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3 Top Reddit Penny Stocks You Need to Know About

Looking for the top Reddit penny stocks to buy? Check these 3 out for your watchlist

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Why Penny Stocks Traders on Reddit Are Talking About These Small Caps 

When searching for the best penny stocks to buy, investors will often turn to Reddit. Reddit is a great resource that many investors use to find the best penny stocks, connect with other traders, and learn about what individual companies may have to offer. If you’re unfamiliar, Reddit is a social media site filled with thousands of communities known as ‘Subreddits’. 

These are essentially blogs where individuals can come together to discuss anything they’re interested in. And, as it pertains to the stock market, some popular Subreddits include r/RedditPennyStocks and r/WallStreetBets. If you’ve traded either penny stocks or blue chips in the past year, you likely witnessed the rise and fall of meme stocks such as AMC stock, GME stock, BB stock, and more. 

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And, this is a direct result of traders coming together on Reddit to group-buy certain stocks. While we do see meme stocks come out every so often, the volatility they experience is extremely high. This means that most investors involved will end up losing money. For this reason, a great deal of traders tend to use Reddit simply for watchlist inspiration. 

In 2021, there are plenty of other factors that investors need to consider. But, with trading more democratized than ever due to platforms like Robinhood, there’s no doubting that right now is an exciting time to invest in penny stocks. With all of this in mind, let’s take a look at three top Reddit penny stocks that you need to know about. 

3 Reddit Penny Stocks to Watch Right Now 

  1. Ideanomics Inc. (NASDAQ: IDEX
  2. Phunware Inc. (NASDAQ: PHUN
  3. Cinedigm Corp. (NASDAQ: CIDM

Ideanomics Inc. (NASDAQ: IDEX)

Ideanomics Inc. is an industrial penny stock that we end up discussing frequently due to its constant momentum. This company provides the necessary solutions to commercial fleet operators that want to adopt electric vehicle technology. Ideanomics provides energy management, charging, financing, vehicles, and procurement solutions for its customers.

On the other side of its business, IDEX provides groundbreaking financial tech products through its Ideanomics Capital division. This combined with its Ideanomics Mobility sector mentioned above, makes IDEX a relatively diversified penny stock to watch

On August 3rd, Ideanomics announced a $25 million pledge in the Minority Depository Institution Keepers Fund (MDI). This pledge will help support minority and underserved communities. The MDI, sponsored by the National Bankers’ Association, is meant to increase inclusivity in the financial services industry.

“We are excited to join a network of progressive supporters of the MDI Keepers Fund. This is a proactive investment we are putting into communities that require the most disruption and transformation. We believe this fund will allow us to continue supporting diversity in our subsidiary businesses while maximizing the impact to these communities.”

The CEO of Ideanomics, Alf Poor

While this may not seem like a big deal, events like these can do wonders for a companies reputation and popularity. Noting this recent advancement, will IDEX make your list of penny stocks to watch this month?

Phunware Inc. (NASDAQ: PHUN)

Phunware Inc. is a tech penny stock that just climbed by over 6% in the market. In the past few days, PHUN stock has managed to more or less reverse its bearish trend that has occurred over the past few weeks. For some context, this company provides an integrated software platform used by various corporations. This platform provides companies with the services to manage, engage with, and monetize their mobile app portfolios. Its products are used in the real estate, healthcare, retail, and hospitality industries among many others. 

Because of how broad Phunware’s market is, many believe that it has a great chance at capturing a large market share of the industries it works in. And, with many of these industries as large players in the reopening market, PHUN could have some potential moving forward as it relates to the pandemic. 

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On July 27th, Phunware announced that it has engaged Steve Grasso of Grasso Global Inc. to support its expanded investor relations program initiatives. This announcement is in line with Phunware’s plan to maximize its shareholder value according to the company. The company believes that by partnering with Steve and his team, it will help Phunware reach this goal.

CFO Matt Aune stated, “Steve’s trade competencies and connections with institutional investors makes him an invaluable addition to our investor relations team.” Phunware will soon be releasing its second-quarter earnings for 2021 on August 12th. This is a day to look out for if you plan on investing in PHUN stock. For now, will this company enter your list of penny stocks to watch?

Cinedigm Corp. (NASDAQ: CIDM)

Cinedigm Corp. is a penny stock that many Reddit traders tend to watch regularly. This is because of the frequent upwards momentum that this entertainment penny stock experiences and its large moves in many aspects of the entertainment industry. Cinedigm is a company that owns the distribution rights to a large variety of television, movie, and short-form content entities.

These products are distributed for various brands such as the NFL, NHL, Hallmark, and more. It also distributes its content through entertainment platforms like Netflix, Hulu, and Apple. During the pandemic, the demand for digital content has skyrocketed. And, it doesn’t look like this heightened demand is going anywhere but up. 

At the end of last month, Cinedigm reported its fourth-quarter fiscal 2021 results. The company announced that its streaming channel revenue grew 197% year over year. Streaming/digital revenue increased to 75% of Cinedigm’s total revenues in the quarter, compared to 48% the year prior. These numbers are very solid, and show that CIDM is working hard to continue growing. 

Chairman and CEO Chris McGurk said, “We reached a key inflection point during the fourth quarter, where we generated huge growth in our streaming business.” The company now plans on presenting at the Sidoti Microcap Conference on Wednesday, August 18th. With an almost 4% gain at EOD on August 9th, will CIDM make your list of penny stocks to watch?

Reddit Penny Stocks: Worth it or Not?

Finding the best Reddit penny stocks is all about scouring the website to see which companies may have value. With hundreds to choose from, it can be difficult at first to narrow it down to just a few.

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In addition, the high volatility that naturally comes with penny stocks on Reddit, means that they are not for everyone. So, with all of this in mind, are Reddit penny stocks worth it or not?

By D. Marie

Growing up in the Tri-State area, Wall Street is in my blood. I'm not one to sit and wait, I'm always on the move to find the next big thing and be first to report. I like to focus on any sector that's hot and be at the ground floor of a market boom.

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