3 Penny Stocks To Watch This Week
Are you looking for penny stocks to buy this week? If you answered, Yes, you’re not alone. Every weekend we get thousands of requests for new info on the markets and what to watch. Regardless if you’re trading penny stocks or looking for ways to invest, the starting point is usually the same: putting together a watch list.
How Do You Put Together A Penny Stocks Watch List?
It may seem relatively self-explanatory. Putting together your list of penny stocks to watch involves finding some letters and putting them on a piece of paper or a simple word file, right? Obviously, this is the process, but how do you find top penny stocks for the list?
In my experience, the weekends are the best because you aren’t fighting with active market trends. You’ve also got a lot more time to research. This process involves looking at the news and looking ahead to see if there are market trends that may play a role.
In the coming week, the biggest story is likely to be the flood of earnings results set to come out. In particular, tech stocks are commanding attention. Everyone from Apple (NASDAQ:AAPL) to Tesla (NASDAQ:TSLA) will be in the spotlight, reporting results from the first quarter of 2021.
These results alone could act as potential catalysts for sympathy momentum. But there’s far more than that to take into account. You’ve also got to look at other things like upcoming conferences or industry events.
Catalysts That Can Play A Role With Penny Stocks
Earlier this weekend, PennyStocks.com reported on several biotech penny stocks with upcoming dates to keep in mind. While there’s no guarantee that these will actually become catalysts, they are important to note simply because new information can be reported at these events.
There’s also the corporate filings side of things to note. Obviously, when insiders or institutions are buying or selling, it is usually a suggestion on the overall sentiment of a company. Look for things like Form 4s and Schedule 13s to see increasing or decreasing positions in certain companies.
[Learn More About Filings] Penny Stocks & Due Diligence: Understanding Important SEC Filings
It also doesn’t hurt to take social sentiment into account. Are there certain things that retail traders are chatting about? While rumors or chatter alone shouldn’t dictate your strategy, it doesn’t hurt to tap into the retail market to see what day traders are focusing on either.
Penny Stocks To Watch This Week
These are just a few things to consider when putting together your penny stocks list. Whatever your strategy is, make sure you understand what you’re looking at and how it might play a role in the stock market this week. Keeping this in mind, here are a few names that have gained momentum recently.
- Vinco Ventures (NASDAQ:BBIG)
- Foresight Autonomous (NASDAQ:FRSX)
- Clear Channel Outdoor Holdings (NYSE:CCO)
Vinco Ventures (NASDAQ:BBIG)
This weekend saw a bit of a rebound in cryptocurrencies. Last week, digital asset prices dropped heavily on news that new capital gains taxes could exceed 40%. Since cryptocurrencies like Bitcoin would encounter such taxes, a surge of profit-taking came into the market. This seems to have subisded over the weekend with everything from Ethereum and Bitcoin to Dogecoin and even things like Safemoon rebounding. Whether or not this trend lasts is to be seen as the week progresses.
[Read More] Biotech Penny Stocks To Buy? 3 to Watch Under $5
However, if the trend does continue, cryptocurrency-related names could be in the spotlight. Vinco Ventures was recently highlighted for its latest debut in the non-fungible token (NFT) arena. The company announced early last week that it launched a subsidiary EVNT Platform, LLC. (DBA Emmersive Entertainment). EVNT acquired software assets from celebrity-backed Emmersive Entertainment, Inc.
According to the company, EVNT Platform will combine proprietary technology with celebrity audiences to create “E-NFT” experiences. What does this mean? Vinco has explained that the EVNT strategy for its E-NFTs includes ways for collectors to automatically become members of an exclusive community of fans. They will gain unique access to digital events and experiences by owning a token from their favorite celebrity.
Given the speculation-fueled excitement behind this new type of digital asset, BBIG could be on the list of penny stocks to watch as cryptocurrencies reboot.
Foresight Autonomous (NASDAQ:FRSX)
This year, Foresight Autonomous has gained momentum thanks to a focus on several technologies in development. In particular, its automotive vision technology is gaining ground after product testing had shown significant progress.
Last month, its Eye-Net subsidiary completed its phase 1 pilot project with a division of a multi-billion-dollar global Japanese vehicle manufacturer. The Eye-Net Protect accident prevention solution was reviewed and demonstrated its potential as an option for safety traffic systems in a smart city project. Following these results, the company said that it would initiate technical discussions to integrate the technology into the smart city project.
Last week, Foresight’s Eye-Net Mobile signed a distribution agreement with WebSIA in Brazil. The company’s Eye-Net Protect cellular-based accident prevention solution will be exclusively promoted by WebSIA in Sao Paulo, Brazil.
“Integrating our solution into different smart city projects in this city of 12 million people may help us to achieve a critical mass of Eye-Net Protect users in a defined area and increase the chances of preventing accidents and saving lives. Through our partnership with WebSIA, we hope to further expand into Latin America in the future and extend our market penetration,” said Dror Elbaz, COO and Deputy CEO of Eye-Net Mobile. With company’s like Tesla set to report business updates this week, autonomous technology may become a topic of discussion. Whether or not it becomes a catalyst for companies like Foresight is to be seen. But, in the meantime, recent progress could put FRSX on the list of penny stocks to watch.
Clear Channel Outdoor Holdings (NYSE:CCO)
You hear all about the “reopening trade” and “epicenter stocks to buy.” All of this has to do with the world getting back to some normalcy. With that, some of the most beaten-up sectors could benefit from businesses reopening to the public. One of these is the advertising industry. As a whole, limits to public gatherings, entertainment venues shutting down, and travel & leisure restrictions going into place have sent a ripple effect across numerous markets.
Clear Channel is one of the largest outdoor advertising companies in the world. Their platform includes roughly half a million print and digital displays across 31 countries. With reopening efforts beginning this year, CCO stock has clearly benefited from the market optimism surrounding the reopening trade. What’s more, the company has already alluded to a stronger 2021 performance. In its full 2020 and fourth-quarter business update, CEO William Eccleshare explained that the company remains “focused on maximizing [its] performance in the current uncertain environment while continuing to invest in” things like technology to strengthen and expand the effectiveness of Clear Channel’s assets. The company beat Q4 sales estimates by just under 10%
Looking ahead, earnings will be in focus within the coming weeks. Clear Channel is set to report first-quarter 2021 results on May 10th. Expectations are that the company will show its Americas segment revenue down by the “high 20 percentage points” against the prior year,” based on previous guidance.