Tech Penny Stocks Watchlist for April 2021
Tech penny stocks are constantly changing. Because of the nature of the tech industry, developments occur on a daily basis. Before we go any further, it’s worth noting that penny stocks are any security trading under $5. Because of this, there are hundreds of tech stocks to take a look at.
Because innovation happens on such a fast-paced basis, volatility can be high. One example of this is with electric vehicle stocks or EVs. EV stocks have become highly notable with big players like Tesla Inc. (NASDAQ: TSLA) reigning supreme. Although Tesla’s share price is in the triple digits, it’s not unusual to see large intraday swings. With this in mind, it’s important to stay as up-to-date as possible on any updates or new applications of tech products.
This week, there are some new trends that investors should look out for. If you read pennystocks.com, you’ve probably heard us talk about blockchain and cryptocurrency penny stocks. Over the past week, cryptocurrencies like Bitcoin and Dogecoin have hit all-time highs, igniting a new fire in the market. But the underlying technology for crypto; blockchain, is used for much more than just cryptocurrency.
One recent trend in this industry is non-fungible tokens or NFTs. NFTs allow individuals to add ownership to digital files. This has created a new market, with some NFTs selling for millions of dollars. Plenty of companies are working to get into the NFT space. Those that have done so successfully, have seen large increases in investor attention.
Tech Penny Stocks To Watch
If you are a short-term investor, tech stocks could be an interesting choice. If long-term investing is your strategy, you might want to ensure that the volatility of the company you’re trying to invest in, aligns with your investment goals. The idea here is to understand wholly, what a company’s business model is. This helps to ensure that your portfolio can have the best chance at bringing in returns.
One of the most recent updates to the tech market is the Coinbase IPO. Coinbase Inc. (NASDAQ: COIN) operates a financial platform that allows for the purchase of cryptocurrencies with ease. It can be used to invest, store, spend, earn, and use crypto assets. In its Nasdaq debut, COIN stock opened at $381. The COIN stock IPO has large implications for both cryptocurrency and tech stocks. Some investors believe that this IPO has created a fundamental change in the market. This change means that cryptocurrency is more legitimate than ever. With this in mind, let’s take a look at three tech penny stocks that could have higher volume due to the COIN IPO.
- Cinedigm Corp. (NASDAQ: CIDM)
- Inpixon (NASDAQ: INPX)
- Vislink Technologies Inc. (NASDAQ: VISL)
Cinedigm Corp.
Since late March, shares of CIDM stock have rallied by quite a bit. Before we get into why this tech penny stock is moving so much, let’s first look at what the company does. Cinedigm is an entertainment company that distributes movies, television, and short-form content. On March 25th, the company announced plans to develop NFTs using its large inventory of content.
“Given our extensive film library, deep connection to fandom and collectibles, and CIDM stock’s strong brand partnerships and technology capabilities, I have directed our product team to develop new NFT products to enhance the user experience of our loyal audiences”
Chris McGurk, CEO of Cinedigm
This announcement caused shares of CIDM shares to shoot up to over $2 per share back when the information was released. However, since then, CIDM stock has pulled back to its April 14th level of $1.24. Many investors believe that this is nowhere near the end of the road for Cinedigm. First of all, the company has yet to release its planned NFT. For this reason, there could be a lot of opportunities in the coming months.
Also, the company recently released exciting analytical information regarding its streaming operations. On April 14th Cinedigm announced record subscription and ad-supported user growth milestones. Its total streaming viewers went up to 23.8 million viewers, representing a 208% increase year over year.
[Read More] 3 Penny Stocks To Watch In April That Top Analysts Are Bullish OnAdditionally, its total subscriber count surpassed 640,000, which is a 574% increase year over year. Because of this, some investors view CIDM as one of the best penny stocks to watch. All in all, if you are looking for a multi-faceted company with an encouraging trajectory, Cinedigm could be worth keeping an eye on.
Inpixon
This next tech penny stock on this list has a direct correlation to cryptocurrency. Inpixon specializes in what it calls, Indoor Intelligence. This includes capturing and detecting cellular, Wi-Fi, and Bluetooth data to produce complex data used in increasing revenue, decreasing costs, and enhancing safety. Its Indoor Intelligence platform allows users to increase revenue, decrease costs, and enhance safety for actionable intelligence purposes.
On April 14th, Inpixon announced that it has converted a note receivable from Sysorex Inc. for $9 million, into shares of Sysorex common stock valued at $17 million. Simultaneously, Sysorex announced the closing of a reverse merger with TTM Digital Assets & Technologies Inc. TTM is a data center that has a primary focus on mining Etherium and other cryptocurrencies. TTM states that it is one of the largest publicly traded Etherium miners on the U.S. market. This transaction will allow Sysorex to acquire TTM’s business and operations.
[Read More] Best Tech Stocks Today? 3 Tech Penny Stocks to Watch Right NowThe CEO of Inpixon, Nadir Ali stated that “The prevalence of Bitcoin, Ethereum and other digital currencies and their values have risen substantially over the past several years and dramatically in the past six months.”
Ali went on to state that “The use of Ethereum for non-fungible tokens (NFTs), development of apps and peer-to-peer financial transactions are becoming increasingly mainstream, and marquee financial institutions and other household name organizations are accepting digital currencies and also adding this asset class to their balance sheets.”
This situation caused INPX stock to increase by over 9% by end of day on April 14th. This could be the momentum that INPX stock needs to reach new heights in the coming months. Moreover, after the news broke, INPX showed a volume of over 53 million, compared to its average volume of around 10 million. The company currently does not have plans to enter the crypto mining industry itself. However, it is looking forward to this big opportunity that could maximize value for its shareholders while dipping its toes into crypto.
Vislink Technologies Inc.
The final penny stock on this list is the communications company, VISL. Vislink designs, develops, and delivers wireless communications solutions. While the last month hasn’t been the best for Vislink, there are some catalysts that could change that.
First off, the company just released its financial results for 2020 only a few weeks ago. In the report, its revenue fell year over year; however it managed to decrease its net losses substantially. Additionally, it improved its quarterly revenue for the first time in several quarters.
The CEO of Vislink, Carleton Miller stated, “Our fourth-quarter revenues were over 40% higher than the third quarter, rebounding to almost $7 million, which represented the strongest quarter of the year.”
In addition to this, on April 8th, Vislink received a multi-million dollar contract for on-board and trackside RF cameras as well as remote production systems. These products will be provided to the NEP Group for its Extreme E-Racing Series. VISL stock opened high on the day of the announcement, but shortly after, the hype subsided.
It is possible VISL stock could see more bullish sentiment as it continues to work on improving its business. Moreover, it’s also worth noting that it posted the strongest quarter of the year simultaneously as several states reopened. Because the communications industry is dependent on the demand for comm-related products, the pandemic has had a large effect on its business. Whether the old saying of correlation implies causation is at play here remains to be seen. Regardless, VISL stock could be worth watching.
