Tech Penny Stocks To Watch Right Now
Looking for the best penny stocks to buy today? Start by putting together a list. This can be the first defense line is not getting FOMO and making a move you regret later on. This is one of the downfalls of new traders that we see happen every day. There’s a little bit of momentum in a stock, and the price jumps, the newbie enters, only to see the stock fall hard. There are even memes about this type of loss. “I always buy at the top” is a frequent statement made by those just looking for penny stock picks and not actual trade set-ups.
The fact of the matter is, you don’t have to risk your entire cash balance to take advantage of certain breakout stocks. In fact, there are ways to stay in winning trades longer while also cutting out of losing trades quicker. In this case, I’m talking about tier trading. I won’t get into the full details in this article. But the basics of tier trading entail setting a certain dollar amount you want to use for a trade.
Trading Penny Stocks
When you think you’ve found one of the penny stocks to buy on your list, a tier trade only uses a small portion of those funds to establish a “starter position,” maybe 25%. If the trade continues working out, a tier trader will take up a second, larger tier. Then when it comes time to profit, the tier method may also play a role. At the end of the day, it’s up to you to decide when you want to make a profit. Of course, there are other specifics about this tier trading method to learn.
Needless to say, there are plenty of methods of day trading. But at the end of the day, the goal is the same: make money and repeat the process. So, where should you begin? As I said above, start with a list of penny stocks. With that in mind, here are a few trending early this week. Whether or not they’re the best to buy right now is up to you.
Penny Stocks To Buy [or avoid]
- Sonim Technologies (NASDAQ: SONM)
- Ideanomics Inc. (NASDAQ: IDEX)
- Remark Holdings Inc. (NASDAQ: MARK)
- Sphere 3D (NASDAQ: ANY)
Sonim Technologies
There’s no doubt that tech stocks are hot right now. Sonim Technologies is following suit of the broader industry trend. Thanks to some news this week, momentum has compounded in a big way. Sonim announced its partnership with Syndico, a distributor of professional communication, body-worn video, and drone solutions. The new partnership expands the distribution of Sonim’s ultra-rugged mobility solutions throughout the UK.
Andrew Wilson, Syndico’s Managing Director, explained, “The importance of the ‘ultra’ in ‘ultra-rugged’ is clear. Organizations who need to supply their workers with smart devices for their critical data and communications needs can see an instant and tangible return on their investment.”
The excitement surrounding tech in industries like logistics, construction, and public safety remains a factor right now. Sonim products range from things like Android mobile devices to software & accessories.
Ideanomics Inc.
Shares of Ideanomics have climbed strongly over the last few months. The company had been under scrutiny due to questions arising from its electric vehicle operations in China. However, after the dust seems to have settled, IDEX stock has jumped considerably. When you look at the last 6-7 months for Ideanomics, shares are up 900%. It’s been a very volatile period, but shares have managed to hold an uptrend overall.
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The most recent focus in 2021 has been on the company’s expansion. First, it signed a definitive agreement to acquire 100% of privately held Wireless Advanced Vehicle Electrification, Inc. Wireless Advanced is a provider of wireless charging systems for commercial electric vehicles.
This deal came just a few weeks after Ideanomics’ MEG company purchased an initial 2,000 ride-hailing vehicles from Meihao Chuxing. Deliveries are expected to begin during the first half of this year. Meihao is a JV between BYD and Didi. If you’re not familiar with BYD, it is one of China’s larger manufacturers for automobiles, battery-powered bicycles, buses, and even solar panels.
Remark Holdings Inc.
Remark is another one of the penny stocks we’ve discussed for months. In fact, the first time we came across the company, it was back in late-April. At the time, MARK stock was trading around 40 cents as COVID was heating up. Furthermore, plans were being outlined for how there could be an efficient means of reopening the economy.
Remark’s thermo-imaging technology was one of the bigger points of focus at the time. The company would go on to publish many tweets showing its A/V set-up at hotels and conference centers. But not many press releases or filings were paired with these otherwise apparent developments. Needless to say, Remark continues grabbing interest from traders.
The company pre-announced its Q4 revenue. According to Remark, this came in at $4.7 million, bringing 2020’s total to over $10 million. Furthermore, this equates to a 100% increase in annual revenue compared to 2019. In tandem with that news, the company also announced a $30 million share buyback program.
The company also reported that HP Enterprise names the company a “Silver Partner” in its technology partner program. This means for Remark because it can bring opportunities to HPE, and, in turn, they will make Remark’s solutions available to their customers.
Sphere 3D
Shares of Sphere 3D have been on the move over the last few months. However, this month has seen one of the bigger moves in the stock. ANY began 2021 at $1.44 and has already managed to climb to highs of $2.60 this week so far. While few headlines are on major outlets, a look at the company’s filings reveals some potential catalysts for this move.
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Most notably is the company’s pending deal with Rainmaker Holland BV. Sphere and Rainmaker are in the process of closing a Definitive Share Purchase Agreement. This provides 100% ownership of Rainmaker, which owns all of the Rainmaker Worldwide Inc. intellectual property. This includes its Air-to-Water and Water-to-Water technologies. Sphere will also acquire current customer contracts and joint venture arrangements in different countries and water distribution partnerships in others.
With the pending completion of this deal, ANY stock has clearly shown a favorable response from traders. Due to the higher levels of volatility, will Sphere maintain these levels by the end of the month?
