4 Penny Stocks on Reddit That Are Gaining Popularity Right Now
With Summer almost halfway done, Reddit penny stocks continue to gain a great deal of popularity. This is something we have witnessed quite a lot over the past year and a half or so. While it began with GME stock and AMC stock, we now see plenty of penny stocks being mentioned on Reddit as well. This phenomenon is driven by the fact that retail investors have a large sway in the market. Although this is a relatively new factor to consider, it is something to keep in mind.
The best way to use this to your advantage is to try and stay ahead with research. This means scouring the internet for popular penny stocks, and understanding what makes them move. And although this can seem difficult, it is much easier than previously imagined. With so many trending penny stocks right now, finding just a handful for your list is always a great option. Considering this, here are four penny stocks on Reddit that are gaining popularity right now.
4 Reddit Penny Stocks to Watch Right Now
- Exela Technologies Inc. (NASDAQ: XELA)
- Alset EHome International Inc. (NASDAQ: AEI)
- Greenpro Capital Corp. (NASDAQ: GRNQ)
- ReShape Lifesciences Inc. (NASDAQ: RSLS)
Exela Technologies Inc. (NASDAQ: XELA)
Exela Technologies Inc. is a tech penny stock that engages in a variety of digital business process services. These include info managing, document processing, and more. There are a few sides to Exela’s business that make it an interesting penny stock to watch. The first aspect for investors to consider is Exela’s information and transaction processing solutions. This offers lending services to those that need mortgages, auto loans, and more.
Its healthcare solutions division provides financial services to the healthcare market, which is another necessary service right now. And lastly, its legal and loss prevention division processes legal claims for action settlement needs. While this may seem broad, the variety of its business opportunities is what separates XELA from other penny stocks.
On July 12th, Exela announced that it has expanded its robotic process automation offerings with intelligent document processing. The President of Exela, Suresh Yannamani said, “Exela continues to iterate and advance solutions to meet our customers’ changing needs. The latest IDP and EON combination embraces the evolving work from anywhere environment that customers and their employees are embracing.”
On the same day as this announcement, XELA stock increased by 19%. The company’s stock price is now at $3.47 per share on average. In addition to this, its volume is at more than 236 million compared to its average of about 34 million. Considering this, will XELA be on your list of penny stocks to watch?
Alset EHome International Inc. (NASDAQ: AEI)
Alset EHome International Inc. is a penny stock that is involved in the property development market. Some of its offerings include home building, land development, sales, and several other similar home-based products. The company also designs apps for enterprise e-commerce platforms.
If all that isn’t enough, Alset additionally has a division for researching nutritional chemistry to make a natural sugar alternative. On June 21st, it was announced that Alset EHome International Inc. will deliver its first 20 EHomes that have Tesla Inc. (NASDAQ: TSLA) PV solar panels, power walls, and EV chargers.
“We are delivering what we believe will be the model housing ecosystem of the future. As more people look to make sustainable choices in their selection of homes, we are keen on making the transition for our customers the easiest it can be. This will also help accelerate the world’s transition to sustainable energy.”The U.S. CEO of Alset EHome, Charley MacKenzie
The company plans to develop more than 5,000 “intelligently designed” Ehomes in the next 3-5 years. On July 12th, AEI stock is up by more than 15% in the market. Considering its role as an ESG penny stock, AEI could be worth keeping an eye on in the coming months.
Greenpro Capital Corp. (NASDAQ: GRNQ)
Greenpro Capital Corp. is a financial penny stock that has performed quite well in the past few weeks. The company provides consulting and corporate services to businesses in Asia. Its business consulting and corporate services include tax planning, advisory, record management, and more. Greenpro also purchases and rents real estate properties in Asia for the purpose of investments in a burgeoning real estate market.
On July 12th, Greenpro announced that it is going to allocate up to $5 million in initial funding to participate in Security Token Offering projects. These projects are on the CryptoSX Digital Asset Exchange. The company will use this to “drive transformational investments to build world-class block-chain enabled companies” While GRNQ isn’t necessarily a pure-play blockchain penny stock, it is working hard to become a part of the industry. With blockchain and crypto still largely untapped, there are plenty of opportunities to go around.
In the past few days, shares of GRNQ stock have climbed by around 10% or so. While its trend in 2021 has not been the most positive, we do have to consider the effects of the pandemic. On July 12th, GRNQ stock price fell, however it did show higher than average volume. The company’s volume came in at around 4,900,000 compared to its average of around 1,400,000. With all of this in mind, will GRNQ make it onto your list of penny stocks to watch?
ReShape Lifesciences Inc. (NASDAQ: RSLS)
ReShape Lifesciences Inc. is a biotech penny stock that could be an interesting choice for your watchlist. This company creates medical devices for managing and treating obesity and metabolic diseases. One of its products is the ReShape Vest, which is a laparoscopically implanted device for use in treating obesity. It can do this without cutting or removing portions of the stomach, which is quite a breakthrough compared to existing methods. On July 7th, ReShape Lifesciences announced that it has moved its Lap-Band manufacturing to the United States.
“Moving Lap-Band production under our direct operations allows us to have better control of the manufacturing process for significant cost reductions, anticipated scale, and improved efficiencies. As we all emerge from the recent pandemic, we are proud to provide products that are able to help a growing population of people with weight-loss needs and to support the addition of new manufacturing and logistics jobs in the United States.”The President and CEO of RSLS, Bart Bandy
The company’s Lap-Band product is a long-term treatment for severe obesity. Since this announcement was made, RSLS stock went from under $4 per share to $4.59 per share as of July 12th. This is a sizable indication of bullish sentiment, while albeit being very speculative as well.
But, with manufacturing closer to home, the company should be able to make the processes more efficient, and as mentioned, improve the costs associated as well. With this information considered, will RSLS be a contender for your penny stocks list right now?
Are Reddit Penny Stocks Worth It?
Finding the best penny stocks to buy on Reddit is all about knowing where to look. While it may seem difficult at first, there are plenty of resources available to all with an internet connection.
Considering that the term penny stocks itself means any stock trading under $5, we see that the options are almost limitless. While adding in the Reddit factor may reduce the options slightly, there are still plenty of choices out there. With this in mind, what do you think? Are Reddit penny stocks worth it?