Check These Reddit Penny Stocks Out in November
Reddit is one of the most popular places that investors find penny stocks to buy. While it can be complicated to find penny stocks on Reddit, there are a few ways to make the search easier. For those who don’t know, Reddit is a popular social media platform that allows communities centered around topics of all types to get together. As a result, many investors come together on the platform to discuss penny stocks and blue chips of all types.
But, one thing that investors should be aware of is the high volatility of penny stocks mentioned on Reddit. This is common as volume can move up which can be an indicator of how popular a stock is. In addition to all of this, investors should have a thorough trading strategy that is combined with a knowledge of how to trade penny stocks. With all of this in mind, let’s take a look at three Reddit penny stocks to watch right now.
3 Reddit Penny Stocks to Watch Right Now
Cloopen Group Holding Limited (NYSE: RAAS)
Cloopen Group Holding Limited is a communications penny stock that is up over 3.5% on November 18th. This brings its five-day gain to over 6%. For those unfamiliar, this company offers cloud-based communications solutions for the Chinese market. Its products include PaaS solutions that offer app programming interfaces and software development kits. This is used to embed messaging, voice calls, audio and video, and other communications into companies’ business processes.
On November 18th, the company reported its third-quarter financial results for 2021. During this period, its revenue went up 44.3% year over year to $42.9 million. Cloopen’s revenues from cloud-based contact center solutions went up by 125.4 % year over year. In addition to this, the company experienced a higher gross margin and a 59.6% gain in adjusted EBITDA. All of these numbers are very positive and reflect the company’s business growth as a whole.
“During the quarter, we continued to ramp up investments in R&D to sustain our core competencies in products and technologies and added top-notch talents to further strengthen our technical teams.
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.”
The CEO of Cloopen, Mr. Changxun Sun
On November 18th, RAAS stock’s volume was much greater than its market average. This is a clear indicator of market popularity. Based on this recent information, will RAAS be on your list of penny stocks to watch?
Vinco Ventures Inc. (NASDAQ: BBIG)
Vinco Ventures Inc. is a penny stock that has climbed by over 210% in the past YTD period. In the past six months, shares of BBIG stock have shot up by over 30%. For some context, Vinco Ventures provides toys, electronics, and other products to retailers and distributors worldwide. In addition, the company distributes personal protective equipment to hospitals and governments. Vinco develops, manufactures, sells, and fulfills its products. These products are offered via e-commerce platforms as well which has greatly expanded its reach.
On November 1st, the company’s subsidiary Cryptyde launched a new joint venture. The company’s joint venture is called CW Machines LLC, and is in partnership with Wattum Management. Wattum is a leading supplier of BTC mining equipment and services. The joint venture’s goal is to focus on making Bitcoin mining equipment simpler for a consumer to own by integrating smart contract technology. Right now, Bitcoin is one of the major topics in the market, and as a result, companies involved have seen heightened attention.
“The launch of this joint venture entity signifies the start of our expansion into the broader crypto and blockchain market. We are excited to be working with industry veterans such as the Wattum Management team and look forward to the introduction of NFT’s and smart contracts into the BTC Mining space.”
The CEO of Cryptyde, Brian McFadden
With solid volume in the past few trading days, does BBIG stock deserve a spot on your list of penny stocks to watch?
Lion Group Holding Ltd. (NASDAQ: LGHL)
Lion Group Holding Ltd. is a penny stock that just went up more than 7% on November 18th. This company operates a trading platform that is based in Hong Kong. Its trading platform offers insurance brokerage, futures, and securities brokerage, asset management, and much more. Lion’s trading platform includes NFT and metaverse-related initiatives as well. Additionally, the company provides difference trading services, total return swap services, and more.
On November 18th, Lion signed a letter of intent with New Full Rich Ltd. This letter of intent is for both companies to collaborate to make and operate an encrypted digital currency mine project. This will take place in Tajikistan through Ganj Technology, which is a company owned by New Full Rich. Phase 1 of the project will focus on a free trade economic zone and much more. The first phase of construction for the digital mine infrastructure is expected to be completed during the first quarter of 2022.
“Tajikistan has unique advantages in water resources, which is central to the development of the digital mining industry. Through this project with New Full Rich, Lion’s investment and operations in digital mining in Central Asia will create valuable achievements and mark another solid step for Lion in the global digital asset industry.”
CEO of Lion Group, Mr. Chunning (Wilson) Wang
In the past YTD period, shares of LGHL stock have shot up by almost 20%. While this may not seem substantial, it is more so considering the bearish drop LGHL stock experienced as a result of the pandemic. With that in mind, will LGHL be on your penny stocks watchlist?
Are Reddit Penny Stocks Worth Buying?
Finding the best penny stocks to buy is all about understanding where to look. But, it’s always important to consider your own investing strategy and what your portfolio goals.
In addition, investors should know that Reddit penny stocks are highly volatile and can lead to both swift profits and swift losses. With that in mind, do you think that Reddit penny stocks are worth buying?