3 Reopening Penny Stocks For Your Watchlist Right Now
With a dreaded potential fourth wave of Covid on the rise, many penny stocks investors are wondering which companies could benefit. If we use the previous waves of Covid as a way to try and identify future trends, we see a few specific industries that could have valuable penny stocks. This includes tech stocks, biotech stocks, retail stocks and more.
However, it’s worth noting that this wave of Covid as a result of the Delta variant, may be different from the rest. It seems as though areas with low vaccination rates are resulting in clusters of cases rather than widespread community transmission. But, with case numbers rising significantly across most U.S. states right now, investors are working out a strategy to try and avoid potential losses.
This includes reopening stocks, which is a term that was coined in the early stages of the pandemic. These are penny stocks or blue chips that could benefit from economic reopening. While it does include penny stocks from the industries mentioned above, it also is quite a broad term, and leaves a great deal of room for interpretation. Considering this, let’s take a look at three penny stocks that could be worth watching for reopening.
3 Hot Reopening Penny Stocks to Watch
Evofem Biosciences Inc. (NASDAQ: EVFM)
Up by a sizable 7% or so at midday are shares of the leading biotech penny stock, Evofem Biosciences Inc. During the pandemic, Evofem has seen a great deal of bullish momentum, despite not producing any compounds related to Covid. For some context, EVFMcreates products for women’s reproductive and sexual health.
It currently has its product known as Phexxi, which is a contraceptive gel for women, in the later stages of commercialization. This means that it is earning revenue on the sale of this product, which is not something many biotech companies can say for themselves. Additionally, the company is developing other products at the moment which are part of its long term strategy.
The company states that the potential second quarter results for the sales related to Phexxi could be quite strong. More than 14,000 units were given out of Phexxi in the second quarter of 2021 alone, which is quite substantial. The CEO of the company Saundra Pelletier said, “The volume of women switching from hormonal birth control to Phexxi indicates a movement is happening. Women are seeking a healthy lifestyle and choosing Phexxi for hormone-free contraception is a natural fit.”
While Evofem is going through some dips in the market, shares are trending up in the past few days. Despite some underwhelming performance alongside the rest of the market in the past few months, investors seem confident in EVFM stocks future. Keeping all of this in mind, will you add EVFM to your penny stock watchlist?
ENGlobal Corporation (NASDAQ: ENG)
If you’re looking for a relatively diversified energy penny stock, ENGlobal could be worth watching.Since July 19th, shares of ENG stock have shot up by around 10%, indicating the overall bullish sentiment around the energy sector right now.
For some context, ENG provides project solutions for both renewable and traditional energy in the U.S. ENGlobal engineers, designs, manages, and completes these projects for a range of companies operating in the energy industry. On June 17th, the latest update was released from ENGlobal Corporation. The company stated that it was selected to join the Russell Microcap Index.
“We are pleased to have been selected for addition to the Russell Microcap® Index. We believe this addition validates the stability of our business and our future business prospects, and will be an added opportunity for us to heighten investor awareness as we work to build shareholder value.”
Mark Hess, ENGlobal Chief Executive
While many companies have been added to Russell Indexes in the past two months or so, it is always a great sign for investors and the company alike. It allows companies to bring in both new popularity and a great deal of capital into the company. While this will likely take some time, it could be an interesting prospect for investors to consider. Whether this makes ENG stock worth adding to your watchlist is up to you.
McEwen Mining Inc. (NYSE: MUX)
Shares of MUX stock shot up today by around 5% today alongside the rest of the bullish interest in the mining industry on July 21st. For some context, McEwen Mining Inc. is a mining stock that explores for, develops, produces, and sells mineral resources.
The company searches for a variety of metals, including silver, gold, and copper among others. It owns a 100% interest in the El Gallo project, Fenix project, Black Fox mine, and several others. Its properties span Mexico, Canada, Argentina, and the United States. On July 13th, the company reported its second quarter 2021 production results.
In the results, it posted that its production increased quarter over quarter 31,700 gold ounces and 611,000 silver ounces. This is compared to 19,200 gold equivalent ounces in Q2 2020. With increased production, MUX could begin to move up in terms of its next balance sheet. And while the release date of this is unknown, investors should stay up to date to see when it will be released.
It’s worth noting that the price of MUX stock can often move with the price of the materials it mines. So, if the price of gold goes up, MUX stock can move, and vice versa. Considering this, will you be adding MUX stock to your watchlist this year?
Which Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy right now is a difficult task given how much the market is fluctuating. Because there are so many concurrent events interfering with both penny stocks and blue chips, staying up to date with everything can be a challenge.
But, if we use the information we do have to make a penny stocks watchlist, we can have the best chance at seeing potential profits in our portfolios. Considering this, which penny stocks are you watching right now?