5 Penny Stocks to Watch After Facebook’s Name Change Today
Near the end of the trading day on October 28th, Facebook (NASDAQ: FB) made an announcement that had a sizable effect on certain penny stocks. The company stated that it would be changing its name to ‘Meta’. CEO Mark Zuckerberg stated that “We are a company that builds technology to connect. Together, we can finally put people at the center of our technology. And together, we can unlock a massively bigger creator economy.”
With penny stocks, we often see speculation having the largest role in price movement. As a result, something as simple as a name change can have a much broader impact on the stock market. So, with this name change in mind, let’s take a look at five penny stocks that could see an impact.
5 Penny Stocks For Your Watchlist With Facebook’s Meta Rebrand in Mind
- Cemtrex Inc. (NASDAQ: CETX)
- Digital Ally Inc. (NASDAQ: DGLY)
- WiMi Hologram Cloud Inc. (NASDAQ: WIMI)
- Sonim Technologies Inc. (NASDAQ: SONM)
- Color Star Technology Co. Ltd. (NASDAQ: CSCW)
Cemtrex Inc. (NASDAQ: CETX)
Cemtrex Inc. is a tech penny stock that has been performing well in the past few trading days. Over the last five, shares of CETX stock have shot up by over 35%, which is no small feat. This is a company that offers internet of things products and smart devices under the SmartDesk name. Cemtrex also offers browser-based video monitoring systems for security and surveillance. In addition to these, it works on industrial services such as disassembly, relocation, moving, and more. As a trending penny stock, many investors have been following Cemtrex’s trajectory in the past few weeks.
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On October 27th, Cemtrex launched its new SmartDesk Connect D with “greater compatibility”. This product is an additional option for users to connect their laptops to the desk. Its new version is compatible with many products including Apple’s M1 devices and the Microsoft Surface lineup. This product line is made for those who need the best tools for investing.
“For today’s modern worker, it’s essential to be able to work in multiple locations and have the capability to quickly transition to a highly focused workflow when at their home base. Spending time tuning multiple workspaces to match their workflow wastes time and can be tedious and expensive.”The General Manager of SmartDesk, Alex Malcoci
In the past few days, the average trading volume for CETX has been much higher than its earlier average. This is a clear indication of its popularity right now. Considering this, will you be adding CETX to your list of penny stocks to watch?
Digital Ally Inc. (NASDAQ: DGLY)
Digital Ally Inc. is a penny stock that has climbed by almost 17% in the past five days. If you’re not familiar, DGLY is a tech company that offers video imaging, storage, and disinfectant products in the U.S. Some of its products are related to safety and are in use by law enforcement. The company sells digital mirror systems for law enforcement and video recording devices as well. It offers VuVault.net, which is a law enforcement cloud storage solution that aligns with its other product offerings.
On October 20th, the company was awarded a notable order for in-car and body-worn cameras. The Columbus Police Department upgraded its entire division to the complete ecosystem of evidence-capturing devices via its subscription payment program. This department received 20 EVO-HD in-car systems and 30 FirstVu HD body-worn cameras. The order is expected to bring positive revenue to the company as its moves forward.
“Our technology has proven to be invaluable in increasing officer safety as well as providing unbiased, transparent video evidence during interactions.”The CEO of Digital Ally, Stan Ross
Similar to the other stocks on this list, DGLY has seen heightened volume in the past few weeks. Keeping this info in mind, will DGLY stock be on your watchlist in November?
WiMi Hologram Cloud Inc. (NASDAQ: WIMI)
While WIMI stock had a very stable day of trading on the 28th, by 3 PM, shares quickly skyrocketed by almost 12%. While it’s hard to say for sure whether this is due to the hype around Facebook, or the subsequent publicity surrounding AR and VR, the intraday gain is undoubtedly exciting.
At the end of last month, WiMi reported its unaudited financial results for the six months that ended on June 30th. In the results, its revenue increased by a staggering 202% to over $79 million. In addition, gross profit increased by similar margins to $23 million over around one-third of that in the same period of the previous year. Lastly, its R&D expenses and net income increased by around 460% and 40% respectively.
All of this indicates major positivity for the company moving forward. And interestingly enough, WIMI stock does not look like it has reflected these gains as other stocks have when reporting similar results. So, with that considered, does WIMI stock deserve a spot on your list of penny stocks to watch?
Sonim Technologies Inc. (NASDAQ: SONM)
Another penny stock that experienced a sizable spike today is Sonim Technologies Inc. By EOD, shares of SONM stock had shot up by over 7%, bringing its five-day gain to over 17%. While it’s difficult to pinpoint why SONM stock gained today, it did make an exciting announcement yesterday. On October 27th, Sonim stated that its XP3plus phone is now available in T-Mobile stores around the country.
“We are excited about the availability of the XP3plus through T-Mobile stores, providing more opportunities for small and medium-sized businesses and consumers to try our most popular rugged mobile device.”The CMO of Sonim, John Graff
The company states that this device can be used for a broad range of purposes. This includes construction, field service, first responders, transport, and other workers who are constantly moving and in tougher environments. As a tech penny stock, SONM could be seeing gains related to Facebook’s big announcement and the corresponding attention being paid to the tech industry. But, it remains to be seen.
Color Star Technology Co. Ltd (NASDAQ: CSCW)
With Facebook announcing its name change and business revamp, all things “metaverse” is gaining attention right now. Color Star Technology is a company that we’ve discussed numerous times previously thanks to growing attention on virtual entertainment and even things like non-fungible tokens (NFTs). Via its Color Star app, the company has offered myriad services all centered around artificial intelligence. Its update from earlier this month could be one of the reasons for growing interest after Facebook’s new Metaverse update.
Color Star announced that it will create its own metaverse project. The company said in its October update that, “To date, Color Star has already completed the creation of metaverse virtual humans, metaverse simulation scenes, and metaverse virtual reality (VR) and non-fungible token (NFT) scenes. These features will be launched in sequence this month, with interfaces updated accordingly on the Company’s interactive platform, Color Star app.”
This metaverse series is part of Color Star’s world of online entertainment for users to interact with digital avatars. They can even engage with influencers and their favorite idols in this virtual platform. Furthermore, as the company has stated, “The goal of Color Star Metaverse is to build a unique metaverse featuring customizable virtual characters and virtual scenes where participants can become their ideal selves and have experiences mimicking the real world.”
Considering the trend for retail traders has put an emphasis on companies with exposure to certain technologies, CSCW stock appears to have gained some attention following Facebook’s latest update.
Which Penny Stocks Are You Watching Right Now?
With so many penny stocks to choose from, the options are almost limitless. But as we saw with today’s Facebook announcement, speculation is always a key factor to consider. So, with that in mind, which penny stocks are you watching right now?