3 Reddit Penny Stocks For Your August Watchlist
When it comes to finding penny stocks on Reddit, there are plenty of options to choose from. But, one aspect that many penny stocks investors forget about is just how volatile they can be. Because penny stocks discussed on Reddit frequently shoot up or down in a matter of hours or days, many investors can get left behind in the swift trading patterns.
And too often, traders will be consumed by FOMO or the fear of missing out. This is essentially buying into a stock spike simply because you don’t want to miss out on the opportunity. However, by the time FOMO investors get in, it’s usually far too late. This can result in swift losses in a very short time frame. So, to stay up to date with which Reddit penny stocks may climb, investors need to spend ample time doing the proper research and discovering everything they can about specific companies.
This means understanding which penny stocks may become trending on Reddit and why. In addition, traders should have a thorough understanding of what is going on in the world, as this will always have a major effect on the trajectory of the stock market. So, with all of this in mind, let’s take a look at three top penny stocks that Reddit traders are watching right now.
Top Reddit Penny Stocks to Watch Right Now
Bit Digital Inc. (NASDAQ: BTBT)
Bit Digital Inc. is a tech penny stock that has performed quite well in the past few weeks. The company’s main focus point is on Bitcoin mining operations. Companies that use blockchain technology or mine for cryptocurrency have seen a lot of momentum in the last few years. Crypto technology has especially grown in popularity throughout 2021. This has contributed to the growth of BTBT stock over time.
On July 26th, Bit Digital and Digihost announced the expansion of their strategic collaboration. The goal of this expansion is to increase its combined hashrates by 2 EH.
“By signing this agreement, we believe that Bit Digital has secured power and hosting sufficient to complete the migration of our current fleet to North America in full, and additional capacity to accommodate expected miner purchases. As previously announced, we anticipate significant purchase activity in the coming months, due to spot market dislocation in China and our unique access to that market.”
The CEO of Bit Digital, Bryan Bullett
Following this announcement, BTBT stock has gone up significantly. 5 days ago, BTB stock was worth $4.53 per share on average. Now BTBT stock has reached above $8.30 per share as of July 29th. While it no longer is a penny stock, this is a perfect example of a small-cap that moves beyond penny stock territory. With this new update in mind, will you add BTBT to your list of penny stocks to watch?
Verb Technology Company Inc. (NASDAQ: VERB)
Verb Technology Company Inc. is another penny stock that is doing well in the market today. This company’s main products are verbCRM and verbLIVE. Its verbCRM product is a customer relationship management application. And, its verbLIVE application is commonly used for e-commerce sales. The company provides a variety of other applications and services in the tech sector as well. On July 26th, Verb announced that it is introducing artificial intelligence capabilities to its sales enablement platform. The “Pulse” feature is the first of Verb’s AI offerings.
“Pulse is an innovative feature that we believe will have an immediate positive impact on our users’ day-to-day customer outreach, and the latest in a series of hyper-growth initiatives we intend to deliver to the market. Think about how much easier it will be for a salesperson tracking hundreds, if not thousands of customers, to make sure no potential sale falls through the cracks.”
The CEO of Verb, Rory J. Cutaia
VERB stock already had positive momentum before the announcement, but now it has increased substantially. One month ago, VERB stock was at $1.45 per share on average. Now as of July 29th, VERB stock has reached $2.50 per share on average. In the past month shares of VERB stock have shot up by over 16%, and in the past six months by over 40%. With this to note, will you add VERB stock to your penny stocks watchlist?
Uxin Limited (NASDAQ: UXIN)
Uxin Limited is a communications penny stock that shot up by over 16% during trading today. This company operates the Uxin Used Car and Uxin Auction brands which offer a wide variety of used-car-related services and products. Its ‘Uxin Auction’ platform helps business operators source vehicles via its auctions. And in addition to this, Uxin offers used car transaction services and financing solutions from third parties.
On June 15th, Uxin Limited announced a financing transaction worth up to $315 million. The Founder, Chairman, and CEO Mr. Kun Dai said, “We are very pleased and honored to be able to work together with William and Erhai again on our journey ahead. I would like to thank them and our shareholders for supporting Uxin’s strategic transformation and their continued trust in our team.”
It’s worth noting that on July 30th, Uxin plans on reporting its fourth quarter and fiscal year 2021 financial results. Financial results often can have a sizable impact on both the price of a stock and how investors feel about it moving forward. So, the 30th will be an important date to look out for if you are an investor of UXIN stock. With this in mind, will you be adding UXIN to your penny stock watchlist?
Are Reddit Penny Stocks Worth It?
Finding the best Reddit penny stocks to buy is all about understanding where the market is and where it could be headed in the future. With so many different variables to consider, trading penny stocks in 2021 is difficult, to say the least.
[Read More] 3 Tech Penny Stocks To Watch Right Now
However, if you take the time to research and educate yourself on how to trade, it can be much easier than previously imagined. Considering this, do you think that Reddit penny stocks are worth it?