3 Tech Penny Stocks to Watch Right Now
Tech penny stocks are some of the most popular securities in the stock market right now. And, there’s a good reason for this. For some, tech penny stocks provide investors with new and exciting short and long-term opportunities.
Considering this, it’s important to think about what kind and how innovative a company’s technology is. This can help to make sure that your penny stock watchlist aligns with your investing strategy. Now, there are two ways we can break down the tech stock category.
On one hand, we have specialty tech companies. These are businesses that build one product or one product type. A blue-chip example of this would be Tesla Inc. (NASDAQ: TSLA). Tesla produces electric vehicles and only electric vehicles. While it does have other sectors, its main focus is on the EV market.
On the other hand, we have broader tech companies. These businesses make a variety of tech products and solutions, and can even dive into other areas such as software. An example of this as a blue-chip stock would be Microsoft Corp. (NASDAQ: MSFT).
While both of these types of penny stocks could have value, it is worth categorizing them to ensure that they are the right stock for you.
Additionally, investors need to consider all of the other factors that go into picking a penny stock to watch. This includes its financials, the speculative factors affecting it, and any other available information. With all of this in mind, let’s take a look at three tech penny stocks to watch right now.
3 Tech Penny Stocks to Watch
1. Zomedica Corp. (NYSEAMERICAN: ZOM)
Zomedica Corp. is a veterinary biotech penny stock working on creating products for domestic animals including cats and dogs. It focuses on the clinically unmet needs of veterinarians and potentially groundbreaking treatments to benefit them. In its product pipeline are treatments as well as innovative diagnostics and medical devices.
These allow veterinarians to conduct practices such as patient health screenings in a more cost-efficient and time-reducing way. If you’ve heard of ZOM stock, you probably know its flagship compound known Truforma.
Truforma is a complete start-to-finish diagnostic platform that utilizes similar technology used in aerospace and defense products. It can greatly reduce the risk of error in complex processes used in current animal diagnostic practices. And for this reason, many veterinarians claim that it is a game-changing device. Recently, the company announced that it would be building a direct sales force for its Truforma platform.
“As Truforma’s market presence grew, we intended to transition from a distributor-based sales model to a direct sales organization. However, due to anticipated changes at our current distributor that we believe have impacted its ability to market our products effectively, we will be accelerating that transition and the building of a direct sales organization.”
Robert Cohen, the CEO of Truforma
Distribution is one of the primary assets for the commercialization of any technology. With this new network of sales associates, Zomedica could begin seeing heightened sales of its flagship product. Considering this, is ZOM stock worth watching?
2. Humbl Inc. (OTCMKTS: HMBL)
Humbl Inc. is a penny stock that we’ve been writing about for several months. And there are a few distinct reasons for that. Furthermore, HMBL stock has seen solid bullish momentum over the past few weeks, making it more popular than ever. One of the reasons for this is its entrance into the blockchain and cryptocurrency market. However, before we get into how it entered this market, let’s briefly cover what Humbl Inc. is.
Humbl operates a platform that connects consumers with merchants. This is known as O2O or online-to-offline. In short, this means that consumers can go online, find merchants, and then purchase products at in-person retail locations. It offers HUMBL Mobile Applications, HUMBL Marketplace and HUMBL Financial divisions.
Recently, the company announced the launch of its Block Exchange Traded Index (ETX). This platform will offer digital asset (cryptocurrency) investing, and will be integrated with existing platforms similar to Coinbase, Bittrex, and Binance among others. Additionally, the company announced the launch of its HUMBL Pay platform, which offers live event ticket purchasing, financial services, and more.
We also have to consider the recent $3 million bridge note it received from Brighton Capital Partners via an equity financing deal. This also comes with the option for Brighton to purchase up to $50 million in HMBL stock.
Because of all of these exciting announcements, Humbl looks well-positioned to capitalize on several new and bourgeoning markets. As a new player in the blockchain and crypto market, HMBL is also poised to become more popular as these two markets see heightened attention. Considering these factors, is HMBL a penny stock to watch?
3. Ideanomics Inc.
Ideanomics is a more pure-play tech company working in several exciting markets. This includes its Ideanomics Mobility and Ideanomics Capital divisions. In the Mobility division, Ideanomics offers services that facilitate the adoption of electric vehicles by commercial fleet operators.
This includes offerings such as vehicle procurement, financing/leasing, energy management solutions, and more. On the other hand, Ideanomics Capital provides disruptive fintech products for use in the financial services marketplace.
Both of these unique markets provide opportunities for potential present and long-term growth for IDEX. On Wednesday, Ideanomics announced that it has invested in FNL Technologies, which will include the sale of Grapevine Village to FNL as the main part of the deal.
For some context, FNL Technologies is the owner of the social media platform hoo.be, which connects online influencers, artists, athletes and more to one another. This invite-only website includes celebrities such as 50 Cent, Steve Aoki and other notable individuals.
“We are delighted to make this strategic investment into FNL, with their fast-growing hoo.be platform, a strategic growth partner for Grapevine’s influencer marketing offering.
Since announcing our planned divestiture of Grapevine, we have been looking for a strong partner which would allow Grapevine to flourish and Jordan and the team at FNL impressed us as a synergistic partner to help boost Grapevine’s growth and expansion plans going forward.”
Alf Poor, the CEO of Ideanomics
While this deal is not a be-all-end-all transaction, it should help to push Ideanomics further into the social media market. Developments like these are always important to consider as they help to inspire confidence in a company’s ability to innovate. Whether this makes IDEX worth watching is up to you.
[Read More] 3 Reopening Penny Stocks to Watch in April 2021