Looking For The Best Tech Penny Stocks To Watch This Year?
Some of the most exciting penny stocks to watch are in tech. Whether it’s biotech or traditional tech, the innovations being developed are truly groundbreaking. Something unique about the last 18 months is the level of excitement that newer forms of technology are triggering in the stock market. I’m not talking about the next thin cellphone or the latest personal computer. I’m talking about new technology that has emerged thanks to very recent events.
In this article, we’re going to look at two subsets of this industry and discuss a few interesting penny stocks gaining attention in the market. First, thanks to the pandemic, stay-at-home stocks have carved out a nice niche. With this, things like Esports and iGaming have built a strong foundation.
Furthermore, incoming President Joe Biden sparked some strong momentum in renewables. His message for carbon neutrality has rung out loudly, placing a clear focus on green energy and electric vehicles. Tesla (NASDAQ: TSLA) is now just one of many EV stocks to watch in 2021, and that number may continue growing.
Tech Penny Stocks To Watch
- Alpha Esports Tech (CSE: ALPH)(OTC: APETF)
- Enthusiast Gaming Holdings Inc. (NASDAQ: EGLX)
- Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV)
- CBAK Energy Technology Inc. (NASDAQ: CBAT)
- Electrameccanica Vehicles Corp. Ltd. (NASDAQ: SOLO)
- MICT Inc. (NASDAQ: MICT)
- SG Blocks Inc. (NASDAQ: SGBX)
Esports Penny Stocks To Watch
When it comes to the Esports niche in tech, we’re really in the first few innings of its growth. The consensus of early adopters mostly focused on gaming events. While these are still a large part of the current framework, Esports has begun evolving in a big way. It’s now becoming an industry of its own. We’re not only talking about Esports events but also educational curriculum, athlete development, wagering, and even team management.
Alpha Esports Tech, for instance, recently went public in 2021. It wasn’t “just another event company” and, in fact, has already built relationships with top universities like Notre Dame & Syracuse University, sports franchises like The New Jersey Devils, and entertainment organizations like Barstool Sports. Its portfolio is built on the backbone of revolutionary products like its GamerzArena, setting the stage for a new type of competitive experience.
Virtually every college, university, and professional sports team has its own gaming division. The problem right now is that most don’t understand how to unlock the potential of the industry. This is where Alpha Esports adds another layer of growth to its model. According to the company, it boasts over 100,000 active users and a rapidly evolving ecosystem.
Esports Events Gain Traction
Where the real opportunity comes to light is the way Alpha Esports is monetizing its user base. The GamerzArena+ product is a subscription-based service that only costs $12.99. Members gain access to higher-paying tournaments along with the ability to access unique and special events. GamersArena+ also allows access for scouts from several universities and professional Esports teams to find raw talent from the company’s pool of premium gamers.
We’re not only talking about competitive gamers but also the ability to wager on the outcomes of these challenge events. The larger the number of streaming competitions, the more opportunities for gamblers to wager. Alpha’s data already estimates that 10-20% of GamerzArena freemium users will place head-to-head bets with an average bet size of $2-$10 per math per month.
Betting On Esports Penny Stocks
And this isn’t the only Esports company betting on iGaming to generate revenue. Enthusiast Gaming and Hall Of Fame Resort & Entertainment have also focused on the wagering aspect of sports to enhance their revenue profiles. Both companies have mentioned looking into or establishing sports betting or iGaming operations over the last few months.
Helping to boost momentum this week is a new law set to become effective in Canada. Specifically, the Canadian Senate approved Bill C-218. This is an act that will legalize single-event sports betting in Canada. The bill will now proceed for Royal Assent to become law in Canada. The current legislation has wagering on a single sporting event banned.
But that obviously hasn’t stopped offshore. Also, black market operators continue opening their books. According to the Canadian Gaming Association, combined, that adds up to approximately $14 billion in bets from Canadians annually. According to Alpha Esports CEO Matthew Schmidt, this law could open big growth for sports betting in Canada to the tune of $28 billion.
EV Penny Stocks To Watch Right Now
While attention on Esports has just begun, so has an interest in electric vehicles. While the likes of Tesla and former penny stock Nio (NYSE: NIO) have benefited from early attention, the Biden Administration has placed an even brighter spotlight on the sector as a whole. This is something that hasn’t been emphasized as much in the past as it has in 2021. Now, automakers like Ford (NYSE: F) and GM (NYSE: GM) are pushing for speedy roll-outs of new electric vehicles. On top of that, new brands are popping up, and an entire EV ecosystem also to consider. It’s not only about cars but about battery production, recycling, and raw materials.
For instance, CBAK Energy Technology manufactures lithium-ion batteries. While it isn’t “Tesla,” it does provide the heartbeat for many electric vehicles. In 2020 alone, CBAK generated over $37 million in revenue, which was up significantly from its prior year’s $22.2 million. Then you’ve got other companies like MICT Inc. It isn’t an electric vehicle manufacturer, but Micronet Ltd., one of its subsidiaries, develops A/V products with some made for in-vehicle use.
The company’s SmartCam integrates driver-facing cameras, road-facing cameras, vehicle mechanical and operating data, vehicle location, and a telematics on-board computer. While this may not be immediately focused on EVs, in general, it could be something to keep in mind as the EV trend evolves from consumer-facing to more industrial, including automotive fleets.
Electric Vehicle Penny Stocks Remain A Focus
While the EV supply chain and development ecosystem are some things to keep in mind, EV manufacturers and EV charging have become the core of this trend. Companies like Electrameccanica Vehicles Corp. have popped up and targeted an audience of consumers interested in urban travel. For instance, its SOLO, a single-passenger vehicle, targets those who aren’t necessarily looking for a Tesla family car. Rather, they’re looking for an affordable and convenient option for an EV that can get them from point A to point B without increasing the carbon footprint.
You’ve also got companies like SG Blocks, which have taken up a different approach to EV. SG and Blink Charging Co. (NASDAQ: BLNK), an owner/operator of EV charging equipment and services, entered into an exclusive Master Development and Production Agreement last year. Blink’s EV charging solutions will be deployed along with SG Blocks’ container-based modular building structures. Essentially, the two will create EV charging containers providing charging solutions for EV drivers. While this isn’t the only industry SG focuses on, it does give them some exposure to one of the newer tech niches to watch in 2021.
Tech Penny Stocks Continue Turning Heads In 2021
The bigger picture for traders right now is tech. It doesn’t matter if we’re talking about the next hot electric vehicle penny stocks to buy or a boost in excitement stemming from a new trend in Esports. The fact is tech continues to gain new interest from traders of all walks. The ability to foster growth through new, innovative products has helped retain this attention. While volatility is likely to play a role, it doesn’t negate the opportunities created by some of the companies on the cutting edge of this industry.
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