3 penny stocks to buy right now

I’m thinking of buying these three penny stocks. I’ll explain in five minutes why I think they’re brilliant buys right now.

A top electric car stock

Booming electric vehicle sales opens up a world of opportunity for UK share investors like me. I’m thinking of doing this by acquiring shares in Zinnwald Lithium (LSE: ZINN). The commodity it’s aiming to pull out of the ground is required in huge amounts to drive battery-powered vehicles. Zinnwald is hoping to start producing lithium from its Central European project over a 30-year period from next year.

I also like Zinnwald because its eponymous lithium asset is, as it says itself, “in the heart of the European chemical and automotive industries” in Germany. This puts it on the doorstep of major industrial customers. Even though trouble developing the mine could hit profits projections I think Zinnwald still has enormous long-term investment potential.

Full steam ahead

It’s possible you haven’t heard of Taylor Maritime Investments Limited (LSE: TMIP). This penny stock only began trading in London last May. I’d buy it today because shipping rates are booming and there’s a good chance they’ll continue climbing for some time.

Taylor Maritime owns 32 Handymax and Supramax vessels which transport bulk commodities. And at the moment, the firm is thriving as the global economy recovers from Covid-19 and raw materials demand surges.

Charter rates are currently at their highest for a decade, Taylor Maritime says, and it has tipped “continued market strength for the coming two to three years” too. This is perhaps no surprise given that orders of Handysize vessels (which comprise the Handymax and Supramax categories) are at their lowest for many decades.

The shipper could of course hit choppy waters if the economic rebound runs into trouble. But as things stand today, I think the potential benefits of owning this penny stock far outweigh the risks.

Tough as steel

Strong commodity price inflation because of rocketing demand could threaten earnings at steelmaker Severfield (LSE: SFR). However, a strong outlook for the global construction market suggests this could still be a top penny stock for me to buy. Rebounding building rates following 2020’s Covid-19 shock drove Severfield’s European and UK order books to record highs as of September, most recent financials showed.

I like Severfield because the structural steel it manufactures is used to make buildings, bridges and other types of infrastructure across the globe. This gives it extra strength as it reduces its reliance on one or two sectors or geographies to drive profits. I am particularly encouraged by the firm’s exposure to India where rapid urbanisation will offer terrific revenues opportunities.

One final thing. At current prices below £1, Severfield trades on a forward price-to-earnings (P/E) ratio of 9.5 times. I think it could be a great growth stock that’s too cheap to miss.