Are penny stocks something that excites you? Are you trying to find ways to make money in the stock market today? If you said yes to either or both, continue reading.

One of the most important topics of discussion since the 2020 pandemic has been social sentiment. Millions of new retail traders are trying their hand at trading and investing. This has led to very different conditions in the stock market compared to what was there previously. Even for blue-chip stocks, price movements seem to be much faster or larger.

Meanwhile, the attention that penny stocks have received has been amplified. Thanks to the rise in popularity (and share price) of companies like AMC Entertainment (NYSE:AMC) and GameStop (NYSE:GME), “mom and pop” investors seem to have realized that “this trading thing” isn’t as hard as they thought.

Thanks to this, social media platforms like Reddit, Twitter, StockTwits, Facebook, and even TikTok are becoming the “investor round table” for the new generation of retail traders. As such, many are looking for “the social buzz” to stay ahead of any potential volatility spike. Today, we look at a few hot penny stocks on Reddit, Twitter, and other social platforms that have gained interest and momentum in the stock market today.

Reddit Penny Stocks To Watch Right Now

  1. MindMed Inc. (NASDAQ:MNMD)
  2. Biofrontera Inc. (NASDAQ:BFRI)
  3. Hive Blockchain Technologies (NASDAQ:HIVE)
  4. Bit Digital Inc. (NASDAQ:BTBT)
  5. Indonesia Energy Corporation (NYSE:INDO)

Penny Stocks To Buy Under $5: MindMed Inc. (NASDAQ:MNMD)

best penny stocks to watch mindmed MNMD stock

Biotech stocks have been volatile lately. None have been more volatile than companies developing new treatment platforms. In this case, MindMed is advancing its pipeline of treatments utilizing psychedelics to treat brain-based disorders.

Despite the pullback earlier this year, MNMD stock has been on the move over the last several weeks. This was thanks, in part, to FDA-related headlines toward the end of January. The FDA cleared MindMed for an Investigational New Drug application related to its MM-120 platform. This is its drug candidate for treating generalized anxiety disorder and can now proceed into a Phase 2b dose-optimization trial.

What’s important about this trial that investors are following? According to MindMed, the company is working with study investigators and clinical trial sites in preparation for enrollment. This is expected to begin in “early” 2022. Considering that we’re in mid-Q1, timing has become a factor.

MindMed CEO Robert Barrow explained that “the results of this trial will guide the dose selection and development strategy for our pivotal Phase 3 clinical trials, as well as deepen our scientific understanding of the clinical effects of MM-120 and its underlying mechanisms of action.”

This news also came shortly after the company completed enrollment of the first patients in a study of its Session Monitoring System used for treating psychiatric disorders. What’s more, MindMed explained that the FDA’s Center for Devices, Radiological Health, and enter for Drug Evaluation and Research gave positive feedback to support a planned development strategy for the platform. Specifically, the system, SMS-01, evaluates the passive collection of sensory data during consciousness-altering therapeutic sessions.

2. Biofrontera Inc. (NASDAQ:BFRI)

best penny stocks to buy Biofrontera BFRI stock

Sticking with the biotechnology topic, Biofrontera has yet to leave the limelight of social media discussion. This is based on the considerable spike BFRI stock made last quarter. Shares surged from under $3 to over $14 within a matter of weeks, thanks to significant developments that were announced.

Specifically, Biofrontera reported that it would report earnings soon. It also was timed with a bullish rating from Roth Capital analysts, who gave a $20 price target. This came just a few weeks after Biofrontera announced the launch of its clinical study program aimed at optimizing and expanding its market position for its Ameluz treatment. It’s Biofrontera’s in-licensed FDA-approved prescription for photodynamic therapy in the US.

Fast-forward to this month, and BFRI stock is back on the move, thanks to new headlines. The company provided an update on its patient recruitment efforts for a Phase 3 study of Ameluz in treating superficial basal cell carcinoma, in combination with its BF-RhodoLED lamp.

“Following successful FDA approval, Ameluz® would be the only drug in the United States approved for the treatment of superficial BCC with PDT, which we expect to further increase the growth potential of our flagship product Ameluz® in the medium term,” said CEO Erica Monaco.

