3 Top Tech Penny Stocks For Your July Watchlist
Over the past year and a half, tech penny stocks have been climbing substantially in value. While at the beginning of the pandemic, many penny stocks in the tech industry lost substantial amounts of revenue, soon after, the opposite came true. With more people at home than ever before, companies began to adopt new technology to help suit this need.
And, this also put a major emphasis on the tech industry as a whole, giving tech penny stocks a time to shine. So, while not all tech companies are related to the pandemic, to some degree, many have benefitted from Covid-19. And with case numbers increasing once again, many investors are searching for the best tech penny stocks to buy.
As always, traders should use research and information to inform any decision about their portfolios. This is the best way to stay ahead of the game and avoid any large, unexpected price swings. But, with so much momentum in the stock market right now, there are plenty of opportunities to be had. With this in mind, here are three tech penny stocks for your July watchlist.
3 Tech Penny Stocks to Watch in July 2021
Ideanomics Inc. (NASDAQ: IDEX)
In the past twelve months, shares of IDEX stock have shot up by a solid 95%, indicating increasing bullish sentiment. While it has followed the downward trajectory of the stock market in the past few months, many believe in the long-term future of IDEX stock. For some context, Ideanomics is a company working on both financial services and new technologies.
It does this through its divisions, Ideanomics Capital and Ideanomics Mobility. On one hand, Ideanomics Capital invests in new fintech products and services that could be adopted in the future. And on the other hand, Ideanomics Mobility provides electric vehicle services to fleet operators. This includes vehicle procurement, leasing, and energy management needs.
Today, IDEX announced that it will be releasing its Q2 2021 earnings report via a conference call on August 16th. Ahead of this, many investors are expecting big things for the company, especially considering its recent acquisition of the electric tractor company, Solectrac. So, as a company that is truly at the intersection of technology and innovation, IDEX stock could be worth keeping an eye on in the future.
ConforMIS Inc. (NASDAQ: CFMS)
Up by around 8% by EOD on July 16th are shares of CFMS stock. While CFMS isn’t necessarily a tech stock in the traditional sense, it does produce technologically advanced products for the surgical industry. ConforMIS offers its proprietary iFit technology which can replace existing implants with personalized, new ones.
The usual process for getting an implant such as a knee replacement or a hip implant is done via off-the-shelf products that are then made to fit the body. However, this can result in slow healing and difficult procedures.
By offering customized implants for each individual, CFMS effectively could reinvent the way that many common surgical procedures occur. Earlier in the week, ConforMIS announced that it will be presenting at the Canaccord Genuity 40th Annual Growth Conference. This will be a great time for investors to get an insight into what the company is doing right now.
Additionally, the company recently announced that it will be presenting its second-quarter financial results on August 4th during after hours. Both of these announcements are important for investors to consider as they individually can tell a lot about the company’s current state, and what it could do in the future.
For this reason, traders often pay close attention to both presentations and earnings reports as a way to benefit their own portfolios. With its exciting technological advancements in the bio-sector, CFMS stock could be an interesting penny stock to add to your watchlist in July.
Enzolytics Inc. (OTC: ENZC)
If we consider biotech companies to be a part of the larger tech industry, ENZC stock is definitely one worth watching. With over 13% in gains today alone, Enzolytics is on many investors’ watchlists right now. Last month, the company made headlines after announcing progress on its clinical trial of ITV-1. This is a compound used in the prevention of HIV. The company stated that it may be able to begin clinical trials and distribution of this product in Europe in the near future, which is a major milestone.
“The Company’s objective is to provide new, better and safer therapeutics to treat HIV. Currently, treatment is solely through the lifelong use of antiretrovirals (ARVs) which are expensive and have long-lasting serious negative effects on the body. The costs for such ARVs are excessive from $27,540 per year…and a lifetime cost of up to $350,000 – and even then, only 54% of those ineffective by HIV have access to such treatments.”CEO of Enzolytics, Charles Cotropia
For this reason, we see that ENZC has a clear placement in this industry, and one that could be beneficial in the long run. While it may take some time for it to get this product approved, ENZC stock does look interesting in the meantime. Again, despite it not being a traditional tech penny stock, its advancements in the biotech industry show just how innovative it is as a company.
Tech Penny Stocks Continue to Show Potential
There’s a clear reason that so many investors choose to buy tech penny stocks. Because of its innovative nature and constant momentum, the tech industry continues to be extremely popular among all types of investors.
And, with the pandemic still in full swing, there is a major emphasis on the need for new and improved technological products. As always, investors should do the proper due diligence to ensure that a penny stock has value.
Additionally, as it pertains to tech penny stocks, it is important to understand exactly what the company does and what its placement in the overall industry is. So, with all of this in mind, which tech companies are on your penny stocks watchlist right now?