3 Penny Stocks to Watch With Big Gains This Week
Investing in penny stocks in the past month or so has been filled with a lot of ups and downs. But, as penny stocks investors, this volatility can be a great method to seeing gains (and losses) in your portfolio.
In June of 2021, there are a lot of catalysts at play that investors should take note of. For starters, the crypto market has a major influence on how small-caps are traded. While they are different markets without a doubt, penny stocks and cryptocurrencies tend to trade similarly due to their comparable prices.
In the last few months, the focus of crypto investors has been on DogeCoin, Ethereum, Bitcoin, and several lesser known coins. If you thought penny stocks traded highly off of speculation, you should take a look at crypto.
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Now, because there are so many penny stocks and cryptocurrencies to choose from, picking valuable ones in either industry can be a challenge. But, if you can think outside of the box, and find information that others may not have, you may be able to get ahead of the game.
Right now, one of the largest influences on both crypto and penny stocks is Reddit and other social media. Reddit is responsible for the massive rise in AMC Entertainment Holdings Inc. (NYSE: AMC), which pushed up by almost 100% yesterday to over $60 per share. While this is not the norm by any means, it does show the power of both social media and retail investors. Considering all of this, let’s take a look at the top penny stocks to watch if you like DogeCoin.
3 Penny Stocks to Watch if You Like DogeCoin
- Ideanomics Inc. (NASDAQ: IDEX)
- Boxlight Corp. (NASDAQ: BOXL)
- Stealth BioTherapeutics Corp. (NASDAQ: MITO)
Ideanomics Inc. (NASDAQ: IDEX)
Tech penny stocks like Ideanomics Inc. are performing well right now. IDEX focuses on the adoption of commercial electric vehicles and associated energy consumption. It also offers financial services and fintech products through its Ideanomics Capital division. Its mobility division is what supports the adoption of EVs by commercial fleet operators. Through this, it offers solutions for financing, charging, and energy management needs for companies that wish to utilize electric vehicles as a part of their business.
On May 17th the company reported its first quarter financial results for 2021. In the report, IDEX announced high revenues and gross profit. Its revenue was the fifth consecutive quarter of growth, illustrating strong sentiment around Ideanomics. The CEO of IDEX, Alf Poor said, “I am both pleased and proud to say that as it stands today the company is the healthiest it has been in close to three years that I have been on board.”
It’s worth noting that Ideanomics is frequently discussed on Reddit. This attracts all types of retail investors to IDEX as social media is a major component of investor sentiment. This reddit penny stock has been skyrocketing in over the past few months. 5 days ago IDEX was at $2.80 per share, and now the its shares sit at over $3.20 as of June 2nd. So is this a company that will make it on to your list of penny stocks to watch?
Boxlight Corporation (NASDAQ: BOXL)
Boxlight Corporation is a penny stock that is focused on educational technology. It develops, sells, and services interactive classroom solutions. Its products are targeted at the K-12 market. Some of its products include projectors, interactive flat panel displays, touchboards, and much more. Its MimioTeach product can turn any whiteboard into an interactive educational tool. It also offers software to help create these interactive lesson plans. This market is one that the pandemic has positively affected.
During the past year, edu-tech products have seen a massive rise in value. And, with children returning to school, Boxlight’s products could see a higher demand in the coming months.
Recently the company caught attention with its first quarter 2021 financial results. The company reported revenue of $33.4 million as well as $47.7 million in orders. This is a record for the company, and its adjusted EBITDA grew as a result. Its revenue increase represents 484% over the previous year. Customer orders also increased by 528%. These numbers are quite large, and reflect the state of the edu-tech market right now.
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As stated earlier, now that schools are reopening in many places around the world, more of its products may be in demand.
“We continue to benefit from unprecedented market expansion, particularly in the education sector as schools return to in-class learning and are utilizing increased technology budgets, supported by substantial government funding programs.”
Michael Pope, Chairman and CEO of Boxlight
With all of this information in mind, will BOXL stock make your watchlist this month?
Stealth BioTherapeutics Corp. (NASDAQ: MITO)
Stealth BioTherapeutics Corp. is a clinical-stage biotech penny stock that discovers, develops, and commercializes therapeutics. Its products aim to treat diseases involving mitochondrial dysfunction. One of its lead candidates is Elamipretide which is in Phase 3 clinical trials to treat Barth syndrome. Additionally, Elamipretide is in a Phase 2/3 clinical trial to treat Duchenne cardiomyopathy and a Phase 2a trial to treat Friedreich’s ataxia. The scope of this drugs potential remains quite large, indicating that MITO could have sizable demand if this compound is approved.
On June 1st the company received an orphan drug designation from the European Medicines Agency. This is a big deal for Elamipretide, which in this indication, could treat Barth Syndrome. The company states that it is pleased that the EMA recognized the “high unmet need for innovative treatments” for this genetic condition.
“This marks an important step toward advancing our regulatory initiatives in Europe as we work towards potential ex-U.S. partnerships and approvals. We are committed to increasing medical and regulatory awareness of this devastating condition, which is believed to contribute to often fatal, infant-onset idiopathic cardiomyopathy globally.”
The CEO of MITO, Reenie McCarthy
Before the announcement, MITO stock sat at around $1.40 per share on average. After the announcement, MITO reached as high as more than $1.90 per share on average. Its average trading volume is also extremely high compared to its market average. On June 2nd alone, MITO stock increased by more than 23%, ending the day at around $1.77 per share. Considering this, will Stealth BioTherapeutics be on your list of penny stocks to watch this week?
Which Penny Stocks Are On Your Watchlist This Month?
Building a watchlist will always be the best way to stay ahead of the game. While the influence of Reddit and other forms of social media will likely remain present, there are ways to use this to your advantage. This includes looking at trending penny stocks, and understanding which ones may move in the near future.
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Although there are thousands to choose from, there are only a handful of penny stocks that could show either short or long term potential. With all of this in mind, which penny stocks are on your watchlist this month?
