3 Penny Stocks to Watch for a Post-Covid Tech Boom
Tech penny stocks are some of the most highly sought-after commodities right now. If you’re wondering why there are a few reasons for this. First, we have to consider the effects of the pandemic on penny stocks. When Covid first began last year, many tech companies quickly dropped in value. This made sense given the sudden shock to the economy. However, shortly after, many tech penny stocks managed to climb.
While some focused on solutions to pandemic-related issues such as work-from-home and ed-tech, others saw the high demand for the tech products correlating to this. So, now only a year later, plenty of new and budding penny stocks to buy have popped onto the scene, all offering different value points.
But, just because a company has an interesting product, does not mean that it earns a place on your penny stock watchlist. Rather, we have to consider the other factors that make up a good penny stock to buy.
[Read More] 3 Reddit Penny Stocks To Buy On Robinhood Under $5This includes fundamentals such as revenue, outstanding debt, EPS, and others. In addition, the speculative factors that affect a company are worth noting, especially when it comes to stocks under $5. For those unfamiliar, these are the things that can fluctuate prices such as news, a new balance sheet, rumors, and anything relating to this. While this is not a be-all-end-all list, it should help to point your watchlist in the right direction. With all of this in mind, let’s take a look at three tech penny stocks to watch right now.
3 Tech Penny Stocks to Watch Right Now
- Motus GI Holdings Inc. (NASDAQ: MOTS)
- Clear Channel Outdoor Holdings Inc. (NASDAQ: CCO)
- Nokia Oyj (NYSE: NOK)
1. Motus GI Holdings Inc. (NASDAQ: MOTS)
Motus GI Holdings is a penny stock you may not be familiar with. So to get you up to speed, let’s talk about what MOTS does. Motus GI is a biotech penny stock, focusing on the endoscopy market in the U.S. and Israel. Through its subsidiaries, it works to improve clinical outcomes by offering solutions to GI diagnosis and management tech. Big news dropped on Friday, April 30th, resulting in a high double-digit percentage gain in pre-market hours.
[Read More] Hot Penny Stocks to Watch; Is it Time to Buy The Biotech Dip?On Friday, the company announced that it had received 510(k) clearance from the FDA for its Pure-Vu System. This system allows for a clear field-of-view, used in tandem with existing gastroscopes, utilized during endoscopic procedures. The Pure-Vu System is designed to integrate with therapeutic gastroscopes to offer safe and fast cleaning during the procedure.
“We are pleased to receive FDA clearance for the Pure-Vu System now compatible with gastroscopes to provide enhanced visibility during upper GI endoscopies. We believe this regulatory milestone broadens our ability to participate in a larger percentage of procedures performed by our key customers, providing us a natural extension of our commercial strategy.
In addition, we have received consistent feedback from leading physicians indicating their view that there is a substantial unmet need in this area, particularly for Upper GI Bleed procedures.”
Tim Moran, CEO of Motus GI
When any biotech company receives FDA approval, it is always a big deal for both the company and investors alike. Considering that this just occurred today, it could be big news in the coming months. Whether this makes MOTS stock worth watching is up to you.
2. Clear Channel Outdoor Holdings Inc. (NASDAQ: CCO)
Clear Channel Outdoor Holdings is both a tech and entertainment stock working in the field of digital advertising. It has more than 500,000 print and digital displays, spread out across 31 countries, including those in North America, Europe, Latin America, and Asia. Every month, millions of consumers set their eyes on one or more of Clear Channels displays. This includes its growing platform of more than 16,000 digital displays in international markets.
[Read More] Penny Stocks Are Back; Here’s 3 to Watch Right NowOnly a few days ago, the company announced that it has teamed up with Resorts World Las Vegas to provide over 135,000 square feet of digital signage in Sin City. Through this partnership with Resorts World, the displays will work to promote the ‘Vegas Means Business’ slogan.
“Resorts World Las Vegas is a marquee venue that encapsulates cutting edge technology, luxury and innovation: all the attributes brands correlate with the excitement of advertising in Las Vegas. These spectacular displays will provide brands the unique opportunity to leverage some of the largest LED screens in the world that can even operate sequentially offering an unprecedented story-telling ‘brand takeover’.
These displays are breaking new ground in digital out of home and we can’t wait to work with our brand partners to execute creative and inventive advertising.”
Dan Levi, EVP & CMO at Clear Channel
While the outdoor advertising market took a hit from Covid, more people are resuming their daily lives. This means that we could see a resurgence of companies like Clear Channel, begin to move back to pre-covid operational levels. This will take some time to complete however, in the meantime, will CCO be on your penny stock watchlist?
3. Nokia Oyj (NYSE: NOK)
Nokia Oyj is a company you might be familiar with if you’ve ever used a cell phone in the past two decades. In the past few months, NOK has shown strong results as a promising tech company working in several valuable markets. This includes its role as a 5G penny stock, as well as a telecom producer and equipment manufacturer. On Thursday, April 29th, Nokia reported its first-quarter 2021 financial results, which were unexpectedly strong.
In the results, net sales rose by a solid 3% year-over-year and 9% if we exclude the fluctuations of currency during that time (euros to dollars). At the end of the quarter, NOK managed to pull in roughly $6.2 billion in net sales which is quite staggering considering the pandemic.
Interestingly enough, its enterprise sales were the real star of the report, helping to drive 14% in revenue growth. In addition, the company reported that net margins managed to increase by around 3% to 37.9%. This is mostly due to cost efficiency measures as well as its movement into the 5G marketplace.
The most important figure, however, is its net profit, which rose by 11 times over the same quarter last year, to $455 million. This is way above what analysts expected for the period. Moving forward, the company still expects its full-year revenue to come in at around $26.4 billion on the high end.
[Read More] 3 Penny Stocks to Watch During the Last Week of AprilCEO Pekka Lundmark stated that “today’s results demonstrate that we are on track to deliver on our three-phased plan to achieve sustainable, profitable growth and technology leadership.” With these solid results in mind, NOK stock could be worth keeping an eye on.
