Will These Penny Stocks Continue to Grow Alongside the Crypto Market?
In the past two days, both penny stocks and cryptocurrency have been climbing in value. While only a day before that, we witnessed one of the largest crypto selloffs in months, with Bitcoin price dipping below $30,000, and DogeCoin price following suit. Up by around 7% for both of these coins today, many are hopeful that a bullish recovery is underway. It’s worth noting that a major Bitcoin heist was uncovered today.
This involves the two brothers Ameer and Raees Cajee, who owned the South African crypto company Africrypt. The heist, worth around $4 billion, is said to be one of, if not the largest crypto scam in the history of the industry. And while South African authorities are searching for the brothers, they appear nowhere to be found.
[Read More] 7 Top Penny Stocks For Your July 2021 Watch List
Interestingly enough, events like these are helpful as they drive traffic to the crypto industry and to more reputable brokerages. With attention on crypto lacking in the past few months, this could be an interesting event to bring it back into the public eye.
And today, we are also witnessing major bullish sentiment with a large number of penny stocks. This is marked by high trading volume and several big gainers of the day. This is a continuation of ‘4 Crypto Penny Stocks to Watch Under $5 Right Now’. With all of these factors in mind, here are five more penny stocks to watch as Bitcoin rallies near $35,000.
5 More Penny Stocks to Watch With Crypto Heating Up
- Torchlight Energy Resources Inc. (NASDAQ: TRCH)
- GEE Group Inc. (NYSE: JOB)
- GTT Communications Inc. (NYSE: GTT)
- Transocean Ltd. (NYSE: RIG)
- Ashford Hospitality Trust Inc. (NYSE: AHT)
5. Torchlight Energy Resources Inc. (NASDAQ: TRCH)
As a popular meme penny stock, Torchlight Energy Resources has seen tremendous growth this past month. In the past YTD chart, TRCH has grown nearly 900% and seen highs of $10.88. As part of the meme stock trend we’ve seen in the past few months, it’s worth noting that TRCH stock is highly volatile. But, as penny stock investors it’s important to consider all profit opportunities, no matter how unpredictable.
TRCH is one of the 10 most talked-about stocks on Twitter and has been referenced as a potential short squeeze stock. Seeing the growth seen in both GMC and AMC among others, investors are looking towards TRCH to be a potential buy in the coming weeks.
After today’s 3% gain at midday, TRCH stock is no longer considered a penny stock at over $5 per share. For some context, it is an energy company working in the oil and gas sector. It also recently announced an upsized share offering worth around $250 million. So, considering its popularity, will TRCH be on your penny stocks watchlist?
6. GEE Group Inc. (NYSE: JOB)
Another penny stock on our list today is a staffing solutions company. Known as the GEE Group, this company has been a provider of employment services since 1893. Its vast experience in the industry comes in both the form of staffing services as well as commercial staffing. Both are operating in the fields of information technology, engineering, finance, and accounting specialties. By using its large pool of applicants, JOB can find the best candidate for each position.
In the past five days, shares of JOB stock have increased by over 8%, following a large price fall during mid-March. Again, JOB stock is highly discussed on Reddit and Twitter, which could be one of the reasons that so many investors are watching it. With a reopening economy, more and more businesses are looking to hire employees and revamp their previous revenue streams. There is a great deal of positive sentiment surrounding the recovering economy, and most signs are optimistic. What do you think of JOB as a potential penny stock to watch?
7. GTT Communications Inc. (NYSE: GTT)
Another meme-related stock to consider is GTT Communications. As a company, GTT specializes in cloud networking services to international clients as well as domestic. GTT has a vast portfolio that is inclusive of other services as well, such as private networking, internet, optical transport, and software-defined wide-area networking. Its staple service is known as a Tier 1 IP network, which allows for transport and infrastructure services. This is an all-inclusive tech penny stock that is working to grow its market share in the industry.
In the past month, GTT has increased by over 80% and continues to push further upwards. This has undoubtedly gained the attention of many penny stock investors, as increases like this are not seen regularly. This multinational telecommunications and internet company is located in McLean, Virginia, and continues to grow into other states as well. Given all this, will GTT be on your watchlist?
8. Transocean Ltd. (NYSE: RIG)
An energy penny stock to consider this week is Transocean LTD. As an offshore drilling company, RIG is a leading provider of large operation drilling management services. It does so by providing rig usage, as well as equipment and manpower contracts for the exploration and development of oil and gas. Transocean states that its focus is on ultra-deepwater drilling services to both domestic and international clientele.
Recently Transocean signed a drilling contract worth $116 million for two of its semisubmersibles. One of these harsh-environment rigs will be stationed in Norway with drilling starting in February 2022 and will last around 200 days. The other semisubmersibles will also be located in Norway for another 200-day contract starting in March 2022.
RIG not only rents these two rigs but owns or has a large portioned stake in them. As a whole, it owns 37 other mobile offshore drilling units. On top of this, it is building two more ultra-deepwater drillships which should broaden its reach dramatically. With oil and energy demand as a whole continuing to rise, RIG stock could be worth keeping an eye on.
9. Ashford Hospitality Trust Inc. (NYSE: AHT)
When looking into meme penny stocks, we see that there are a lot of different factors that can impact price. With the age of social media upon us, many penny stocks are susceptible to higher volatility than normal. This is the case for Ashford Hospitality Trust, however, it does have an interesting underlying business model. AHT is a real estate investment trust or REIT. This means that while it may be subject to fluctuations due to social media, the commercial property market is what truly drives its price.
This past month, AHT has signed a $200 million deal with Oaktree Capital Management L.P. The goal with this is to raise the funding and capital needed for future company growth. Currently, it is looking to get back to fully operational status and related increases in profitability following the pandemic’s harsh effect on its hospitality properties.
With a reopening economy, it’s no surprise that AHT has signed into this contract for more capital to utilize. Considering that the pandemic is coming to a close and AHT’s positioning in commercial real estate, will it be on your watchlist?
Are These Penny Stocks on Your Watchlist?
With so many penny stocks to watch right now, how can we find the best ones for our list? Well, this is a careful combination of research and a dedication to figuring out a proper trading strategy. All great traders utilize a method, and this method should underline all of your trades.
Additionally, investors should have a thorough understanding of what is going on in the market and how it may affect certain penny stocks to buy and industries at large. With all of this in mind, are these penny stocks on your watchlist?’
To read about the other four stocks on this list, head to 4 Crypto Penny Stocks to Watch Under $5 Right Now