7 Penny Stocks on Reddit to Add to Your Watchlist
Finding the best penny stocks on Reddit can be a great way to stay ahead. But, just certain penny stocks are trending, does not mean that they are worth investing in. Rather, investors need to do the proper due diligence to understand what makes penny stocks move, and what will continue to do so. This will help to determine which companies could see bullish momentum, and which could do the opposite.
With hundreds of penny stocks to buy, using Reddit as a tool to narrow down your list can put you in an advantageous position. But, it’s worth noting that penny stocks on Reddit tend to be some of the most volatile stocks out there. This is due to both their trending nature and the high volume that can be associated. Considering all of this, here are seven trending Reddit penny stocks to add to your watchlist.
7 Reddit Penny Stocks to Watch Right Now
- Iterum Therapeutics PLC (NASDAQ: ITRM)
- Kosmos Energy Ltd. (NYSE: KOS)
- Camber Energy Inc. (NYSE: CEI)
- Zomedica Corp. (NYSE: ZOM)
- Hut 8 Mining Corp. (NASDAQ: HUT)
- Ideanomics Inc. (NASDAQ: IDEX)
- Enzolytics Inc. (OTC: ENZC)
Iterum Therapeutics PLC (NASDAQ: ITRM)
Despite some less than stellar momentum in the past few days, shares of ITRM stock are up by over 30% in the past six months. For some context, Iterum Therapeutics is a clinical-stage pharmaceutical company that develops anti-infective drugs. Specifically, ITRM is focused on fighting multidrug-resistant pathogens.
These are in use for those suffering from life-threatening infections, with little to no other treatment options. Its lead product candidate right now is sulopenem, an anti-infective compound that works against anaerobic bacteria that is resistant to other antibiotics.
Recently the FDA noted deficiencies that would prevent the labeling and post-marketing discussions surrounding sulopenem. This could be the main reason for the recent bearish sentiment surrounding ITRM stock.
“While we are disappointed by this news, we continue to believe in the potential of sulopenem to help address the growing challenge of antibiotic resistance. Our goal now is to work with the FDA to identify and resolve the issues as expeditiously as possible to continue advancing this much-needed antibiotic.”Corey Fishman, CEO of Iterum Therapeutics
So, while this news is slightly disheartening, it does look like ITRM could have potential in the long term. Whether this makes it worth adding to your watchlist, however, is up to you.
Kosmos Energy Ltd. (NYSE: KOS)
If you’re looking for an interesting energy penny stock to watch, Kosmos Energy Ltd. could be worth looking into. KOS is an independent oil and gas company that focuses on exploration along the Atlantic Margins. Key parts of its portfolio include production offshore Ghana, the U.S. Gulf of Mexico, and Equatorial Guinea.
One of the aspects that separate KOS from similar companies is its foundational principles. These include its commitment to human rights, safety, and the environment which are all important things to consider when looking at an oil and gas business. In its second-quarter results, the company posted some interesting highlights worth checking out.
“Kosmos had a solid second quarter, generating positive cash flow which reduced net debt by around $100 million, driven by higher sales volumes, strong operational performance in Ghana and improving realized oil prices. We continue to see momentum build across our producing hubs with new wells drilled in Ghana and the U.S. Gulf of Mexico during the quarter and the arrival of the rig for development drilling in Equatorial Guinea.”Andrew G. Inglis, Chairman, and CEO of KOS
With the demand for energy increasing as economic reopening occurs, many are looking into companies like KOS stock. Considering this, will it be on your list of penny stocks to watch?
Camber Energy Inc. (NYSE: CEI)
Another energy penny stock to consider adding to your watchlist is Camber Energy. As a leader in the energy industry in North America, CEI is in an advantageous market position as of July 2021. It provides diversified energy and power solutions to its customers by leveraging its relationships and personal expertise. CEI’s Energy Division is focused on pursuing more sustainable and profitable alternatives to our current energy sources. This is an interesting prospect, especially when we consider the world’s push toward renewables right now.
Most of CEI’s assets are owned by its subsidiary Viking Energy Group, Inc. This company has a working interest in multiple oil and gas fields throughout Texas, Louisiana, and Mississippi. These fields include over 145 active oil and gas wells and hundreds of miles of 3D seismic data. With such a broad market and large resource holding, CEI looks like it could be an interesting position to take advantage of the current state of the energy industry.
Zomedica Corp. (NYSE: ZOM)
With more companion animals being adopted during the pandemic than in many years prior, companies working in corresponding industries could continue to benefit. This is the case for Zomedica Corp, a company that specializes in veterinary health. ZOM’s focus is primarily on companion animal-aimed medical devices that work toward the unmet needs of clinical veterinarians.
