly appreciate all our teammates have done for CarLotz and are committed to help support them through this transition.”The CEO of Carlotz, Lev Peker
It states that it will close eleven hubs on June 21st which should result in 25-30% of its workforce being laid off. Considering all of that, does LOTZ belong on your penny stocks watchlist?
Waitr Holdings Inc. (NASDAQ: WTRH)
While WTRH stock dropped by over 5.4% on June 21st, it managed to climb by more than 4% in after hours trading. In the past month, shares of WTRH stock have fallen by over 25%, which is not ideal. However, its recent slightly bullish momentum could make it worth keeping an eye on. For that reason, let’s take a look at WTRH stock and its most recent announcements. On June 14th, the company announced that it widened its delivery options with the addition of 7-Eleven and more.
“The addition of 7-Eleven to our platform represents the newest example of our ongoing commitment to expand into new delivery verticals. This partnership creates a new level of convenience for our customers. Effective immediately, we will be able to deliver your favorite food and snacks from hundreds of 7-Eleven locations directly to you.”The CEO and Chairman of the Board of Waitr, Carl Grimstad
Whether this makes WTRH stock worth buying or not however, is up to you.
Which Penny Stocks Are You Buying Right Now?
If you’re looking for penny stocks to buy in 2022, there are hundreds of options to choose from. But, to find the best stocks to buy, you need to first understand what penny stocks are and how they work.
This means working on building your knowledge of how and why penny stocks move. That is the best way to ensure a high chance of making money with small caps. And, due to the sizable volatility that we are witnessing right now, there is a lot to keep track of. So, with all of this in mind, which penny stocks are you buying right now?