Tech Stocks Continue Racing Higher In January 2021

Look at tech-heavy NASDAQ and its benchmark ETF QQQ. Not only have blue-chip tech stocks surge, so have penny stocks in their wake in January. If you look at the last week of trading, certainly the broader markets have felt the pressure. However, selling pressure from uncertainty around the virus in addition to general unrest in Washington put a pause to the market’s epic rally. In the meantime, however, our readers know that small-cap stocks, indicated by the small-cap Russell 2000, have been on fire. Now, couple that with the latest uptick in broader markets on Friday and there could be plenty to take into consideration.

Thanks to upbeat sentiment stemming from a final resolution to the presidency, traders are beginning to focus on “what’s next”. Right now, it appears that several sectors are moving based on this and tech is one. No doubt, the surge in blockchain and bitcoin tech penny stocks has helped shed light on the sector overall. But we’ve also got to consider other things like electric vehicles, renewable energy tech, and other niche segments of the market that’ve brought attention to the broader sector itself.

Tech Penny Stocks To Watch

  1. Senmiao Technology (AIHS Stock Report)
  2. Uxin Limited (UXIN Stock Report)
  3. Hall Of Fame Resort & Entertainment (HOFV Stock Report)
  4. eMagin Corp. (EMAN Stock Report)

In my opinion, similar to how the pandemic opened traders’ eyes to biotech as a whole, crypto could be bringing much-needed attention back to tech. So, is “the trend your friend” right now? We’ll have to see how the rest of the week unfolds but for now, there are a few penny stocks to watch benefiting from the latest tech trend.

Tech Penny Stocks To Watch #1: Senmiao Technology

Shares of Senmiao Technology saw a nice jump on Friday. The company has developed an online ride-hailing platform called Xixingtianxia. Earlier this week the company announced that more than 620,000 rides were completed on the XXTX platform in December. This was up from 537,000 rides in November and accounted for 5,035 active riders.

Senmiao announced the launch of XXTX in late October 2020 to ride-hailing drivers in Chengdu, China. Since then, more than 1.3 million rides have been completed using the platform even with new concerns over COVID-19. What’s more, is that Senmiao has also conducted leasing services for its automobiles. According to the company, approximately 19% of the XXTX Active Drivers lease from Senmiao. With attention on companies like Uber (UBER Stock Report) recently, the industry trend has experienced a bit of a trickle-down effect in 2021 so far.

Keep in mind that aside from this tech, the company has also gotten involved in the electric vehicle space. Senmiao inked a deal last quarter with BYD Auto Sales Co., a subsidiary of BYD Company Ltd. The company sol BYD manufactured EV’s to Senmiao. As part of the agreement, Senmiao will provide an initial deposit and expects to purchase at least 5,000 vehicles from 2020 to 2021 to support expected ride-sharing growth.

tech penny stocks to watch Senmiao Technology AIHS stock chart

Tech Penny Stocks To Watch #2: Uxin Limited

For those who’ve followed our coverage of certain companies, you’ll remember Uxin Limited from the end of October. At the time, shares of UXIN stock were trading around $0.95. The stock saw a big jump in November to highs of $1.83 then pulled back into the beginning of 2021. This week, however, the penny stock began slowly creeping up in price.

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Last quarter, Uxin launched its used car rating system to the public. It basically analyzes used-car data analyzing things like car age, mileage, exterior and interior condition, etc. It then compares it to pricing. When customers search for used cars on Uxin’s mobile application or website, they will find a “like-new” score placed on each car. This makes it easy for customers to compare based on this score.

The recent surge in Chinese fintech companies has trickled down into Chinese tech names this week. Similar to what we explained in the past, it will come down to continuity and follow-through to see if UXIN stock remains one of the penny stocks to watch beyond Friday’s session.

tech penny stocks to watch Uxin Limited UXIN stock chart

Tech Penny Stocks To Watch #3: Hall Of Fame Resort & Entertainment

You might remember Hall Of Fame Resort & Entertainment from our update last week. This followed a big jump in share price that came with some after-market filings. This is one of the famous (or infamous) SPACs that came to market over the last few months. While it hasn’t seen the same wild success as other companies, more recently, the stock has begun creeping higher.

Hall of Fame Resort & Entertainment merged with Gordon Pointe Acquisition Corp via a SPAC deal. Its focus is on football-themed entertainment and technology. The company also owns the Hall of Fame Village powered by Johnson Controls. This is a multi-use sport, entertainment, and media destination centered around the Pro Football Hall of Fame’s campus. The company has also been inking new deals this year. In November, Hall Of Fame signed a deal with Sports Illustrated Studios & last month closed a deal with StakeKings to launch a national fantasy league.

The partnership with StakeKings will introduce staking to its season-long fantasy sports league. This is the idea of making a financial contribution to cover a portion of a participant’s entry or buy-in fee, and in return taking a percentage of the winnings.

“The StakeKings platform will enable the public to partially stake any of the HOFL’s 10 regionally based franchises, thereby becoming team stakeholders and gaining access to exclusive content, communications, and team governance features.”

Hall Of Fame Resort & Entertainment

This week, Sabby Volatility Warrant Master Fund, Ltd. reported a 4.99% stake in the company. Another 13D/A showed IRG Canton Village Manager, LLC with a 27% stake.

tech penny stocks to watch Uxin Limited UXIN stock chart

Tech Penny Stocks To Watch #4: eMagin Corp.

One of the lighter volume names we’ve started following this year in addition to last was eMagin. In fact, we began discussing this company last January. eMagin has continued executing on its initiatives focusing on building upon its OLED microdisplay technology. There are myriad applications for this tech 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.

Aside from a presentation next Thursday at the Needham Growth Conference, eMagin has also reported several interesting developments to note. Specifically, 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.”

[Read More] Hot Penny Stocks To Buy Under $4 On Robinhood, 2 With 150%+ Targets

The company said it will begin the buildout of the space this quarter. It ultimately should increase its existing cleanroom by approximately 50% which will house a production tool for its high brightness Direct Patterning Technology process. As the market monitors this progress, EMAN stock continues to press higher. Friday saw the penny stock reach fresh, 52-week highs which further extends the move it made since we first began covering the company to more than 230%.

tech penny stocks to watch eMagin Corp. EMAN stock chart

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