3 Penny Stocks to Add to Your End of November Watchlist
While we still have a few weeks left of trading penny stocks in November, investors are eager to see a hopefully bullish end to the month. But, to benefit and potentially make money with penny stocks, traders need to have a thorough understanding of what is going on in the stock market. In addition to considering what events are occurring, having a trading strategy will help you to deduce how to make money with those events.
For example, one of the largest worries we’re facing right now is major inflation in the U.S. This has affected everything from the price of real estate to the goods we buy at the grocery store and everything in between. As a result, we have seen heightened interest in materials and mining penny stocks as well as gold stocks specifically. We’ve seen recent bullish interest with companies like Ideanomics Inc. (NASDAQ: IDEX) and Federated National Holding Co. (NASDAQ: FNHC) to name a few.
On top of this, we’ve also seen a major shortage of microprocessors globally, affecting the price of goods wholly. Because of this, the price of automobiles, tech products, and anything that uses a microprocessor, has shot up significantly. So, as traders, we always have to understand how a cause and effect can have an influence on our portfolios. With all of that in mind, let’s take a look at three penny stocks that could be worth watching right now.
3 Penny Stocks to Watch Right Now
Progenity Inc. (NASDAQ: PROG)
Progenity Inc. is a penny stock that we’ve covered numerous times in the past few months. Again today on November 19th, shares of PROG stock are up by over 11%. This brings its five-day gain to a staggering 57% with a one-month gain of over 70%. So, why the major bullish sentiment with PROG stock? Well, to understand this, we have to take a closer look at the company. Progenity is a biotech company that develops a large range of molecular testing products in the U.S.
Despite going public last year at over $14, shares since dropped below the $5 mark. One of the major reasons for the bullish sentiment with PROG stock comes as it is a well-known meme stock. These are stocks that rise and fall based on social media popularity. However, it also holds claim to over 180 patents and more than 220 patents pending. As a result, many investors see potential in the future of the company at large. Considering all of this, does it deserve a spot on your list of penny stocks to buy?
Ault Global Holdings Inc. (NYSE: DPW)
Another decent gainer of the day so far is Ault Global Holdings Inc., pushing up by over 17% at midday. Despite a YTD drop of over 50%, investors have begun to show bullish interest in the company. And today, the company announced that it has engaged in a $200 million at-the-market equity offering. The company states that the proceeds from this will go toward the continued development of its Bitcoin mining program. This includes the purchases of recently announced Antminers for BTC mining.
“In 2017, we outlined a plan, and we believe we have delivered and continue to execute on that plan. We have worked to drive long-term revenue growth and improved bottom-line results. In addition, we have achieved our goal of eliminating much of our debt directly from proceeds from the ATM equity offering.”
The Executive Chairman of Ault Global, Milton Ault III
In addition to this, the company announced yesterday that its subsidiary, BitNile, purchased 16,000 Bitcoin Miners from Bitmain. This is a major deal and vastly strengthens the company’s overall crypto position. Right now, there is a sizable focus on anything relating to cryptocurrency and Bitcoin specifically. As a result, we tend to see DPW stock have a high correlation to the price of BTC itself. Considering all of this, does DPW deserve a spot on your list of penny stocks to watch right now?
Greenland Technologies Holding Corp. (NASDAQ: GTEC)
One of the biggest gainers of the day is GTEC stock, shooting up by over 81% during trading. Despite a relatively flat past few months, GTEC stock remains up by almost 100% for the past twelve-month period. While many large gains like this occur without news, Greenland Technologies made an exciting announcement during today’s trading.
While you might not know about GTEC, it has become a more popular name in the EV marketplace. Today, the company announced the launch of its second industrial-focused electric vehicle. The goal with this is to provide the vehicle for use in material-handling applications and power systems. While it is still a smaller EV penny stock, the company has been making headway and continues to do so considering this announcement today.
In addition to the excitement surrounding this news, investors are also excited about the future of the company and the EV market as a whole. This is especially true considering the recent infrastructure bill that was passed by President Biden. While it is obviously difficult to characterize a more than 80% gain without considering the massive volatility, it is one that is worth considering nevertheless. With all of that in mind, do you think that GTEC stock is a worthwhile addition to your penny stocks watchlist?
Which Penny Stocks Are You Buying Right Now?
While there are hundreds of penny stocks to choose from, finding the best ones for your watchlist can be challenging. However, the greatest way to avoid this challenge is to have a thorough and well thought out trading strategy.
This means understanding your investing style, what your portfolio goals are, and how to use your risk tolerance as an advantage. Because there is so much movement in the stock market right now, making money with penny stocks in 2021 is entirely possible. Considering this, which penny stocks are you buying right now?