3 Penny Stocks to Add to Your Watchlist Right Now
If you’re making a penny stocks watchlist, there are hundreds to choose from. As a result of the major movement that has occurred in the stock market in the past year and a half, there is plenty of momentum with penny stocks to take advantage of. But, to understand how to take advantage of this momentum, investors need to have a full understanding of what’s going on in the stock market.
For one, we recently saw data showing that jobless claims hit a low of 268,000. This represents some of the lowest levels since the beginning of Covid. Additionally, we’re witnessing a high amount of retail spending. This is seen with companies like Macy’s (NYSE: M), which climbed more than 20% today and over 230% YTD.
Additionally, we are seeing a sizable amount of momentum with tech penny stocks, including NVIDIA Corp. (NASDAQ: NVDA), which shot up by more than 8% today. This brings NVDA stock’s YTD gain to over 140% which is no small feat.
So, as we can see there is a lot of positive momentum in the stock market right now. But thinking outside of the box as to how we can take advantage, will be the best way to consistently bring in profits. Considering all of this, let’s take a look at three penny stocks to watch right now.
3 Top Penny Stocks to Watch in November 2021
McEwen Mining Inc. (NYSE: MUX)
McEwen Mining Inc. is a mineral resource exploration, development, production, and sales company. This company looks for a variety of metals, including silver, gold, and copper. It owns a 100 percent stake in the El Gallo project, the Fenix project, the Black Fox mine, and numerous more projects. It owns and operates hotels in Mexico, Canada, Argentina, and the United States.
McEwen revealed its third-quarter results for 2021 on November 3rd. The company stated that it is on track to reach its production targets for 2021. From an operational and financial basis, the company believes that it has achieved substantial progress. McEwen had $72.7 million in cash and liquid assets and $45.8 million in working capital as of September 30th, 2021. This is a sizable amount and shows that the company is working hard to move into the future. In addition, there is a large emphasis on mining stocks right now.
The company stated, “We continue to execute our turnaround strategy and have made significant progress both from an operational and a financial perspective. We expect this trend to continue with the ongoing production ramp-up from the Froome deposit at the Fox Complex.” Since 2021 started, MUX stock has increased in value. With this in mind, will MUX be on your penny stocks watchlist in mid-November?
NextPlay Technologies Inc. (NASDAQ: NXTP)
NextPlay Technologies Inc. is a penny stock that has experienced a lot of popularity in the past few trading days. If you’re not familiar, NextPlay is a tech company that offers gaming solutions, in-game ads, crypto-banking, and TV services. These services are provided to both consumers and corporations in a worldwide digital ecosystem. The products that the company produces utilize AdTech, AI, and fintech solutions to strengthen the services offered.
On November 17th, NextPlay launched NextPlay X Soma Labs. This is a digital design and innovation lab that is focused on creating non-fungible tokens. The collaboration will also create social games and Metaverse virtual worlds for major brands, creators, and agencies. The company accomplished this in partnership with Soma Innovation Lab and NFT Pro. This joint venture will use Soma’s extended reality solutions, NFT Pro’s NFT tech platform, and NextPlay’s in-game ads, game development, crypto, and TV services among much more. Right now, anything dealing with NFTs, crypto, or blockchain technology is seeing increased attention.
“NextPlay X Soma Labs will help shape and grow the fast-evolving world of digital goods and tokens, and the emerging Metaverse. The importance of brands, creators, and agencies to enter this space with elevated urgency was recently highlighted with the renaming of Facebook to Meta and it stated a new focus on the vast emerging opportunities for global consumer engagement and monetization presented by the Metaverse.”
The CMO of Soma Innovation Labs, Karen Morgan
Noting this new info, will NXTP be on your list of penny stocks to watch?
Powerbridge Technologies Co. Ltd. (NASDAQ: PBTS)
Powerbridge Technologies Co. Ltd. is a tech company that develops software programs and offers technological solutions. Its services, which include Trade Enterprise, Trade Compliance, Powerbridge System Solutions, and others, are primarily offered in China. Powerbridge’s Blockchain-as-a-Service offering is one of its main developments. All of its products are geared toward the sales, government, logistics, and a range of other businesses. As you can see, PBTS is another company working in the field of blockchain and crypto. Because of this, PBTS stock has been trending in the past few weeks.
On October 8th, the company announced the establishment of crypto mining fleets for Bitcoin and Ethereum. Powerbridge’s subsidiary, Powercrypto Holdings, will finish the fleet establishment. Powercrypto intends to complete the deployment of 2600 high-performance mining rigs in Hong Kong and elsewhere.
“We are very excited about our launch and positioning as a global presence in the cryptocurrency mining business. We expect our high-performance environmental-friendly crypto-mining fleets to significantly accelerate our revenue.”
President of Powerbridge Technologies, Steward Lor
Noting this recent advancement, will PBTS stock be on your penny stocks watchlist this month?
Which Penny Stocks Are on Your Watchlist Right Now?
Making a penny stocks watchlist in 2021 can be difficult. But, with so many to choose from, there are plenty of options for investors of all types. The best way to make consistent profits with penny stocks is to understand exactly how certain events will impact certain industries.
[Read More] 3 Hot Penny Stocks to Watch Under $4 Right Now
And as a result of the sizable number of factors impacting the stock market, there are plenty of opportunities to take advantage of. With that in mind, which penny stocks are on your watchlist right now?