hot penny stocks to buy right now

Tech Penny Stocks Heat Up Into Year-End

Biotech penny stocks have certainly become a favorite among day traders. However, technology stocks remain at the top of the heap. One of the biggest reasons for this is that they’ve been relatively immune to the effects of the pandemic. For example, physical retail took a big hit this year. Meanwhile, eCommerce wasn’t only unphased, it flourished. Travel stocks sold off, but digital entertainment stocks flew higher. Meanwhile, with things like oil and gas sliding earlier in the year, renewable energy began gaining steam. These are just a few examples, but you get the idea.

There are plenty of ways to play the tech trade and COVID-19 may have opened the opportunities to do so. This week, Congress gave the go-ahead for the latest stimulus bill to help the economy and keep the government running. A few of the key highlights of the bill could put money into Americans’ hands soon. Albeit the next round won’t be as much as the previous round. The pandemic aid includes a $300-per-week federal unemployment supplement through mid-March. There’s also a $600 direct payment to most Americans. The measure also extends the federal eviction moratorium through the end of January.

Despite this being roughly half of what the prior stimulus was, it still puts hard dollars in the hands of those who need it most. The biggest question is will we see another boost in certain sector stocks? Heading into the tail-end of 2020, tech remains a high-point in the market. Furthermore, the tech-dominated NASDAQ continues hovering around its all-time highs early in the week. With this in mind, are any of these tech penny stocks on your list to buy right now or should you avoid them entirely?

Vislink Technologies Inc. (VISL Stock Report) is a technology business involved in everything from video broadcasting to surveillance and defense work. The company is also involved in the live news, sports, and entertainment markets which have all seen improvements in viewership since the beginning of the pandemic. After hitting a high of around $8.94 per share back in June, VISL stock has since dropped to around $1.25 at the start of this week. While this may seem disheartening, the company has seen a lot of adverse effects from the pandemic. Last month, it reported its Q3 2020 financial results. In the report, the company stated that it brought in around $4.8 million in revenue. 

In addition, the company brought in a negative EBITDA of around $2.4 million. It’s worth noting that this is half of what it brought in in the same quarter of the previous year. Carleton Miller, CEO of the company, stated that “in the third quarter, we continued to feel the effects of a challenging macro business environment. The ongoing covid-19 pandemic limited our growth and softened demand in our key live production and MilGov markets, as customers delayed deliveries for new and upgraded equipment. The pandemic also limited our supply chain, which led to an interruption in receiving components from our suppliers.”

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Furthermore, Vislink has taken to Twitter this week with a clear focus on its broadcasting arm. In a tweet on Tuesday, the company said, “With our high-quality RF camera solutions, video production teams are getting viewers closer to the heart of the action by using our touchline & body-worn camera systems. Read more on how we can support your video production teams.” This seems to have sparked continued momentum that began late Monday.

tech penny stocks to buy Vislink Technologies Inc. VISL stock chart

Tech Penny Stocks To Buy [or avoid]: Ocean Power Technologies Inc. (NASDAQ:OPTT)

Tech stocks aren’t always about entertainment or online shopping. In fact, many of the advancements in tech this year have come in the form of green energy and electric vehicle development. Ocean Power Technologies Inc. (OPTT Stock Report) falls into this category perfectly. The company focuses entirely on power generation utilizing the environment surrounding us. Specifically, Ocean Power offers ocean energy solutions.

Its PowerBuoy® platform harnesses the power of things like ocean waves to generate usable energy sources for offshore applications. Earlier this month, the company reported its second-quarter fiscal 2021 earnings which demonstrated year-over-year progress. In particular, the company reported an EPS loss of 15 cents per share. While this is obviously a loss, it was night and day different in comparison to the last fiscal year’s Q2. The company had reported a loss per share of 51 cents. Though revenue was slightly lower for the quarter, Ocean Power did highlight several key initiatives that should be a point of focus.

Specifically, the company deployed its OPT Marine Surveillance System on a hybrid PowerBuoy® off the New Jersey coast for advanced testing and demonstration. The company also received a DeepStar® project award to study the deployment and operational requirements of using OPT’s PB3 PowerBuoy® providing remotely controllable zero-carbon power for deepwater subsea oil production applications. With alternative and green energy becoming a big focus ahead of incoming President Biden’s term, OPTT could be one of the hot penny stocks to watch.

tech penny stocks to buy Ocean Power Technologies Inc. OPTT stock chart

Tech Penny Stocks To Buy [or avoid]: Super League Gaming Inc. (NASDAQ:SLGG)

Super League Gaming Inc. (SLGG Stock Report) is one of the entertainment tech penny stocks to watch. If you’ve read our articles for at least the month of December, you’ll likely notice that gaming stocks are hot right now. We discussed Elys Game Technology (ELYS Stock Report) frequently this month. Only recently had we stopped for the simple fact that ELYS stock no longer meets the criteria of a penny stock. Whether that will change later on or not is yet to be seen. However, it did set the stage for a reason to look for gaming penny stocks to watch.

Super League Gaming was one of the gaming penny stocks to watch from back in July. It focuses on competitive gaming and Esports entertainment. Earlier this year Super League announced that it is working on a live broadcast production option to live stream mass participation competitive gaming events. Obviously, this is a major asset to have now that in-person competition settings are limited right now.

[Read More] Top Alternative Energy Penny Stocks Under $1 To Watch Right Now

December has been an active month for the company both from a market and fundamental stance. The company launched its own remote broadcast production service division, Virtualis Studios. Super League also announced new shows being rolled out via Snapchat adding to the existing shows on the platform. While this might not seem like a major highlight, consider that the company says it reached more than 8.5 million unique viewers just in November alone. Connecting with players and viewers is key in this niche. With December being an active month for gift-giving, gaming could get a boost of attention before 2021.

tech penny stocks to buy Super League Gaming Inc. SLGG stock chart

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