3 Penny Stock Events You May Have Missed in April
With penny stocks, speculation is one of the most important factors to consider. While blue chips are not as speculative as stocks under $5, we do see news events play a large role in the trajectory of specific penny stocks or industries as a whole. So, why is there such a large emphasis on the effects of speculation?
Well, often, traders invest in penny stocks for their large intraday price swings. This gives several opportunities for buying and selling throughout a given day or week. The strategy that this fits into is known as swing trading. And while swing trading is done often with blue chips, the high ups and downs of penny stocks mean that the opportunity for making big gains (and big losses) is more tangible.
Considering all of this, it’s important to focus on news events that are occurring right now. If you invest in penny stocks, you know that prices move extremely quickly. Because of this, the most informed investor is always the one with the biggest advantage.[Read More] Best Penny Stocks to Buy? You Might Want to Add These 3 To Your Watchlist
So, reading up on press releases, balance sheets, corporate filings, and any information you can find; will always be your best friend. With this information, you see that it is extremely prudent to stay as up-to-date as possible. For this reason, here are some of the top penny stock events you may have missed this month.
Penny Stock Recap: 3 Stories You May Have Missed
- An Entertainment Penny Stock Moves Into Blockchain
- A Content Partnership Could Make These Penny Stocks Even More Popular
- A Digital Education Tech Company Enters the NFT Market
Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV)
Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV) may be a penny stock you’re familiar with for its recent moves. However, big news struck earlier in the month, showing that it had signed into an agreement with Dolphin Entertainment and H2H which is owned by Elite Holdings LLC. The goal is to develop its first NFT offering which will be available later in the year.
Now, it’s worth noting that NFTs and anything related to blockchain or cryptocurrency is big news these days. And because of the rise of cryptocurrencies like DogeCoin, many companies are figuring out how to get a piece of the market.
The deal between HOFV and the companies mentioned above will work to develop, market, promote and sell NFTs associated with H2H Legends. This is a group of pro-NFL football players, that is comprised of some of the biggest names to ever take the field.
“As an organization that operates at the intersection of sports and entertainment, it is our responsibility to leverage the access we have to unique content to build one-of-a-kind fan engagement opportunities across all of our business verticals.
The demand for NFTs associated with sports has already been overwhelming. Given the brand partnerships we have with entities like the NFL Alumni Association, the Pro Football Hall of Fame and many others, we will continue to create a strong pipeline of content that will excite consumers for years to come.”Michael Crawford, CEO of Hall of Fame Resort & Entertainment Co.
Considering this big move, HOFV could continue to see heightened attention in the coming weeks.
Cinedigm Corp. (NASDAQ: CIDM)
Only three days ago, shares of Cinedigm Corp. (NASDAQ: CIDM) were higher on news that it had partnered with Genius Brands (NASDAQ: GNUS) to bring new content to its highly popular, Kartoon Channel!. Kartoon Channel! is a ‘smart and safe’ streaming channel that offers family-friendly content. While it is free, the channel makes its revenue through ad-supported children’s entertainment. This helps to make it an entertainment penny stock.
The CEO of Cinedigm, Chris McGurk, stated that “as we continue to expand into the AVOD and FAST spaces, we are committed to partnering with gold standard companies and brands….Having been a part of many successful partnerships over my career, I am certain this one has all of the right hallmarks.” While partnerships in the entertainment industry are common, they are always exciting for investors to consider.[Read More] Top Reddit Penny Stocks To Buy Today? 3 To Watch Right Now
Cinedigm on its own has a large platform of premium content that is supported by ads on its streaming services. There’s no doubt that traditional television (cable and satellite) is a dwindling market. And for this reason, companies are working day and night to develop new digital strategies.
Also of note is that Cinedigm has recently partnered with other major brands such as NBC, Canopy, Fubo, Rebox AVOD, and Tubi. Additionally, Genius Brands has a large existing market for its content, developing and producing a large range of digital media aimed at the children’s market. With this announcement in mind, is CIDM a penny stock to watch?
Color Star Technology Co Ltd. (NASDAQ: CSCW)
Color Star Technology Co Ltd. (NASDAQ: CSCW) is a penny stock you may be familiar with for its consistent market updates. Considering this, the last big news story from this month also relates to the world of blockchain and cryptocurrency.
Last year, Color Star made a sizable business transition from being a ready-mix concrete producer to a provider of education-tech services. Obviously, this is ways away from its original business model. However, it has proved beneficial to the company. Earlier in the month, Color Star announced the development and application of its new non-fungible token, or NFT, aimed at its entertainment business.[Read More] 4 Penny Stocks On Robinhood To Buy Under $1; 50%-270% Price Targets
Outside of its work in the ed-tech market, Color Star operates its wholly-owned subsidiary, Color China Entertainment Co, Ltd. This subsidiary offers everything from network copyrights to concerts, TV programs, and more. Only recently, the company stated that it will be utilizing NFTs for a variety of purposes.
This includes online museum collections, online concerts and ticketing, custom celebrity products, copyrights, and much more. While this is broad, the company is still working out all of the details to cement its place in the blockchain industry.
“The company has always strived to build our entertainment business on the application of new digital technology, and now with the NFT development, we should be able to achieve more breakthroughs in science and technology with respect to our products, services, and partnerships.
With a strong foundation in celebrity entertainment content and creative capability, coupled with the launch of the Color World APP…the company can better enhance and perfect the application scenarios for NFT, and lead the way into a new era of culture and entertainment.”The CEO of Color Star, Mr. Luke Lu
Because of its exciting work, will you be adding CSCW to your penny stock watchlist?