3 Potential Multibagger Penny Stocks to Watch in August 2021
The term multi-bagger is one that has become very popular among penny stocks traders in the past few months. If you’re unfamiliar, this simply means a stock that returns much more to investors than it cost initially.
Simply put, the most common examples of this would be say, AAPL stock if you’d bought it in the 2000s, or any penny stocks that have climbed beyond penny stock status. So, while the definition is relatively loose, it essentially means penny stocks that could have potential. And right now, the market is chock full of those.
Although the Delta variant has put a dent in the progress we were making, the hopes are that vaccines can continue to combat this. And in the long term, it looks like penny stocks could continue to see momentum as the S&P 500 shoots past all time highs.
So, while there is a lot to keep track of in the stock market right now, utilizing all the tools you have to your advantage is a great place to start. This means researching every company on your watchlist and understanding why certain price action is occurring. Considering all of this, let’s take a look at three multibagger penny stocks to watch in August 2021.
Read more: How To Buy Penny Stocks
3 Potential Multibagger Penny Stocks to Watch Right Now
Bit Digital Inc. (NASDAQ: BTBT)
Bit Digital Inc. is a tech penny stock that just experienced a massive increase in the market. By end of day on July 28th, shares of BTBT stock had shot up by over 35%. And while it technically is no longer a penny stock, it was only a few days prior. Companies that work with cryptocurrency and blockchain technology have been performing very well recently. This is due in part to the popularity and growth of this technology. So what is Bit Digital’s role in this niche? This company engages in Bitcoin mining in the United States and is one of the largest publicly traded companies of its kind.
On July 26th, Bit Digital and Digihost Technology Inc. announced a strategic co-mining agreement. In the agreement, Digihost will provide power and management services to operate the Bitcoin miners that Bit digital provides. Additionally, Bit Digital will run a profit-sharing arrangement based on a fixed distribution formula. The miners are expected to be delivered and installed beginning in January 2022.
“By signing this agreement, we believe that Bit Digital has secured power and hosting sufficient to complete the migration of our current fleet to North America in full, and additional capacity to accommodate expected miner purchases.
As previously announced, we anticipate significant purchase activity in the coming months, due to spot market dislocation in China and our unique access to that market.”The CEO of Bit Digital, Bryan Bullett
This is an exciting announcement for the company and investors alike, especially considering the trajectory of Bitcoin in the past few weeks. Keeping this new agreement in mind, will you add BTBT stock to your watchlist?
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is an entertainment penny stock that distributes movies, television, and other digital content. The company has a large variety of distribution rights that are offered on several platforms. Cinedigm’s content is distributed to Apple, Amazon Prime, Netflix, Sony, and much more. The company works with various brands such as the NFL, NHL, Scholastic, among others. Because of its wide market scope, many investors view Cinedigm to be a leader in the digital entertainment market.
On July 28th, Cinedigm partnered with Exeest to power its Fandor film submission portal for independent filmmakers. The Chief Technology & Product Officer at Cinedigm, Tony Huidor said, “Cinedigm continues to embrace new technology as part of our goal to exceed the needs of our content partners as well as to provide the best user experience to our audiences. It is exciting to partner with an innovative partner like Exeest who shares our vision of the future of digital filmed entertainment that provides a path forward for independent filmmakers.”
Following this recent announcement, CIDM stock shot up by around 6.5% in the market on the same day. With this in mind, will you add CIDM to your list of penny stocks to watch?
Camber Energy Inc. (NYSE: CEI)
Camber Energy Inc. is an oil and gas penny stock that is performing well right now. Whether this is due to the large demand rise for energy right now or to CEI’s potential as an energy stock remains to be seen. This company acquires and develops properties for crude oil and natural gas production. The company also offers natural gas liquids. As of March 2020, the company had proved reserves of 133,442 million barrels of oil equivalent. On July 14th, Camber Energy announced a $15 million investment from an institutional investor.
“These transactions serve as significant catalysts for advancing Camber’s growth initiatives. The $15M commitment by the institutional investor is encouraging and seemingly reflective of the confidence in Camber and our operations both short and long term.
We are excited about the Company’s future and remain focused on forging a path toward profitability and increasing shareholder value.”The President and CEO of Camber Energy, James Doris
This update is likely one of the main reasons that CEI stock recently shot up in value. This momentum has carried on, as CEI stock has seen multiple spikes since. One of these spikes was on July 28th, when the company’s stock price went up by 5.5% in the market. Considering this information, will CEI be on your penny stocks watchlist?
Are These Penny Stocks On Your Watchlist?
Finding the best penny stocks to buy in 2021 can be challenging. With so much going on simultaneously, it can be difficult to deduce how certain events will impact the stock market.
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But, with the right research and a dedication to finding information about certain companies on your watchlist, making money with penny stocks can be easier than previously imagined. Considering this, are these potential multibagger penny stocks on your watchlist right now?