Patient enrollment in this trial has been ongoing since 2018 and is expected to come to completion by the end of this year. The study will include 12 sites and over 180 patients. It also helps that Biofrontera was also recently granted a US Patent: “Illumination device for photodynamic therapy, method for treating skin disease and method for operating an illumination device,” to etch its corner of the market further.

3. Hive Blockchain Technologies (NASDAQ:HIVE)

bitcoin etf sec

Cryptocurrencies have been on a wild, rollercoaster ride over the last few weeks. The price of Bitcoin has flip-flopped between $35,000 and $40,000 as the market has jostled on the whole. The latest move in the leading cryptocurrency has taken it back to the $40,000 mark for the first time since January 20. With that, upbeat sentiment has come back into the market and taken certain cryptocurrency stocks along for the ride.

Hive Blockchain specializes in cryptocurrency mining. You can imagine the volatility that has been in the market recently. In line with Bitcoin’s latest move, HIVE shares have popped again. The growing concern over cryptocurrency mining’s environmental impact has sparked controversy among investors regarding related stocks. In Hive’s case, it has taken a direct approach to address these focusing on green energy and ESG (Environmental, Social, Governance) initiatives.

Late last year, Hive announced a strategic investment into Titan.IO, which established Lumerin, a decentralized mining marketplace. Other notable investors in Titan include Coinbase (NASDAQ:COIN). The company offers software to help Bitcoin miners boost efficiency and scalability at lower costs. In addition, Lumerin allows peer-to-peer trading opportunities for hashpower, which is vital to crypto mining.

Hive has continued taking an investment approach to scaling its platform. Prior investments include a seed round in Titan and positions in DeFi Technologies and Network Media Group. The thing to remember when looking at any stocks tied tightly to a sector like cryptocurrency is that volatility in the underlying assets (I.E., Bitcoin) can dramatically impact the crypto market overall.

4. Bit Digital Inc. (NASDAQ:BTBT)

penny stocks to buy Bit Digital BTBT stock

Like HIVE stock, Bit Digital has also taken off thanks to a surge of bullishness in cryptocurrency prices. The digital mining company has also taken a proactive stance on the environmental impact of cryptocurrency mining activities. In particular, Bit Digital is actively engaging with lawmakers and industry figureheads.

Most recently, Bit Digital reiterated its environmental track record and plans on submitting a formal testimony to the New York State Senate Standing Committees on Environmental Conservation, Energy and Telecommunications, and Internet and Technology.

“Our company has made it a point to take a leadership position regarding sustainable practices in the crypto mining industry,” said Bryan Bullett, Chief Executive Officer, Bit Digital in a January update.

“It is at the core of what we do and who we are, because Bit Digital understands that to be successful, our operations must drive innovation and economic opportunity for all members of society—while doing so in a sustainable and eco-friendly manner.”

With crypto prices on the move, BTBT stock has become one of the top names to watch among social media circles right now.

5. Indonesia Energy Corporation (NYSE:INDO)

best penny stocks to buy Indonesia Energy INDO stock

Other than crypto and biotech, energy stocks have been on fire recently. Indonesia Energy, in particular, has become one of the more volatile names in the stock market today. The oil and gas exploration company has focused its efforts in, you guessed it, Indonesia. Following a recent financing round of $7 million, INDO stock has experienced several sessions of volatility spikes and price action that took it as high as $9.21.

Based on its financing update, the use of proceeds have come into focus. The company plans on deploying funds to enhance its oil well drilling program, among other things. This comes after having reported a substantial production rate increase late last year.

Indonesia reported a 50% jump in rate following a recently compiled “Kruh 26” well at its Kruh Block project. Average production was recorded at roughly 245 barrels of oil per day. With the Kruh 26 well, the company expects to increase this figure.

With plans for drilling two back-to-back producing wells at the Kruh Block, production targets have been set at approximately 450 barrels of oil per day after the two wells are complete. As far as the timeline for this goes, Indonesia Energy said that Q3 of this year is likely when drilling will begin.

Top Penny Stocks To Buy Now

Arming yourself with a proper strategy and watch list outline can quickly help you identify potential penny stocks to buy. With so much noise on social media, it’s also essential to understand how to conduct proper research beyond seeing what people tweet about. Social sentiment can give a great heartbeat on what retail focuses on, but there’s no substitute for your own due diligence. So whether or not these are the “top penny stocks to buy” right now will heavily depend on your personal trading style and investment approach.

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