Looking For Penny Stocks To Buy? 3 Tech Names To Watch Right Now
Penny stocks are always volatile but certain sectors can have a compounding effect. One of the top-performing sectors of the stock market this year is technology. Believe it or not, even with the huge drop in stocks this year, tech continues to reach new records. Nowhere is that more obvious than in the Nasdaq. Case in point, it ended the week with three consecutive record highs. Now, will that trend continue throughout the rest of 2020? That’s going to be a great question right now.
We’re about to head into another earnings season. Certainly, we’ll see what COVID-19 has done to companies and their operations over the last 3 months. Even if there’s another market pullback, what will that mean for penny stocks? Traditionally speaking, most of the stocks under $5 have tendencies to move on their own accord. Since most are speculative in nature altogether, each company’s shares usually respond independently from the broader market’s move.
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This isn’t to say that a pullback in certain niche-specific areas of the market won’t impact penny stocks. But it is worth noting that there are ways to make money with penny stocks no matter the overall direction of that stock market as a whole. But, since tech has been in such a strong trend over the last quarter, it may not hurt to have a few names on your list. At the end of the day, it’s up to you to decide if they’re the best penny stocks to buy or not.Tech Penny Stocks To Buy [or sell]: MicroVision Inc.
Shares of MicroVision Inc. (MVIS Stock Report) jumped late Friday afternoon. Following the closing bell, MVIS clocked out at $1.50 for the normal session. But around 5 PM EST, the penny stock saw another late surge in price. MVIS stock jumped to a high of $1.60 yet, by the close of after-hours trading, shares were right back to $1.51. Was there something that investors saw to have acted as a potential catalyst?
If you look at the newsfeed and latest filings, there isn’t much meat on the bone there. The rumor mill has been filling up with ideas of “the potential of MVIS”. But so far nothing has been confirmed from where we sit today. On top of that, there hasn’t been a company tweet since late-June.
Aside from regaining NASDAQ compliance, the only other update was adding members to its board, electing Dr. Mark B. Spitzer. “Mark has an extensive background in leading technology innovation and development from startups to large Fortune 100 companies and we are fortunate to have him join our board,” said Brian Turner, Chairman and Lead Independent Director at MicroVision.
We first starting covering this company back in mid-April. At the time, MVIS stock traded around $0.25. But if you’re looking at an MVIS stock chart right now, you can clearly see things have dramatically changed. After this recent post-market surge, will MVIS be one of the penny stocks to watch this coming week?Tech Penny Stocks To Buy [or sell]: Barnes & Noble Education
Right now you may be thinking, Barnes & Noble, a tech penny stock? Well, specifically, I’m talking about Barnes & Noble Education (BNED Stock Report). If you haven’t kept up with B&N over the years, you may not know about this company (or maybe you do). In February 2015, Barnes & Noble announced plans to spin off its college bookstore assets and create a separate company called Barnes & Noble Education.
On August 3, 2015, Barnes & Noble Education, Inc. began trading on the New York Stock Exchange under the ticker symbol, “BNED”. Needless to say, it has found itself on the list of tech penny stocks to watch right now after its latest update.
Last week the company, through its Barnes & Noble College business, announced a partnership with the American Video Game League. The two will launch Autumn Anarchy, a first-of-its-kind college esports tournament. Autumn Anarchy will invite more than 500 gamers nationwide to compete in qualifying tournaments. It will be for the popular gaming title, Fortnite. The tournament winners will receive $10,000 in scholarship prize money and gain entry into “Code Red,” one of the largest influencer esports events in the industry.
Beginning in early September, Barnes & Noble College’s digital and in-store media channels will serve as the exclusive access point for student gamers to sign up for the Fortnite tournament via a dedicated email or QR Code sign featured at the front entrance of more than 150 participating Barnes & Noble College campus stores. Since dropping to lows of $1.11 in early April, BNED stock has been in somewhat of an uptrend. On Friday shares saw their biggest 1-day jump in months with the stock closing at $2.43. It continued higher after-hours and finished at $2.55.Tech Penny Stocks To Buy [or sell]: Boxlight Corporation
Boxlight Corporation (BOXL Stock Report) has been in a sideways trend, in general for most of the 2nd and 3rd quarters so far. There were a few days that BOXL stock spiked big. But overall, the penny stock continues to pull back to a relative level around its 50-Day Moving Average. Something else to note if you’re looking at technicals is that this was a previous level of resistance up until May. Now it would appear that whenever BOXL tests its 200-Day Moving Average, it pulls back. In my opinion, that would suggest a relative level of resistance at the 200DMA.
So why is Boxlight Corporation on the list of penny stocks to watch? Boxlight provides technology solutions for the global education market. As we’ve seen, stay at home orders have caused parents to focus on education for their children in an “at-home” setting. That would mean more reliance on technology right now. Last month Boxlight announced the release of MimioConnect. This is its cloud-based teaching and learning platform that helps teachers streamline lesson delivery in remote and blended classrooms.
Aside from a few new board appointments, the company hasn’t had any other big updates. Yet on Friday, after the market close, BOXL stock rallied to a high of $1.22 during the final moments during after-hours trading. This would put BOXL above its 200 DMA for the first time since May 20th. That was when the penny stock jumped above the 200 briefly but then came spiralling back down shortly after. However, with the focus on whether or not to reopen schools in the fall grows, will distance learning tech stocks like BOXL be a larger focus?