5 Tech Penny Stocks To Watch Right Now
It seems like tech penny stocks are some of the hottest in the stock market today. Aside from things like biotech, penny stocks involved in technology have taken a clearer focus for investors. The general market uncertainty hasn’t helped most sectors. Meanwhile, there still hasn’t been any resolution to the recent stimulus disputes. We’ve also got to consider the further ramifications that the lack of economic recovery will be in the long run.
Even in light of this, and the pandemic shutdowns that hurt most of the economy, tech has become one of the top-performing sectors. Thanks to its inherent means of social distancing anyway, companies ranging from online retail to virtual interaction have thrived this year. Case in point, Zoom Video (ZM Stock Report) began the year trading just under $69. October 19th, shares of ZM stock reached a new high of $581.31. Yes, ZM stock has rallied 742% in less than a year. Similarly, shares of Amazon (AMZN Stock Report) saw explosive movement this year.
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January 2nd saw shares trading around $1,875 and as people were stuck in the house, online retail surged. Now, I know Amazon isn’t just online retail but that particular aspect has become a key driver. Needless to say, shares of AMZN stock have managed to climb as high as $3,552.25; nearly 90% in less than a year from a $1,000+ stock. This momentum in unprecedented among blue-chip stocks. But the current situation has created a unique environment for tech stocks to thrive.
Tech Penny Stocks To Watch
- MicroVision Inc. (MVIS Stock Report)
- MoneyGram (MGI Stock Report)
- Marathon Patent Group (MARA Stock Report)
- Uxin (UXIN Stock Report)
- Blonder Tongue Laboratories (BDR Stock Report)
Furthermore, in light of things like the Apple (AAPL Stock Report) iPhone event, we’re also seeing sympathy momentum in communications and comm-tech stocks as well. The big question for traders is will these be the top penny stocks to buy right now or should you take a pass?
Best Tech Penny Stocks to Buy [or sell] #1: MicroVision Inc.
MicroVision Inc. is one of the top tech names to know about recently. While we’ve covered this penny stock for quite sometime, shares of MVIS stock recently experienced a bit of consolidation. October 9th saw shares reach highs of $2.89 but since then, MicroVision stock has been steadily trading sideways.
Last week was a milestone week for the company. Though no news was published, traders found that the company was granted a patent. The title of this was “Laser Scanning Devices and Methods for Extended Range Depth Mapping”. Obviously one of the focuses for many of the larger tech companies has been things like scanning technology. In MicroVision’s case, the company’s PicoP® scanning technology is a point of focus.
This is its mini laser sensing and projected display solution. Based on MicroVision’s youtube page, the company has also focused on things like AI and augmented reality technology. There’s also lidar for automotive applications and a concept for tabletop gaming.
This has been on our radar since mid-April. Since then, we’ve gotten to watch, first-hand, MVIS stock explosively rally. Not only did the penny stock move from under $0.40 to over $3.40. Will MVIS stock see those levels once again?
Best Tech Penny Stocks to Buy [or sell] #2: MoneyGram Inc.
Shares of MoneyGram Inc. have been in rally mode for the better part of the last few weeks. The biggest push has come within the last 5 sessions. MGI stock jumped from $3.16 at the start of last week to highs of $4.81 so far this week. There could be a few things at play right now when it comes to MoneyGram. First, the company’s launch of its mobile application may have gotten a bit more exposure as Apple’s latest event brought back attention to things like app store access.
However, what might be a more important thing to note is the company’s involvement in cryptocurrency. The company has gone through an evolution over the last few years to meet the requirements of today’s digital world. It saw the expansion of the company into cryptocurrency options as well as new partnerships with larger outlets. The P2P payment and money-transfer company gave its latest update on September’s monthly performance.
During times of global economic uncertainty, as we’ve seen, digital currencies have had a tendency to respond bullishly. Additionally, last week the company and PayMaya introduced real-time payment solutions for fund transfers from the U.S. to the Philippines using Visa Direct.
Best Tech Penny Stocks to Buy [or sell] #3: Marathon Patent Group
Similar to MoneyGram, Marathon Patent Group has seen a surge of interest as traders monitor the cryptocurrency market. With things like Bitcoin remaining in an uptrend, crypto penny stocks have seen a recent surge.
Last week Marathon announced a joint venture with Beowulf Energy for a large-scale Bitcoin mining data center. Marathon will deploy 11,500 next generation S19 Pro Antminers (110 TH/s) it previously acquired through its partnership with Bitmain Inc. at the Data Center. The company says these miners will generate 1.265 EH/s when fully deployed, which is full anticipated through Q2 2021.
Bitcoin penny stocks and blue-chips alike have been in the spotlight ever since Squares headline in September. The digital payment company, Square (SQ Stock Report) bought 4,709 bitcoins, worth approximately $50 million. This was roughly 1% of the company’s total assets as of the end of its second quarter. Will this crypto trend continue? That’s a big question on traders’ minds right now especially in light of the recent jump in the price of BTC.
Best Tech Penny Stocks to Buy [or sell] #4: Uxin Limited
Uxin Limited is trading higher on Monday without any apparent catalyst. The company is an online used car dealer in China. Last month, Uxin said that it will build its own used-car inventory beginning in September and expects total revenue for the three months ending September 2020 to range from RMB33 million to RMB35 million. That’s if revenue from selling its own inventory starting in September is excluded, and taking into account the impact of the COVID-19 pandemic on its business.
Obviously, online retail has made its position known during COVID. The opportunities have grown for businesses operating a digital footprint. Last week 58.com Holdings Inc. and GIC Private Limited filed 13Ds and Gs respectively showing 9.9% and 11.41% stakes in the company. What’s more, is that these weren’t the only funds that have taken larger positions in the company. Previous to this, filings showed Redrock Holding Investments Limited, PacificBridge Asset Management, and certain individuals were holding sizeable positions in UXIN stock.
With heavy institutional interest but a general lack of overal information available, will UXIN stock continue on this uptrend or is this just a short-term move for the penny stock?
Best Tech Penny Stocks to Buy [or sell] #5: Blonder Tongue Laboratories
This was another one of the tech penny stocks discussed ahead of Apple’s iPhone event. The company is a technology-development and manufacturing company providing television signal encoding, transcoding, digital transport, and broadband product solutions in the United States.
Last week Blonder Tongue announced the US Patent and Trademark Office issued a patent, US10,805,660, for certain technologies within Blonder Tongue’s DOCSIS Data series of products. According to Blonder Tongue, the solution can accommodate the migration of wireline to wireless and subsequent wireless service upgrades by a replacement of certain modules.
An obvious focus on telecommunications and related tech have become evident this month. Similar to UXIN, BDR stock has also seen its share of insider purchases recently. In fact, if you look back through the company’s filings, you’ll see a constant flow of insider trading in BDR stock for months. Will this latest surge kick-start a new uptrend in the penny stock?