3 Penny Stocks to Watch as SPRT Stock Climbs Higher
Penny stocks are climbing higher again as SPRT stock shows the meteoric potential of former small-caps. For those unfamiliar, Support.com Inc. (NASDAQ: SPRT) is a provider of customer support services. And while this alone is a popular business model right now, a few other factors are driving its price up.
Why is SPRT Stock Going Up?
For one, the company recently announced a reverse merger with Greenidge Generation Holdings. Greenidge is a 100% carbon-neutral Bitcoin transaction processor based in the U.S. Because the impact of mining cryptocurrency is hard on the environment, the prospect of green mining is a business that many companies are becoming involved with.
And, in the case of SPRT, there is also a massive short squeeze occurring right now. This is something we saw with both AMC stock and GME stock, resulting in triple-digit percentage gains in only a short time frame. With SPRT stock, more than 67% of its float was sold short as of last week. And as a result, many penny stocks investors saw a large opportunity for a major short squeeze.
Today on August 27th, shares of SPRT were up by over 140% in pre-market. This follows a five-day gain of 111% and a six-month gain of over 800%. Last month, SPRT was a well-known penny stock at under $5 per share, and as of pre-market today, SPRT sits around $48. This is a major rise and something that penny stocks investors only dream of. So, with that in mind, let’s take a look at three penny stocks to watch as SPRT stock climbs.
3 Penny Stocks For Your Watchlist With SPRT Stock Pushing Up
- Lordstown Motors Corp. (NASDAQ: RIDE)
- Hoth Therapeutics Inc. (NASDAQ: HOTH)
- NanoVibronix Inc. (NASDAQ: NAOV)
Lordstown Motors Corp. (NASDAQ: RIDE)
Lordstown Motors Corp. is a penny stock that has posted a five-day gain of over 33%. If you’re unfamiliar, this company develops, manufactures, and sells a product called Endurance. Endurance is an electric full-size pickup truck for fleet customers. On August 27th alone, shares of RIDE stock went up more than 17% in the market.
On August 26th, the company announced that Daniel Ninivaggi of Icahn Enterprises will be the new CEO of Lordstown. The news was accepted well by investors and caused the company’s volume to shoot up quickly off of the information. This announcement then caused RIDE stock to skyrocket in the market as well.
“I believe the demand for full-size electric pickup trucks will be strong and the Endurance truck, with its innovative wheel hub motor design, has the opportunity to capture a meaningful share of the market. With an absolute focus on execution, I look forward to working with the talented Lordstown management team, our suppliers, and other partners to bring the Endurance to market and maximize the value of our assets.”Daniel Ninivaggi, The New CEO of RIDE
Right now, there is a lot of emphasis on EV penny stocks and the future of the EV market. And while RIDE may not be as well known as some other players, it does have an interesting opportunity at hand. With this new information in mind, will RIDE stock be on your list of penny stocks to watch?
Hoth Therapeutics Inc. (NASDAQ: HOTH)
Hoth Therapeutics Inc. is a biotech penny stock that increased in the market by 3.15% on August 26th. This gain brings its five-day streak to over 11%, which is quite a respectable gain. This company creates therapies for those with asthma, eczema, acne, and much more. One of its products is HT-001, which is for treating those with rash and skin disorders associated with tyrosine kinase inhibitors.
On August 11th, the company highlighted its recent findings from North Carolina State University. These new findings are for its new treatment for mast cell cancers called HT-KIT. This announcement was that it reduces the number of mast cells by mutating the messenger RNA before it can deliver instructions to the gene responsible for cell proliferation.
“Current treatments for mast cell cancers target signaling from the receptor encoded by the c-KIT gene, and the efficacy of current therapies can be negatively affected by c-KIT mutations associated with disease development. We are targeting the gene itself, regardless of mutation. If we target the gene that drives progression, then we can target the disease.”Glenn Cruse, The Assistant Professor of Immunology at NCSU
HOTH stock’s volume is more than three times its average at the moment. Keeping this in mind, will HOTH be on your penny stocks watchlist?
NanoVibronix Inc. (NASDAQ: NAOV)
NanoVibronix Inc. is a biotech penny stock that has continuously been in mind over the past few weeks. And while it may not have risen as much as SPRT stock, NAOV has made some major headway during that time. In the past month, shares of NAOV stock have climbed by almost 100% and in the past six months by over 156%. This company makes products for use in healing, pain therapy, and more. Its main product is UroShield, which is an ultrasound to prevent bacterial colonization and biofilm in urinary catheters.
On August 16th, the company reported its second-quarter financial results for 2021. NanoVibronix’s revenue went up by 18% during the quarter to $318,000. In this quarter, it also launched its OTC pain management device called PainShield RELIEF. Its balance sheet has stayed strong with $5.7 million in cash and $0 in long-term debt at the moment. With NAOV, there is a high degree of volatility that investors are taking advantage of. And, this is something to definitely keep in mind if you plan on buying shares of NAOV.
“We made great strides in the first half of 2021, accelerating our progress towards full commercialization of our products with expanded distribution, clearance of regulatory approvals, the launch of PainShield Plus, and the planned launch of PainShield RELIEF, which is expected to be available over-the-counter, significantly expanding our addressable market.”The CEO of NanoVibronix, Brian Murphy
Keeping this in mind, will NAOV make your list of penny stocks to watch?
Which Penny Stocks Are You Watching Amid the SPRT Short Squeeze?
With SPRT stock showing no signs of slowing down during its major pre-market gain, many investors are looking for the next best penny stocks to buy. It’s difficult to predict if a stock will follow the same trajectory as it is relatively random for the most part.
But, as intelligent investors, we can use research and a trading strategy to work on making consistent gains with penny stocks. And while making money with penny stocks can be challenging, with the right commitment to an investing goal, it can be done. Considering this, which penny stocks are you watching amid the SPRT short squeeze?