top penny stocks to watch

If your goal is to make quick returns in the stock market, penny stocks may be the right investment for you. While long-term investing with penny stocks is possible, short-term or swing trading is much more common. Nevertheless, this process is not as easy as it may seem. There is a lot of care and research that much be done to avoid big potential losses.

You can start by looking at what sectors are performing well and subsequently, could be worth investing in. Some of the most popular in 2021 include tech, biotech, and Reddit penny stocks. Once you have taken a look at these options, the next step is to make a list of penny stocks to watch. There is a lot of information you can base this list on.

Looking at world and sector news is an important step when investing. These factors almost always have an impact on the company you are looking at. Then you can look at company-specific news, such as filings, reports, and even rumors. We’ve seen speculation alone cause big momentum with penny stocks in the past. 

[Read More] 3 Penny Stocks to Watch Right Now, One Up Over 105% in 2021

Now we are in a market where retail investors have a big impact. Looking at what the top trending stocks are on Reddit can be useful when investing as well. 

While all of this may seem overwhelming, it can be quite simple as long as you take the time to learn. Countless penny stocks have taken off in May, and there is a lot to keep an eye on. With all of this information in mind, let’s look at five penny stocks that have momentum in the market this week.

Top Penny Stocks To Watch

  1. Allied Healthcare Products Inc. (NASDAQ: AHPI)
  2. China Xiangtai Food Co., Ltd. (NASDAQ: PLIN)
  3. Allena Pharmaceuticals Inc. (NASDAQ: ALNA)
  4. Reliance Global Group Inc. (NASDAQ: RELI)
  5. Trinity Biotech PLC (NASDAQ: TRIB)

1. Allied Healthcare Products Inc. (NASDAQ: AHPI)

Biotech penny stocks like Allied Healthcare Products Inc. have shown a lot of positive market performance in 2021. Allied is a manufacturer of biotech products that are used for respiratory care and anesthesia, and much more. 

Allied has been performing well because of its respiratory products. As well all know, the COVID-19 pandemic has caused a lot of sickness and death. Many have had to use medical respirators in hospitals to keep their lungs functioning. 

As a supplier of ventilators and similarly related products, Allied Healthcare has become an essential company in the last year. Allied has not released company-specific news that would cause its stock price to go up. Yet still, AHPI stock price is up more than 2% at the time of writing. Will you place this company on your list of penny stocks to watch?


2. China Xiangtai Food Co., Ltd. (NASDAQ: PLIN)

China Xiangtai Food Co., Ltd. is a penny stock that operates in the food industry, offering animal products to wholesale meat markets and consumers. Some of its products include pork, beef, lamb, chicken, duck, and rabbit meat. It slaughters, processes, packs, distributes, and sells these products in China.

Its recent stock price increase is not driven by any notable company news, as there have not been any updates. PLIN can be considered a Reddit penny stock, due to it being popular on the social media site. The company has been mentioned on various subreddit communities in the last few months. 

Is Reddit the reason why PLIN stock is going up and its volume is higher? This can’t be concluded for certain, but it is certainly a possibility. The company’s volume is nearly double its average at the moment. With this in mind, will PLIN make its way onto your watchlist?


3. Allena Pharmaceuticals Inc. (NASDAQ: ALNA)

This next penny stock, Allena Pharmaceuticals Inc., could be increasing as a result of a recent financial report. Before we dive into this report, let’s talk about what the company does. Allena is a biotech penny stock that develops and commercializes oral enzyme therapeutics. 

These therapeutics are used to treat patients with rare metabolic and kidney disorders in the United States. One of its main products is Reloxaliase, an oral enzyme therapeutic in Phase 3 of its clinical trials for the treatment of hyperoxaluria.

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The company reported its first-quarter financial results on May 11th. This report seems to have increased the interest from investors as ALNA stock is up significantly since its release. Allena announced it is enrolling for its Phase 3 URIROX-2 clinical trial of reloxaliase. It expects interim analysis for the second or third quarter of next year. 

For this year, its Phase 1b MAD study of ALLN-346 is expected to have initial data by the third quarter, and Phase 2a is expected to initiate by the fourth quarter.

In regards to its latest updates, Louis Brenner, the President and CEO of Allena said, “We are encouraged by the global relaunch of URIROX-2 and the lessening of the effects of the pandemic on the trial, as Q1 2021 was the most active quarter to date in terms of new site openings, subject screening and enrollment.”


4. Reliance Global Group Inc. (NASDAQ: RELI)

Reliance Global Group Inc. is a penny stock in the financial industry. The company acquires and manages wholesale and retail insurance agencies in the United States. Its insurance products include healthcare, personal, commercial, and more.

On May 13th, Reliance acquired J.P. Kush and Associates, a premier healthcare insurance agency with operations in 10 states. Acquisitions like this often will help or hurt a company’s stock price. In this case, it helped RELI stock, which is up more than 12% on the day of the announcement.

“Importantly, this acquisition is consistent with our strategy of acquiring growing, cash flow positive agencies at attractive multiples, where the founders are incentivized to support the long-term growth of the Company.”

The CEO of Reliance Ezra Beyman

Will RELI stock make it onto your watchlist?


5. Trinity Biotech PLC (NASDAQ: TRIB)

Trinity Biotech PLC is a penny stock that acquires, develops, manufactures, and markets medical diagnostic products. Its products are used in clinical laboratories and point-of-care segments. 

Trinity has caught the attention of investors after it started creating diagnostic tests for COVID-19. Currently, its test is being used in the United States under the FDA’s Emergency Use Authorization pathway, and the European Union as well. 

COVID-19 numbers have severely dropped in the United States and some places in Europe. In other countries, the problem has not gone away. This is evident in India which has more than 400,000 daily cases at the moment.

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It is possible that Trinity’s tests are being used in the countries that are still seeing large case volumes. TRIB stock is up 13.55% on May 13th with no company-specific news. Considering this and its relation to Covid, will it make your list of penny stocks to watch?


Are Penny Stocks Worth It Right Now?

No matter what is going on in the world, penny stocks are always considered risky assets. But, knowing how to use this to your advantage can mean the difference between profits and losses. Also, the world economy being in flux right now means that the stock market is also seeing a lot of uncertainty. 

We’ve also seen a lot of reopening penny stocks start to perform well in the market. This is an example of an industry that could be worth watching as the pandemic goes on.

These are the companies that are doing better as COVID restrictions loosen. This includes sectors like travel stocks, restaurant stocks, and retail stocks. As the world continues down an uncertain path, we will see what the future of penny stocks looks like. For now, which penny stocks will make it onto your list?

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