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3 Hot Penny Stocks For Your Watchlist

By MarketBeat.com (Thomas Hughes )Stock MarketsMar 30, 2021 06:28AM ET
www.investing.com/analysis/3-hot-penny-stocks-for-your-watchlist-200570270
3 Hot Penny Stocks For Your Watchlist
By MarketBeat.com (Thomas Hughes )   |  Mar 30, 2021 06:28AM ET
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Today’s Penny Stock Is Tomorrow’s NASDAQ Bell Ringer

Penny stocks, when positioned correctly, can become the next NASDAQ bell-ringer. While none of the stocks on today’s list are quite ready for that spotlight they all have it in them. The unifying factor in all cases is a secular need for not only the industry but the business model as well. These companies all operate in industries experiencing high demand driven by national if not global trends that promise to linger for years if not decades. If you’re looking for a couple of stocks to put in your penny stock or speculative account these may be what you are looking for.

1. Labor Smart, Inc Keeps Blue-Collar America Working

The labor market is strong despite the fact upwards of 16 million Americans are still out of work. The sad truth is that many industries and businesses were wiped out because of the economic shutdown and will never come back. The silver lining is that other industries have boomed and blossomed in the wake of the pandemic and many of them are the blue-collar industries serviced by Labor Smart Inc (OTC:LTNC).

What makes Labor Smart, Inc so much more interesting than the average labor market stock is its entrance into the cryptocurrency scene. The company recently announced it would begin accepting Bitcoin and Ethereum as payment in an effort to aid client flexibility. So, while we expect to see this company grow along with the economic boom we expect for the second half of 2021, we also see it as a play on cryptocurrency.

Labor Smart, Inc Stock Chart
Labor Smart, Inc Stock Chart

2. CarSmartt Will Get You Where You Are Going

Carsmartt (OTC:CRSM) operates an app connecting travelers and packages with rides for long-distance drives across America. The app is interesting to us more for the packages angle but ride-sharing is a hot-ticket item now too. With apps like Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) competing for market share, small operators like this are going to get gobbled up in the growth and drive value for shareholders.

Regarding the packages angle, the shipping/freight market is very tight right now and we see an opportunity for enterprising individuals to capitalize on that fact with this app. Shares of the stock bottomed over the last year confirming long-term support and appear to be in a reversal. Price action is above a key resistance line and testing it now for new support. If new support is confirmed this stock could see triple-digit gains in the near to short-term.

CarSmartt, Inc Stock Chart
CarSmartt, Inc Stock Chart

3. Drive Shack Gets A Bullish Rating

Drive Shack (NYSE:DS) operates multiple golf venues and destinations in the Carolinas and southeast making it a high-value property in COVID-related times. The pandemic sparked a 14% increase in the number of rounds played last year and we think those numbers will stick and so do the analysts. The analysts at Craig-Hallum Capital initiated this $3 stock with a buy rating and a $5 price target citing momentum in both business segments. Shares of the stock are moving down in the wake of the release but the trend is up making this a potential buying opportunity.

Drive Shack Stock Chart
Drive Shack Stock Chart

Original Post

3 Hot Penny Stocks For Your Watchlist
 

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3 Hot Penny Stocks For Your Watchlist

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