These 9 Penny Stocks Could Benefit From The Recent Crypto Dip
As Bitcoin dips below $30,000 for the first time in months, which penny stocks could benefit? Well, the answer to this is that there is quite a broad list of penny stocks to watch as crypto dives. This could be stocks in the energy market, tech penny stocks, or anything with even a slight relation to crypto. Because cryptocurrency and blockchain are both such broadly used assets, many companies have at least a small correlation.
And while the major drop in Bitcoin price, Dogecoin price, and Ethereum price have some traders worried, this is a natural part of the ebb and flow of the market. Additionally, we can consider the speculative effect of China’s recent anti-crypto moves. This is likely the most prominent factor affecting the crypto market right now. Despite this dip, plenty of penny stocks are still showing market potential.
This is a continuation of the article, ‘4 Crypto Penny Stocks to Watch Under $5 Right Now’. While the other part of this list of penny stocks to watch deals with companies purely in the crypto market, these five penny stocks have less of a pure-play role. For that reason, they could be viewed as less correlated to the ups and downs of the cryptocurrency market. However, they do remain more or less, quite speculative. With all of this in mind, here are five more penny stocks to watch as Bitcoin dips below $30,000.
5 More Penny Stocks to Watch With Bitcoin Below $30,000
- New Concept Energy Inc. (NYSE: GBR)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Auddia Inc. (NASDAQ: AUUD)
- BEST Inc. (NYSE: BEST)
- Nextdecade Corp. (NASDAQ: NEXT)
5. New Concept Energy Inc. (NYSE: GBR)
In the past five days, shares of GBR stock have gone from under $5 to now, over $6.65. While it isn’t necessarily a penny stock as of today, it was only a few days back. While New Concept does work as an energy penny stock, it focuses more on the real estate side of the industry. It acquires controlling stakes in new energy projects, where it then can reap the benefits. One thing to consider is that GBR is a meme stock. This means it has been discussed frequently on Reddit and Twitter among other social media sites.
And with a short volume ratio of around 32%, GBR is a highly shorted stock right now. New Concept owns 190 acres of land in Parkersburg, West Virginia. Both real estate and energy have shot up in value in the past six months. And, it seems like New Concept is benefitting from this.
The company recently shared its first-quarter results for 2021. During the three months ended March 31st, 2021, the company reported a net income of $79,000 compared to a net loss of $34,000 the previous year. This was the most recent update from New Concept Energy. On June 21st, the company’s stock price started to soar. GBR stock opened at $5.45 per share and then closed at $9.40 per share. The company’s volume is much higher than its average at the moment. Taking into consideration how speculative GBR stock is, it could be worth watching for some.
6. Vinco Ventures Inc. (NASDAQ: BBIG)
BBIG stock is a penny stock that we’ve covered numerous times in the past few months. Up by around 7% in morning trading, Vinco Ventures is once again on the radar. For some context, Vinco Ventures is an acquisition company that purchases digital media and content tech companies. Right now, there is a lot of momentum surrounding BBIG stock due to its intended acquisition through its recent merger with ZASH Global Media. The goal is to have a signed final agreement and plan of merger on or before June 24th, which is only a few days away. This anticipation could be what’s fueling BBIG stock growth right now.
While acquisitions are commonplace for Vinco Ventures, they are always exciting to see. And, because the digital media market is massive right now and only growing, this could present an interesting opportunity for investors and the company alike. In its last financial report for the period ended on March 31st, BBIG posted a 31% growth in revenue. This is exciting and comes alongside a 17% increase in its gross margin. With this in mind, will BBIG stock be on your watchlist?
7. Auddia Inc. (NASDAQ: AUUD)
AUUD stock is one of the bigger gainers of the day pulling in more than 18%. For some context, Auddia is a tech company developing a proprietary AI platform for audio and podcasting purposes. It offers revenue opportunities for those in the podcast industry as well as personalized non-commercial radio stations.
While many large gains go without news, today’s is the result of an announcement made during pre-market trading. On June 22nd, Auddia announced a major technological advancement. Utilizing its proprietary AI technology, Auddia can vastly reduce the cost of processing audio for AI training to almost zero.
“While our initial AI engine produced suitable results, this major advancement in technical capability is a game-changer for the company.
We always had a sense that a significant leap forward was on the horizon, so we are pleased to achieve this major milestone now, as we launch our first commercial consumer-facing trials and anticipate a rapid increase in radio station deployments. The expectation is that the user experience will be positively impacted as a result.”CEO of Auddia, Michael Lawless
Considering this big move and the other projects it has in its pipeline, is AUUD stock worth watching?
8. BEST Inc. (NYSE: BEST)
BEST Inc. is a supply chain solutions and logistics provider based in China. It utilizes smart integration to provide some of the most advanced offerings in its niche. With its proprietary platform, BEST can provide both logistical services as well as value-added products. And, it offers supply chain management, truckload service brokerage, financial services, and more. Only a few weeks ago, it reported its unaudited first quarter 2021 financial results. In the results,
“Our first-quarter results reflected a mix of both the progress brought about by our November 2020 strategic refocusing plan delivered substantial improvement in Freight, Supply Chain Management, and Global, as reflected in their top-line growth along with strong gross margin expansion. We continued to solidify our leading position in the freight market while refocusing our efforts on high-margin accounts for Supply Chain Management.”CEO of BEST Inc., Johnny Chou
This area is one that is increasing alongside the pandemic. And, with China being a major part of the crypto industry, it seems as though BEST stock could have a small correlation. Whether this makes BEST a part of your watchlist, however, is up to you.
9. Nextdecade Corp. (NASDAQ: NEXT)
NEXT stock is synonymous with the rise of Reddit penny stocks and meme stocks. Because of this, it happens to be highly speculative. In the past month, shares of NEXT have shot up by as much as 111% despite a small drop on June 22nd. And only a day ago, it announced the appointment of Mr. Ivan Van der Walt as its new COO. For some context, Nextdecade is a clean energy company. It offers LNG or liquid natural gas as well as its NEXT Carbon Solutions.
It is currently developing a 27 mtpa LNG export facility based in Southern Texas. This project claims to have one of the largest carbon capture storage facilities in North America, which is a major feat for investors to consider. Additionally, its Rio Grande LNG facility could become the largest and most environmentally friendly LNG export solution that links the Permian Basin and Eagle Ford Shale to the global export market for LNG.
Given the massive increase in attention being paid to clean energy, many investors are watching companies like NEXT stock. While it is very speculative as mentioned earlier, it could be worth adding to your watchlist.
How Will Crypto Affect Penny Stocks?
Given that most cryptocurrencies are relatively cheap many investors correlate the crypto industry with penny stocks. Despite not always trading simultaneously with one another, the two can rise and fall at times in tandem.
Considering this, there are plenty of penny stocks to watch that have ties to crypto. But, understanding what that tie is and how it will affect the company could determine whether it is worth it or not. With this in mind, which penny stocks will you be watching in the near future?
To read about the other four stocks on this list, head to 4 Crypto Penny Stocks to Watch Under $5 Right Now