Are These Penny Stocks on Reddit Worth Watching?
Finding penny stocks on Reddit has become a popular choice for those looking to stay informed. While Reddit should not be the only place you find penny stocks to buy, it can be a great tool for seeing which stocks are trending. Over the past year or so, the pandemic has brought more people online than in many years prior.
People have come together on various Subreddits such as r/WallStreetBets and r/RedditPennyStocks to discuss which companies could be worth investing in. This caused both GME stock and AMC stock to rise a few months back and is now responsible for many similar stories.
One thing to keep in mind is that penny stocks in general are quite volatile. But, throw in the social media aspect, and we see them become even more volatile. This is something that investors should keep in mind and attempt to use to their advantage.
If you haven’t read the first part of this article, go to 5 Penny Stocks on Reddit For Your June 2021 Watchlist. With that in mind, let’s take a look at five more Reddit penny stocks that you should know about.
5 More Reddit Penny Stocks to Watch
- MediciNova Inc. (NASDAQ: MNOV)
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Sphere 3D Corp. (NASDAQ: ANY)
- Transocean Ltd. (NYSE: RIG)
- Gran Tierra Energy Inc. (NYSE: GTE)
6. MediciNova Inc. (NASDAQ: MNOV)
Up by almost 31% in early morning trading are shares of MNOV stock. While MNOV briefly sat below the $5 mark, making it almost no longer a penny stock, shares quickly corrected from this mental barrier. At one point in pre-market, shares had climbed by over 50% to $5.63 on news surrounding positive results from an alcohol use disorder drug. These results came from the Phase 2 trial of MN-166 (ibudilast) in AUD. In the study, out of 52 patients, 45% reduced the odds of heavy drinking compared to a placebo group.
This is big news, and given that alcoholism is a major epidemic globally, it makes sense that shares of MNOV shot up today. Kazuko Matsuda, MD, Ph.D., MPH, the CEO of MediciNova states that “we are very pleased that the results from this Phase 2 trial in alcohol use disorder have been published. We are excited that MN166 reduced the odds of heavy drinking by 45% after only 14 days of treatment.” Considering this large move for MediciNova, will MNOV be on your penny stocks watchlist?
7. Vinco Ventures Inc. (NASDAQ: BBIG)
Vinco Ventures is a penny stock that we’ve covered numerous times in the past few weeks. During that time, investors had been anxiously awaiting updates surrounding the acquisition of Lomotif Private Ltd. by it and its subsidiary ZASH Global Media and Entertainment.
The pair plan to sign a final agreement and Plan of Merger on or prior to June 24th of this year, which is big news for shareholders. For some context, Vinco Ventures is an acquisition company, working on digital media and content-based companies. Its main strategy is known as B.I.G. or Buy. Innovate. Grow.
It looks for companies with untapped potential where it can then grow and scale the business to the next level. During the pandemic, the demand for online and digital content has grown tremendously. This makes sense as more people are looking for entertainment than ever before. Because of this, we could continue to see BBIG make big moves, especially considering this merger. Whether this makes BBIG stock worth watching, remains up to you.
8. Sphere 3D Corp. (NASDAQ: ANY)
Sphere 3D Corp. is an interesting tech penny stock that has remained relatively under the radar for some time now. It has also recently become an ESG penny stock due to its recent deal allowing it to become a net-zero carbon emission crypto miner. Only a few weeks ago, Sphere entered into a merger agreement with the renewable bitcoin mining company, Gryphon Digital Mining Inc.
With Sphere’s digital management solutions at hand, the pair can hopefully expand operations greatly moving into the future. Only a day after this announcement, the two companies announced an agreement to purchase 250,000 carbon offset credits or CERs. At current operational capacity, estimates show that the company could remain carbon negative for at minimum, the next five years.
“We understand that carbon emissions extend way beyond the energy that a business uses, so even though we are 100% renewable already, there’s more that we can do.”
Rob Chang, CEO of Gryphon Digital Mining
Taking into consideration both its role in the renewables market and its growing market share of the cryptocurrency industry, ANY stock looks like it could be worth keeping an eye on.
9. Transocean Ltd. (NYSE: RIG)
Transocean Ltd. Is a penny stock that has become a ‘meme stock‘ over the past few months. There are stocks that are discussed frequently on Reddit, Twitter, and other forms of social media. Only a few days ago, shares of the offshore drilling company rose after it announced plans to raise around $400 million in a share sale.
This is an example of the company taking advantage of the higher prices of oil and similar energy commodities this year. In the past month, around 13% of RIGs float is sold short. While this is not a major amount, it is substantial enough to consider the effect of these short sellers on RIG stock.
As stated earlier, the oil demand this year has only started to rise in the past six months. This is a clear reflection of the effects of the pandemic coming to an end. While no one knows exactly when the pandemic will end, it looks like people are beginning to resume travel internationally and domestically. For this reason, many investors are betting on the future of the energy industry. Whether this is enough to make RIG stock worth watching is up to you.
10. Gran Tierra Energy Inc. (NYSE: GTE)
Keeping in theme with the other energy stocks on this list, Gran Tierra is a Canadian-based exploration and development company working in the fossil fuels industry. Up by around 5% at midday, GTE stock has been gaining momentum in several recent trading sessions. In the past month, shares of GTE have pushed up by over 25%, and in the past six months by over 125%. Again, we see the price of oil and gas companies continue to push up as Covid case numbers decline globally.
While GTE is based in Canada, its exploration operations take place in South America, specifically in Colombia and Ecuador. It is also pursuing other opportunities in similar regions around its existing developments. A few months ago, many investors feared that Colombian national protests would have a major effect on oil and gas operations domestically. But, Gran Tierra managed to largely avoid any sizable shut down at its plants. Considering its role as a pure-play energy penny stock, it could be worth watching alongside dwindling case numbers.
Which Reddit Penny Stocks Are You Watching Right Now?
While finding penny stocks on Reddit can be a challenge, there are hundreds of options to choose from. Across social media, we see a variety of penny stocks being discussed every day.
And while making a penny stocks watchlist off of these insights can be a great option, investors should also utilize their own research before pressing buy. Considering this and the above companies, which Reddit penny stocks are you watching right now?
To read about the other five penny stocks on this list, head to 5 Penny Stocks on Reddit For Your June 2021 Watchlist
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