Its staple product, TRUFORMA, is a veterinary diagnostic platform that can both enhance and expedite common diagnostic processes. Its overall goal is to create medical devices that emphasize patient health and practice health. Recently, the CEO of the company announced his retirement. This could be an opportunity for new leadership to step in, and move the company in a different direction.
“With Zomedica healthy, TRUFORMA on the market and well-positioned for adoption and growth, more than $250 million in cash and cash equivalents, and a technology roadmap established, I have notified the Board of Directors that I intend to retire as CEO at the end of the calendar year. An extensive search has been initiated to find a highly qualified successor, at which time I will retire from the CEO position while retaining my seat on the Board of Directors.”Robert Cohen, CEO of Zomedica
This is an interesting update for the company, and one that could continue to play out in the coming months. Considering the solid balance sheet that ZOM has at the moment, it could be worth keeping an eye on.
Hut 8 Mining Corp. (NASDAQ: HUT)
In 2021, the cryptocurrency industry has never been higher. Many companies have decided to get involved with crypto and blockchain-related tech, as a way to benefit from this burgeoning industry. Hut 8 Mining may be new to you, but the company is making big waves right now. It is known as North America’s largest digital asset miner, involved in crypto since 2018.
HUT alone holds the most self-mined Bitcoin than any other internationally publicly-traded company, which is quite a large feat. Additionally, its business includes a multi-pronged strategy that consists of profitable digital asset mines, white-label high-performance computer hosting, and yield and income programs.
While the crypto industry is still growing at a fast pace, there is plenty of opportunity for companies of all types. This includes those working on blockchain-related technology, as well as pure-play miners like HUT stock. It’s worth noting that because it is an extremely pure-play crypto company, HUT is subject to the same degree of volatility as crypto itself. So, if you’re not looking for large fluctuations, it may be best to stay away. However, if the opposite is true, HUT stock could be worth giving a first or second look.
Ideanomics Inc. (NASDAQ: IDEX)
Another penny stock to consider looking into during July is Ideanomics Inc. IDEX is a penny stock that we have discussed many times in the past few months. For those unfamiliar, it is focused on the integration of financial services and industry technology. Ideanomics has two distinct operations occurring simultaneously. This includes both financial services and alternative vehicle offerings. Both divisions, Ideanomics Mobility and Ideanomics Capital work together to provide leading technologies to both its international and domestic partners.
Recently, one of IDEX’s subsidiaries, Solectrac named Mani Iyer as its new CEO. Solectrac is a producer of electric tractors, that IDEX aims to take to the next level. The new CEO, Iyer is predicted to better position the company for manufacturing and later distribution of its electric tractors.
Alf Poor, the CEO of Ideanomics, noted, “As the world rapidly moves towards an electric-powered sustainable future, Solectrac is well-positioned for Mani to take the wheel and lead the team as they scale their operations and drive market share with truly inspiring product offerings.”
The move into electric tractors could provide an interesting future for Ideanomics. Considering the large push toward renewable dependency over fossil fuels, this is a major deal to consider. So, with all of this in mind, is IDEX stock worth watching?
Enzolytics Inc. (OTC: ENZC)
Enzolytics is a biotech penny stock that has made several substantial intraday moves in the past few weeks. Since January, shares of ENZC have shot up by over 190% which is definitely worth noting. For some context, Enzolytics is based out of Texas and is specifically focused on therapeutics for infectious diseases.
This includes HIV-1, Hepatitis A, B, and C, Influenza A and B, Rabies, Tetanus, and Diphtheria. These are some of the most common diseases affecting the world right now. For this reason, it looks like ENZC has a solid market size that it could continue to capture in the near future.
Right now, ENZC has several patented anti-HIV therapeutics that use human monoclonal antibodies for treatment. These antibodies can neutralize the virus and are considered a non-toxic passive immunotherapy. Its commitment to develop and distribute its proprietary proteins and monoclonal antibodies could be a large contributor to many ailments outside of just HIV which is one of the reasons that this is a big deal. Considering its role in the biotech industry, will ENZC be on your list of penny stocks to watch?
Will Penny Stocks Continue to See Momentum in 2021?
While 2021 got off to a great start for both penny stocks and the stock market as a whole, it has been quite up and down since then. However, with vaccine rates high, and hopes for the future reaching new highs, many investors are excited about the coming months.
It may take some time for things to calm as the Delta variant poses a small threat, however, in the meantime we are seeing glimpses of bullish market sentiment. Considering all of this, do you think that penny stocks will continue to see momentum in 2021?