4 Best Penny Stocks To Buy As Musk Recharges Dogecoin & Ethereum? | Business And Careers

4 Hot Penny Stocks to Watch Right Now 

Looking for the top penny stocks to buy right now? You’re not alone and with August only a little over a week away, there is plenty of momentum in the market right now. While the week got off to a rocky start with the S&P 500 dropping by over 700 points, the market has begun to correct. Since then, many penny stocks have climbed significantly. 

In 2021, it is easy to get lost in the sea of information spread online. And because any list of penny stocks includes highly speculative companies, news and reports will always have an impact. So, as traders, we need to learn to dissect the information and see how specific events will impact a given stock or industry overall. 

Right now, the focus seems to be on the Delta variant and how fast it spreads. This has ignited fears around a potential fourth wave of infections. Despite jitters on Monday, the market has since shrugged off virus fear and kicked things into high gear. Going along for the ride have been plenty of small-cap stocks. Considering we’ve seen massive breakouts from the likes of NeuroMetrix Inc. (NASDAQ:NURO) and Chembio (NASDAQ:CEMI) already this week, the hunt is on for the next multibagger name to add to your list of penny stocks to buy.

Penny Stocks, Musk, Dogecoin, & Ethereum

One of the things to keep track of is what’s happening on the broader scale. In this case, cryptocurrencies like Dogecoin & Ethereum recently gained momentum. Was there some new episode of Saturday Night Live coming up? No, but Elon Musk is once again at the center of attention. In comments made during a virtual meeting from The B Word Conference, Musk not only said he owned Ethereum, but he also echoed his support for crypto, in general.

The tipping point may have come when he adjusted his stance on Bitcoin thanks to newer, more “renewable friendly” Bitcoin mining had begun to come online. On top of this, the Tesla (NASDAQ:TSLA) CEO said that other than shares of his own companies (Tesla & SpaceX), he personally has Bitcoin, Dogecoin, and Ethereum. Now speculation is fueling momentum in the stock market today.

Thanks to Musk’s discussion, crypto is back into the trading script, so to speak and with that, there are plenty of penny stocks to watch. The best part, if you can call it that, is the spark in crypto stocks has also sparked interest in low-priced stocks, in general. Here are a few you may want to take a look at right now.

Penny Stocks to Buy [or avoid]: SOS Limited (NYSE:SOS)

SOS Limited is one of the Bitcoin mining stocks to watch right now. The company has been building out its mining footprint for months now. Not only are thousands of mining rigs being launched, but SOS is also signing significant deals to expand its operations. Late last month, SOS entered into a joint venture with Niagra Development to jumpstart its US blockchain operations. This new JV, FD LLC will focus on mining.

Niagra is responsible for providing power from renewable resources and constructing a Digital Super Computing Custody Operation Center. SOS takes the role of managing and financing the operation. Considering the attention being placed on bitcoin mining stocks using renewable energy, SOS could be one of the names to know as cryptocurrencies get some much-needed reprieve from selling right now.

Borqs Technologies, Inc. (NASDAQ: BRQS)

Another one of the penny stocks that could be on the buy list for some traders today is Borqs. This is a tech company building upon its suite of 5G communications products and services. This week Borqs announced a joint venture of its own with the Huzhou, China government. Through this JV, the company has started accepting bids from real estate developers to build a 1.9 million square foot 5G industrial park in Huzhou. This industrial park, itself is valued at roughly $110 million according to the company. With this next phase, Borqs is now another step closer to developing this cutting-edge complex.

Earlier this month, the company also reported that the construction of new manufacturing facilities in Huzhou was completed. This was another important step in building the infrastructure needed to scale its operations. Since there’s a focus on all things “tech” in the stock market today, BRQS could be one to watch after this latest update.

penny stocks to buy now Borqs Technologies Limited BRQS stock chart

Cuentas, Inc. (NASDAQ:CUEN)

One of the off-shoots from crypto has been a focus on fintech companies and Cuentas is one of these. It provides mobile banking, digital wallet, and banking solutions in the Hispanic and Latino Communities. This week, the company inked a joint venture agreement to deploy WaveMax Shared WiFi6 technology in 1,000 locations. This is set to begin in New York City with 500 locations in addition to another 330 in New Jersey and 170 in Connecticut.

According to the company, “WaveMax’s SharedFi patented technology allows for a shared network of WiFi access points and small cells. The user has access to this shared network and, if opted in, be impacted with location-based advertising. These ads are configured by advertisers using WaveMAX’s dashboards targeting, manually or programmatically, the right audience, at the right time, and the right place.”

penny stocks to buy now Cuentas Inc CUEN stock chart

Kosmos Energy Ltd. (NYSE: KOS)

Kosmos Energy Ltd. is an oil and gas penny stock that has been experiencing sizable momentum in recent trading sessions. Reopening and infrastructure plans have placed a clear focus on energy companies this year. Something to be aware of is an upcoming event that traders have begun circulating. On August 9th, Kosmos will be releasing its second-quarter 2021 results. This will likely be the next big update from Kosmos Energy. It is common for quarterly results to have an impact on a company’s stock price, and this is especially true when it comes to energy penny stocks.

In its recent energy update, Chairman and CEO of Kosmos, Andrew G. Inglis explained that, “Kosmos had a solid second quarter, generating positive cash flow which reduced net debt by around $100 million, driven by higher sales volumes, strong operational performance in Ghana and improving realized oil prices…We continue to see momentum build across our producing hubs with new wells drilled in Ghana and the U.S. Gulf of Mexico during the quarter and the arrival of the rig for development drilling in Equatorial Guinea.” 

Will this be a hint as to what to expect in August? Obviously, time will tell but there’s no denying that interest in energy stocks, including KOS has picked up this year.

penny stocks to buy now Kosmos Energy KOS stock chart

Which Penny Stocks Are on Your August Watchlist?

Finding the best penny stocks to buy will always be a challenge. With a combination of research and an understanding of what makes stocks move, creating a watchlist will take some time.

But, if you’re willing to put in the effort, there is plenty of money to be made with penny stocks. In 2021, there are a lot of factors to keep track of in the market. But, with volatility higher than ever, opportunities abound. Considering this, which penny stocks are on your watchlist right now?