Are These Penny Stocks Worth Watching Right Now?
With so many penny stocks to choose from, finding the best ones for your portfolio can be challenging. However, with recent updates regarding the Omicron variant of Covid, there could be some encouraging signs of market growth ahead. In the past few weeks, Omicron has clouded trading for both penny stocks and blue chips. And as a result, market sentiment has been extremely volatile.
[Read More] 3 Penny Stocks to Watch This Coming Week
But, over the weekend, Dr. Fauci stated that early signs regarding the variant are ‘encouraging’ as the virus shows high transmissibility but low severity of illness. This means that we could avoid a new wave of Covid cases and fears could be mitigated overall. While it is too early to say what will happen with Covid in the next few months, those who invest in penny stocks are excited about the future. Considering all of this, let’s take a look at three penny stocks to watch as Omicron fears wane.
3 Penny Stocks For Your Watchlist Right Now
Electrameccanica Vehicles Corp. (NASDAQ: SOLO)
Electrameccanica Vehicles Corp. is a popular electric vehicle penny stock that investors have been watching over the last year and a half. If you’re not familiar, this corporation designs, manufactures, and distributes electric automobiles. Its primary product is the SOLO, a single-seat electric vehicle. The Canada-based company is also working on Tofino, an all-electric two-seater roadster. It sells its vehicles through retail stores and its e-commerce website. The main focus of Electrameccanica right now is on the short-length commuter market. While many EV companies are working on replacing traditional automobiles, not many are focused on this segment. And as a result, SOLO has seen heightened attention.
On December 6th, the company announced that it has delivered 42 SOLO EV’s to both reservation and fleet holders. The CEO of Electrameccanica, Kevin Pavlov, stated that “ElectraMeccanica continues to execute, delivering 42 SOLO EV vehicles as of November 30th. The excitement surrounding our flagship SOLO EV continues to gain momentum, further evident in the overwhelming number of visitors and test drive participants during the recent Los Angeles Auto Show.”
In other recent news, the company plans to present at the Sequire Clean Tech & EV Conference. This conference will take place virtually on December 6th, 2021. It will be interesting to see what Electrameccanica reports during this conference. For now, will SOLO stock be on your December watchlist?
Gran Tierra Energy Inc. (NYSE: GTE)
Gran Tierra Energy Inc. is an oil and gas company that is based in Canada with operations in Colombia and Ecuador. From its various properties, the business extracts both oil and gas for sale globally. It had proven undeveloped reserves of 26.2 million barrels of oil equivalent in Colombia alone as of December 31st, 2020. The company also plans to pursue additional growth opportunities to expand its portfolio in the future.
On November 25th, the company announced that Gran Tierra Resources Limited, its wholly-owned subsidiary accomplished something new. The company got private purchases for the sale of 137,093,750 PetroTal shares for $30.1 million. This sale was accomplished at $0.2198 per purchased share.
Gran Tierra plans to use these proceeds for paying its down debt and other general corporate purposes. This is the latest update from Gran Tierra, which has increased in value by over 88% in the past YTD period. In the last twelve months, shares of GTE stock have shot up by over 126%, which is no small feat. In addition, there is a sizable amount of bullish momentum in the energy industry right now. And with gas prices increasing around the country, we could see more interest in companies like Gran Tierra. With this in mind, will GTE stock be on your penny stocks watchlist this month?
Phunware Inc. (NASDAQ: PHUN)
Phunware Inc. is a tech penny stock that is up by over 100% in the past six months and more than 150% in the past YTD period. This company offers a Multiscreen-as-a-Service (MaaS) fully integrated enterprise cloud platform for mobile. This platform provides companies with data, solutions, and services needed to monetize and manage their mobile app portfolios and audiences globally in scale. Its software development kits are for location-based services, mobile engagement, content management, advertising, and more.
The company announced on November 23rd that its Multiscreen-as-a-Service (MaaS) platform is now available in the AWS (Amazon Web Services) Marketplace. The AWS Marketplace is a digital catalog that contains thousands of listings for software. This service facilitates the discovery, testing, purchase, and deployment of software that runs on Amazon Web Services Inc. AWS Marketplace makes it simple for independent software suppliers like Phunware to sell their solutions.
“We are thrilled to work with AWS and leverage over a decade of industry experience in order to help enterprises drive digital transformation in a mobile-first world. By adding our MaaS Platform to AWS Marketplace, customers around the world can more easily access mobile software that can tech-enable not only critical operations, but also customer and workforce engagement.”
Randall Crowder, the COO of Phunware
On December 1st, PHUN stock was at about $2.80 per share on average. Then on December 2nd, PHUN stock reached above $3.80 per share. While shares are now sitting comfortably at around $3, they are nowhere near the over $8.50 high back in mid-October. Based on this recent momentum, will PHUN be on your list of penny stocks to watch in December?
Can Penny Stocks Continue to See Gains?
With the stock market more volatile than ever, finding the best penny stocks to buy can be challenging. However, because there is so much movement with penny stocks, making money in the market can be much easier than previously imagined.
As we continue to barrel toward the future, there are plenty of penny stocks that could have value moving forward. With all of this in mind, do you think that penny stocks can continue to see gains?