Penny stocks are inherently volatile, however, when mixed with certain industries, this volatility can compound. One sector that has managed to generate enormous gains for investors over the decades is the tech sector. That trend doesn’t seem likely to slow down either. Therefore, when it comes to certain penny stocks to buy, tech sector stocks could present new opportunities for growth driven names.
Smaller companies can always go onto becoming behemoths through a revolutionary new product or service. Though it’s a hard road to follow, some top companies go on to generate enormous profits for investors. Beaten down stocks can also make comebacks through such a path.
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In this sense, it’s important to pay close attention to things like charts, corporate filings, and any penny stock news that’s released. Here is a look at three tech penny stocks which have been making bullish moves recently.
Tech Penny Stocks To Watch #1: Fitbit (FIT)
The first of the tech penny stocks to watch is that of Fitbit Inc (FIT Stock Report). This has been a company that has topped the List Of Popular Penny Stocks On Robinhood for months now. Despite the overall downtrend, this year, FIT stock has enjoyed a remarkably impressive rally since the end of August.
On August 29, the company announced that it’ss going to launch the Versa 2 version of its product. It looks like that news provided the trigger for 23% rise so far. It is a significant development since the announcement comes after another product from the same brand, Versa Lite, had flopped among customers.
The rise in the stock price indicates that investors are happy that the company has not given up. However, the jury is still out on whether or not FIT stock can continue this uptrend through the rest of the year.
Tech Penny Stocks To Watch #2: Plug Power (PLUG)
The other tech penny stock that has made impressive gains in September so far is Plug Power Inc (PLUG Stock Report). While it is true that clean energy is something that is going to be one of the most important sectors, it has generally not been kind to investors.
PLUG stock has declined significantly from its highs in 2014, but the stock has had a comeback of sorts in 2019. PLUG has also been one of the penny stocks that we’ve continued to monitor over the last few months. This year alone, it has gained 60% and in September, the stock recorded 25% gains so far.
Moreover, it has signed a deal with Amazon and Walmart among others. These have also been regarded as important developments. This is one penny stock that could continue to find its way on penny stock watch lists this month.
Tech Penny Stocks To Watch #3: Limelight Networks (LLNW)
Last but not least, Limelight Networks, Inc. (LLNW Stock Report) is another tech penny stock that has made significant gains over the course of the past few months. During this period, LLNW stock has gained as much as 40%. Much of that is due to the impressive turnaround engineered by the internet content delivery provider.
The company has stated that revenues will rose by 1% in the full year this year and then jump to 12% in 2020. In the last press release, Limelight announced that it will introduce new enhancements to its Video Delivery Services at IBC 2019. These enhancements are designed to further improve the quality and performance of digital experiences for customers worldwide through on-demand video.