3 Penny Stocks For Your Weekly Watchlist
With a new week only a day away, investors continue to search for the best penny stocks to watch. Now, it may be easy to find a few penny stocks to buy that look like they could be worth it, however, many investors fail to do the most important step: research. Research is the backbone of all educated trading decisions, and no matter how confident you feel in a given penny stock, it is always extremely prudent to do as much research as you can.
Considering that there are thousands of penny stocks out there, picking only a handful for your watchlist can seem like a daunting task. But, there are a few ways to make it easier. Aside from research, the next most important step when it comes to investing in penny stocks is to understand what is going on in the world and how that may affect certain penny stocks or industries at large.
For example, with Covid cases on the rise, many investors have found biotech penny stocks, energy penny stocks, and a few others, to have the potential to make gains during the pandemic. And as you can see, it is all about understanding cause and effect. In addition to all of this, investors should have a thorough understanding of their own investing style. This is the best way to avoid unwarranted moves in your portfolio. So, with all of this in mind, let’s take a look at three top penny stocks to watch this upcoming week.
3 Top Penny Stocks to Watch Right Now
- Borqs Technologies Inc. (NASDAQ: BRQS)
- Naked Brand Group Limited (NASDAQ: NAKD)
- Cinedigm Corp. (NASDAQ: CIDM)
Borqs Technologies Inc. (NASDAQ: BRQS)
Borqs Technologies Inc. is a tech company that focuses on software and development services. The company offers Android platform software, BorqsWare software, and much more. Its products are used by mobile chipset manufacturers, mobile device equipment manufacturers, and mobile operators.
During the pandemic, the demand for tech products has increased dramatically. In tandem with this, we saw a major shortage for the supply of microchips and related processors. If we take simple supply and demand, we see that both pure-play tech stocks and ancillary service providers like Borqs, could potentially benefit. While BRQS does produce software, the demand for its products is driven by larger tech product demand.
On August 11th, the company announced a strategic investment and collaboration with Zippie. Zippie is a blockchain app and payment platform that has become popular in the crypto world. The agreement states that the companies have joined together to develop solutions for IoT autonomous payments.
These solutions will serve the increasing demand for digital currency transactions. On the same date of the announcement, the company’s volume is more than double its average in the market. Keeping this in mind, is BRQS going to make your list of penny stocks to watch?
Naked Brand Group Limited (NASDAQ: NAKD)
Naked Brand Group Limited is a company that sells retail products in the United States. This company designs, retails, and sells women’s and men’s clothing and swimwear items. Additionally, Naked Brand Group Limited sells sleepwear, loungewear, costume products, and accessories.
In the past year, retail sales have gone through the roof. With eCommerce sales also rising tremendously during that time, many companies have seen higher than average sales. And as a result, Naked Brand Group has seen heightened interest in its stock in the past year and a half.
In an update a few months ago, the company announced the preliminary results of an extraordinary general meeting. In this, it announced that shareholders have voted for the approval of a proposed transaction to divest Bendon brick-and-mortar operations. This is a smart move for the company considering both the large capital expenditure of in-person retail and the move to eCommerce as stated earlier.
“With available cash of $270 million, a clean balance sheet with no debt and a re-invigorated management team and board of directors, I could not be more excited to execute on our business strategy to ultimately drive revenue growth with positive free cash flow.”The CEO of Naked Brand Group, Justin Davis-Rice
With all of this information in mind, is NAKD stock a contender for your penny stock watchlist?
Cinedigm Corp. (NASDAQ: CIDM)
Cinedigm Corp. is a penny stock that has been increasing substantially over the past few months. This company is a distributor of independent movies, television, and short-form content. Cinedigm has a library of distribution rights to digital, physical, home, and mobile entertainment platforms. It also services digital cinema assets on about 12,000 movie screens. Some of the companies it distributes its content to are NFL, NHL, Scholastic, Hallmark, and many more.
At the end of July, Cinedigm reported its fourth-quarter fiscal 2021 results. The company announced that its streaming channel revenues grew 197% year over year. Additionally, the company’s ad-supported streaming channel revenue grew by 331% in the last year. Cinedigm’s subscription streaming channel revenues grew 117% year over year as well, showing significant progress for the company.
“We reached a key inflection point during the fourth quarter, where we generated huge growth in our streaming business. Our streaming/digital business was 75% of our total revenues during the quarter and we expect that percentage will continue to increase as we grow the business both organically and through our streaming acquisition roll-up strategy.”The Chairman and CEO of Cinedigm Corp., Chris McGurk
With all of this to note, is CIDM going to make your list of penny stocks to watch?
Which Penny Stocks Are on Your Watchlist Right Now?
Finding the best penny stocks for your watchlist is all about understanding what’s going on in the market. With so many factors occurring simultaneously, it can be difficult to keep up with each and every one.
However, if you pay careful attention to how certain events will impact penny stocks or industries in specific, it can be easy to try and predict which companies could be winners. Considering all of this, which penny stocks are on your watchlist right now?