Reddit penny stocks continue to come into focus as meme stocks are rallying right now. With stocks like CEI, SPRT, GME, and AMC stock all pushing higher recently, many are wondering what the next round of Reddit penny stocks will be.
To understand this, we have to take a closer look at what makes a meme stock a meme stock. For starters, meme stocks are those that rise and fall based on social sentiment. Usually, large price moves are not dependent on news and speculation as most other stocks tend to be.Read more: Best Penny Stocks To Buy Now? 4 Climbing As Meme Stocks Jump
While it can seem difficult to find the “next trending penny stock,” there are a few ways to build a strong watchlist centered around social media trends. This can be done by looking at high intraday volume, which stocks are being discussed online, and by considering what’s happening from a global perspective. At times, it can be quite random, and penny stocks mentioned on Reddit can move with little to no warning. However, being able to identify the groundswell as it happens is a clear focus for retail traders right now. Considering all of this, let’s take a look at 5 penny stocks on Reddit to watch right now.5 Penny Stocks On Reddit That You Should Take a Look At
- Sonim Technologies Inc. (NASDAQ: SONM)
- Opko Health Inc. (NASDAQ: OPK)
- Ideanomics Inc. (NASDAQ: IDEX)
- Cyren Ltd (NASDAQ:CYRN)
- BioDelivery Sciences (NASDAQ:BDSI)
One of the bigger gainers recently is Sonim Technologies Inc. It managed to finish the week, up by nearly 40%. Momentum started coming into the penny stock after Sonim announced new waterproof headsets and RSMs that will be compatible with its variety of mobile tech products. These headsets are made with Klein and come with a three-year comprehensive warranty.
“Device failure is a major issue impacting enterprise operations and increasing overall total cost of ownership. Our 3-year warranty demonstrates we stand behind our rugged performance standards, instilling confidence in first responders and industrial workers who rely on the Sonim and Klein combined solution for critical communications in their operations.”John Graff, CMO of Sonim Technologies
This was a well-received update for Sonim based on the reaction in the market. Furthermore, with its lineup of field-work-related tech products, it will be interesting to see how these headsets are adopted by the broader public. But, there is no doubt that this is an exciting prospect for the company. Considering this, SONM could be on the list of penny stocks to watch this month?2. Opko Health Inc. (NASDAQ: OPK)
Another active stock to watch is OPK. For those unfamiliar, Opko Health is a biopharmaceutical and diagnostics company working to build its presence in growing markets. This includes a high degree of expertise in the discovery, development, and commercialization of new treatment platforms.
Recently, Opko has focused on addressing Covid-19 through its RAYALDEE treatment. It is currently in a Phase 2 trial with RAYALDEE for its potential to treat mild-to-moderate Covid-19. Any company involved in a Covid treatment has seen a high degree of popularity in the past year or so. This has also been the case with Opko Health.Read more: Best Penny Stocks to Buy Right Now? Here’s 3 You Need to Watch in 2021
For those with OPK stock on their list, it’s important to note a few investor conferences on the horizon. These include the Barrington Research Fall Conference and the H.C. Wainwright 23rd Annual Global Investment Conference. With Opko also completing enrollment of itsRAYALDEE Phase 2 study, eyes will be on further progress updates. This includes topline data which are expected later this year. 3. Ideanomics Inc. (NASDAQ: IDEX)
Ideanomics is a penny stock that we have covered countless times in the past few months. There are a few good reasons for that. On the one hand, its Ideanomics Mobility arm provides services relating to the adoption of electric vehicles. It recently announced that it entered into an acquisition agreement with VIA Motors International, a manufacturer of electric commercial vehicles.
CEO of Ideanomics, Alf Poor, stated that “This acquisition is aligned with our long-term strategy and provides us an immediate leadership position in a rapidly growing market and yet another path to accelerate EV adoption and Ideanomics’ market share.”
This deal, worth as much as $630 million, could help to position Ideanomics properly in yet another area of the electric vehicle industry. In line with this, the company also appointed Robin Mackie as President of Ideanomics Mobility. His experience spans three decades and includes stints at Smith Electric Vehicles and Express Group.4. Cyren Ltd. (NASDAQ:CYRN)
Late last week, Cyren Ltd. started to pop up in discussions on Reddit. This was thanks, in part, to recent headlines that the company’s partner, Improving, would collectively boost efforts to address the “new normal” in cyber security threats. Improving’s IT services combined with Cyren’s anti-phishing solution aim to help businesses build upon already existing cloud framework.
“Our partnership with Improving will help organizations safely modernize their operations…Their expertise in Microsoft security and cloud technologies combined with Cyren Inbox Security and Cyren Incident Response Services will allow previously hesitant businesses to safely and securely embrace the cloud.”Lior Kohavi, Chief Strategy Officer & EVP Advanced Solutions at Cyren.
With more workers in remote settings, cyber security has become a much larger focus in the new corporate world. A new study from HP has also highlighted the situation that IT teams face when trying to improve cybersecurity for the world’s remote workforce*. The study found that IT workers feel that there is no choice but to compromise cybersecurity to appease workers complaining about slower business processes. In essence, these cybersecurity methods are believed to “get in the way” of deadlines and time-sensitive projects. The reports showed that more than 75% of IT teams said cybersecurity took a “backseat to business continuity during the pandemic,” and 91% reported feeling pressured into compromising security for business practices.
With an ever-increasing remote and hybrid workforce, cybersecurity stocks have come into focus, with CYRN shares becoming the latest to turn heads in the market.5. BioDelivery Sciences (NASDAQ:BDSI)
While it isn’t as prevalent as some of the other penny stocks on this list, BioDelivery has been mentioned a handful of times within the last few days on popular subreddits. The company specializes in medical technology, that it has branded BioErodible MucoAdhesive (BEMA®). The platform has been designed to bring commercial pharmaceutical products to market addressing chronic diseases. Its marketed products address different conditions, including chronic pain.
One of the recent developments triggering positive sentiment in the stock market this month was its latest acquisition of U.S. and Canadian rights to ELYXYB™ (celecoxib oral solution). According to the company, this is the first and only FDA-approved ready-to-use oral solution for the acute treatment of migraine with or without aura in adults. The product is expected to launch during the first quarter of next year. There are also plans for a pediatric study in adolescent patients suffering from migraine attacks.
For those watching BDSI stock closely right now, October 14th could be an important date to remember. This is when the company plans to host an investor day to discuss ELYXYB™ in more detail.
Thanks to some late-afternoon trading volume on Friday, BDSI stock could be one to watch heading into the week.Are Reddit Penny Stocks Worth Buying or Not?
Reddit penny stocks come with both high upside potential and an equally high potential for losses. But, knowing how to weigh the two and where your investing strategy comes in will help to keep your portfolio in the green.
In the end, it all comes down to understanding how the market is moving and working to build your knowledge for what it could do in the future. With all of this in mind, do you think that Reddit penny stocks are worth buying or not?