Are These Tech Penny Stocks Worth Buying Right Now?
Tech penny stocks have remained some of the most popular penny stocks for investors to watch over the past year and a half. And, there are a few reasons for that. To understand why, we have to first consider that the tech industry is constantly changing.
As a result of the high speculation that penny stocks tend to see, this means that tech stocks can shift rapidly in price in any given trading day. While some investors like to hold penny stocks in the long term, most tend to swing trade or short-term trade them. This means that large price movements are not only good but highly desirable.
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When it comes to tech, we can separate companies into three categories. First, we have companies that produce physical tech hardware. Second, we have companies that produce software. And lastly, we have those that work in both sectors.
While one is not more valuable than another, they can have differing levels of volatility. This means that investors should thoroughly understand their own investing style and find the penny stocks that fit best. Considering all of this, let’s take a look at three tech penny stocks to watch at the end of November 2021.
3 Tech Penny Stocks to Add to Your Watchlist in November
- Phunware Inc. (NASDAQ: PHUN)
- Luokung Technology Corp. (NASDAQ: LKCO)
- Cloopen Group Holding Limited (NYSE: RAAS)
Phunware Inc. (NASDAQ: PHUN)
Phunware Inc. is a technology company that develops software to help businesses manage their mobile app libraries. Among its software and products are cloud-based mobile software for licensing as well as software development kits. These items are sold to healthcare, retail, real estate, education, and a variety of other businesses. Because of the broadness of the business, PHUN stock has been a popular choice among investors over the past year or so. And, in the past six months, shares of PHUN stock have shot up by over 165% which is no small feat.
In addition to the above offerings, Phunware works with the AWS Marketplace which is a digital catalog with thousands of software listings. This service makes it easy to find, test, buy, and deploy software that runs on Amazon Web Services Inc. AWS Marketplace makes allows for independent software vendors, such as Phunware, to offer products. On November 23rd, the company announced that its Multiscreen-as-a-Service (MaaS) platform is immediately available in the AWS Marketplace.
The COO of Phunware, Randall Crowder said, “We are thrilled to work with AWS and leverage over a decade of industry experience in order to help enterprises drive digital transformation in a mobile-first world. By adding our MaaS Platform to AWS Marketplace, customers around the world can more easily access mobile software that can tech-enable not only critical operations but also customer and workforce engagement.”
While PHUN stock may be down at the moment, it has increased substantially YTD and in the past six months as mentioned earlier. Noting this recent update, will PHUN stock be on your watchlist?
Luokung Technology Corp. (NASDAQ: LKCO)
Luokung Technological Corp. is a popular technology penny stock that has seen a YTD and one-year gain of over 29% and 50% respectively. This company provides location-based services as well as mobile apps. Its Luokuang mobile app is a platform for distributing content and services to long-distance passengers in China. In addition, Luokung provides software development kits and app programming interfaces.
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On November 1st, Luokung reported its financial results for the six months ended June 30th, 2021. During this period, Luokung achieved revenues of $37.8 million compared to $7.3 million the previous year. Despite higher revenues, the company’s net loss increased by over $7 million during this time. Its basic and diluted loss per share remained the same year over year at $0.09.
“In the first half of 2021, we were pleased to complete the transformative acquisition of the control over eMapgo Technology (Beijing) Co., Ltd. (‘EMG’), a leading provider of navigation and electronic map services in China, which we anticipate will be an increasingly important growth driver for Luokung in the long term.”
Chairman and CEO of Luokung, Mr. Xuesong Song
Right now, there is a lot of momentum with LKCO stock. And despite its recent performance, shares have been moving up in recent sessions. With that in mind, does LKCO stock deserve a spot on your list of penny stocks to watch?
Cloopen Group Holding Limited (NYSE: RAAS)
Cloopen Group Holding Limited is a Chinese communications company that provides cloud-based communications solutions. Its main products include PaaS solutions with app programming interfaces and software development kits. This is used to integrate messages, voice calls, audio and video, and other forms of communication into business processes.
The corporation released its third-quarter financial results for 2021 near the end of last week. Its income increased by 44.3% year over year to $42.9 million during this timeframe. Cloopen’s cloud-based contact center solution revenues increased by 125.4% year over year. Furthermore, Cloopen Group had an increase in gross margin and a 59.6% increase in adjusted EBITDA.
“Going forward, Cloopen is committed to becoming a SaaS company that integrates its capabilities in communications, big data and AI to better support businesses’ marketing needs and drive their digital and intelligent transformation.”
CEO of Cloopen, Mr. Changxun Sun
These numbers are very encouraging for the company and investors alike. And as a result, RAAS stock is seeing heightened attention right now. Moving forward, it will be interesting to see what is next from Cloopen Group. Considering that, will it be on your penny stocks watchlist?
Which Tech Penny Stocks Are You Watching Right Now?
While finding the best tech penny stocks to buy can be challenging, it can also be a profitable endeavor. And, with the right investing strategy by your side, making money with penny stocks in the tech sector can be entirely possible.
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Considering that there are so many penny stocks to choose from, it all comes down to understanding what type of trader you are. With that in mind, which tech penny stocks are you watching right now?
