Cheap Tech Penny Stocks To Watch Right Now
Tech and the penny stocks in the industry right now are continuing to see an uptick in action this week. While some may expect growth industries like this to slow with a new Administration, small caps are a different story. In fact, while benchmark ETFs like the S&P 500 (SPY ETF) and Invesco Nasdaq (QQQ ETF) attempt to reclaim what they’ve lost over the last few days, the Russell 2000 (IWM ETF) just made fresh, all-time highs. Some market analysts assume that a Democratic leadership could be bad for tech, it hasn’t been trouble for small-cap stocks.
In fact, The Russell 2000 has continued higher amid expectations that increased stimulus measures under Democrats could benefit small businesses. Whether or not that this will continue throughout 2021 and beyond is obviously yet to be seen. However, what we can say for now is that small-cap stocks – IE penny stocks – could be the place to focus right now. Learning how to properly trade smaller stocks could become much more important in 2021.
Small-Cap Penny Stocks Take Center Stage In January
Despite the implications that tech stocks “are bad”, small-cap tech stocks have found stronger footing this week. This includes names from across the board. Whether it’s FinTech, communications, or renewable energy technology, penny stocks have seen an uptick in momentum recently. What’s more, is that many of these aren’t just stocks under $5 but ones that are trading for far less.
How much less? Well, less than a cup of Starbucks coffee – under $1.50. Keep in mind that lower-priced penny stocks tend to experience higher volatility. That means big swings in price (in either direction). But if you can handle some volatility, these may be some of the tech names to take a look at. Will they be the best penny stocks to buy or should they be on the sell list right now?
Tech Penny Stocks To Buy [or avoid] In January
Penny Stocks To Buy [or avoid]: Luokung Technology
Shares of Luokung Technology have popped this week with not much to point at as far as an immediate catalyst. However, the recent focus on big data and IoT (Internet of Things) technology companies has been a boon to the industry itself. For some context, Luokung works as a big data company providing IoT services as well as geographic information. We discussed the company a few weeks back as momentum had built in the penny stock.
The company had just reported that it will be working with Yiting to offer location-based marketing services for over 90,000 gas stations in China. With this, it is able to offer the capabilities of smart city infrastructure as well as all of the back end information to support it.
Luokung also filed its latest round of financial results at the end of December, which may have gone unnoticed. Since it was disclosed in a filing, traders may have not paid much mind to the 6-K filing. However, some highlights could be of note.
“For the first half of the fiscal year, our revenue increased to $7.32 million, or by 27.7%, from $5.73 million in comparison to the same period of the year 2019…However, China’s National New Infrastructure Initiative provides an opportunity for growth, for our business to participate in this next phase of China’s development with investment opportunities blossomed in key segments like the Internet of Things, Neighborhood Electric Vehicles, and artificial intelligence,” said Mr. Song Xuesong, Chief Executive Officer.
Penny Stocks To Buy [or avoid]: Nokia
Love it or hate it but Nokia has been one of the few 5G penny stocks that has continued executing on its model. With a consistent flow of updates and key milestones, the company remains in the spotlight. What’s more, is that with a newly appointed CEO looking to make his mark, 2021 could be the year to keep tabs on the telecomm giant.
This week, Nokia and Zain KSA expanded their strategic 5G partnership. The two plan on rolling out 60,000 FastMile 5G Gateways in Saudi Arabia this year. This deal comes just about a week after the company’s last 5G win in Thailand. Nokia was selected by Thai mobile operator dtac to provide infrastructure for the rollout of 5G tech in the northern regions of Thailand.
- 4 Marijuana Penny Stocks Robinhood Traders Are Buying Right Now
- Best Penny Stocks To Buy Now? 5 Epicenter Stocks You Might’ve Missed
We’ve discussed Nokia plenty of times over the course of the last year or so. While NOK stock experienced some volatility during the second half of 2020, shares are still trading much higher than they were during the March stock market selloff. In fact, since hitting 52-week lows of $2.34 at the time, NOK stock has recovered by more than 70% to date. If 5G stocks are an interest in 2021, Nokia could be one of the names to watch.
Penny Stocks To Buy [or avoid]: eMagin Corp.
Another one of the tech penny stocks we’ve followed for the better part of the last 12 months has been eMagin Corp. Since we began discussing this company last January, the company has continued executing on its initiatives. eMagin focuses on OLED microdisplay technology. These are for myriad applications from consumer to military-grade projects. Display stocks have been quietly moving during the last half of 2020 thanks to the different applications they have in some of the hotter sectors of the stock market.
In particular, eMagin has focused on manufacturing to meet demand. Last month the company expanded its New York facility to support growth in its business. “We are securing more space in our Hopewell Junction facility in advance of the arrival of the new equipment under our $5.5 million IBAS grant and $33.6 million award from the Department of Defense for enhanced U.S. domestic capability for high resolution, high brightness OLED microdisplays. We will begin the buildout of the space in the first quarter of 2021, increasing our existing cleanroom by approximately 50% which will house a production tool for our high brightness Direct Patterning Technology process,” said CEO Andrew Sculley in a December release.
In consideration of this and the fact that EMAN stock has continued climbing for the better part of the last 9 months, it could be one to watch heading into the new year.