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The Rise Of Bitcoin Nomadism: Is It Right For You?

The Bitcoin economy is enabling more people to choose their own adventures around the world and optimize their lifestyles.

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The Bitcoin economy is enabling more people to choose their own adventures around the world and optimize their lifestyles.

It’s the rise in Bitcoin nomadism. The appeal of Bitcoin nomadism has risen in popularity over the last few years as the growth in the Bitcoin economy has enabled more people to choose their own adventure around the world, taking advantage of bitcoin’s phenomenal rise in purchasing power. We see more services catering to Bitcoiners who want to receive sats or spend sats in easier ways around the world, as well as services facilitating Bitcoiners to “buy their way in” with residency or citizenship of another country.

While the appeal of traveling might have diminished because of travel restrictions, COVID-19 testing, quarantine and so on, there’s still a considerable rise in the net benefit of traveling. Why do people do it? For some, it’s increased freedom, for others it is reduction in cost of living and taxes, and for others it is the variety of experiences and cultures. Some Bitcoin nomads relish the opportunity to build skills and networking opportunities in digital nomad and expat circles around the world.

For my part, I was thrown into this life because of not wanting to be stuck in Australia at a time when the nation’s bureaucrats and politicians went power mad. Sadly, much of the population was docile and living in fear. So, for me, it represented an opportunity to get away from that, and instead stay closer to Bitcoin community events with the advantage of meeting in person. While it can be stressful at times, the increased freedom has been worth it.

Let’s talk about some of the pros and cons for Bitcoin nomadism, and I’ll then share some tips I’ve learned along the way.

The Pros To Bitcoin Nomadism

You Could Go To Countries With Dramatically More Freedom

Instead of staying stuck in a hysterical country, you could explore the world and look for places that are less COVID-19 crazy. Of course, this changes over time, but there are some countries where rules differ, or hysterical rules are not enforced so strictly.

There are some countries in the world that “know where their bread is buttered” and they are actually keen to remain open for tourism and business. They know that imposing nonsensical hysterical COVID-19 rules is bad for business. You can find them, if you search and network well. There’s no one perfect place, but there is a mix of places that you can pick and choose from to optimize your life. On top of this, you could benefit from a range of experiences in different countries.

Potential For Massive Tax Savings

Think about it: If you’re paying upwards of 40% or even 50% in taxes, are you really free? And we’re not just talking federal level taxes here, consider also state taxes, stamp duties, sales taxes, sin taxes and others. You could easily be paying over half of your income in taxes if you’re a high earner. As Robert Nozick spells out in his classic “The Tale Of The Slave,” it could be argued that we are modern-day slaves to the state.

Alternatively, there are countries that have zero or low income tax, which, if you compound the savings for some time (obviously by stacking sats), could grant you and your family dramatically increased wealth.

Now, what does it take to achieve these kinds of savings? Well, let’s be honest, for American citizens, this part will be more difficult — unless you’re willing to renounce your citizenship and pay the exit taxes. But for most non-Americans around the world, there are generally ways to become a non-tax resident of your country, and establish yourself as a tax resident elsewhere.

Establishing yourself as a tax resident in a low tax state will keep more money in your pocket. Whether you, as a Bitcoiner, choose to stack more sats, donate to Bitcoin development or invest in Bitcoin companies, that’s up to you. One way to go about this is to seek professional consultation from an expat specialist tax accountant or lawyer, who can advise you on how to structure your affairs.

Geo-Arbitrage Your Way To A Lower Cost Of Living

When you can earn at rich-country income levels, but spend in low-cost countries or areas, you’re living the dream. Especially if you’re earning bitcoin. You might be able to regularly afford things that were previously a treat, like a nice rib eye or tomahawk steak at the best restaurants in town. You can rent or buy a home far cheaper than what a comparable home would be in high-cost-of-living countries.

This steak was about $26 in Medellin, Colombia. Source: author.

Yes there’s generally some dysfunction to deal with in these countries, but is it really that different from the dysfunction you face in your country today?

The Cons Of Bitcoin Nomadism

It’s Not For Everybody — You Probably Have To Be Rich Or Smart To Do It Today

There’s arguably a minimum hurdle level of income, wealth or intelligence to even be able to achieve this. But if you’re resourceful and willing to persevere, it is achievable for many, but not all. It obviously works better for individuals who can work or operate businesses remotely, but in this day and age, it has never been easier to work online.

People from countries with “strong” passports allowing more visa free or visa-on-arrival travel will find this easier to achieve than those without. But that said, if you are wealthy, you can look into buying your way into the likes of St. Kitts or Maltese citizenship, which will qualify you for a stronger travel document that is more widely recognized around the world.

Part of the appeal here is being able to have more choice in which countries will accept you as a tourist, and the time allotment they give you to stay may be greater. But even without a “powerful” passport, it is possible to apply for visas in advance if you’re careful and plan visits out in advance.

It Can Be More Stressful And The Pathway Isn’t So Easily Laid Out

Your TV news is not going to be teaching you about this lifestyle anytime soon. It’s also a bit like playing life on “hard mode.” Forgot your backups or two-step verification keys? You could be in trouble. Didn’t research the visa or country entry conditions correctly? You might be in strife or get sent back at very inopportune times. Got mugged or pickpocketed and didn’t have a burner wallet or burner phone? This could create difficulty accessing your accounts.


This takes research and resourcefulness. But you can start slow with baby steps before progressing up to more advanced nomad and expat ideas.

You May Have To Accept Some Trade Offs Around Quality Of Life, Language Or Access To Products And Services

You’re used to certain products and services being available in the western nations, and these may not be available in countries that you travel through as a nomad. In some cases, the infrastructure and roads may not be as nice as what you’re used to. You might need to spend some time learning the language to get by. But you can network and find other Bitcoiners and nomads, who can “show you the ropes.”

Generally speaking, if you expect the exact same products and comforts that you’re used to from your home country, this will be more expensive and less practical. If you’re more flexible and willing to accept changes in products and services, you’ll probably have a better time of it. That said, sometimes you’ll be surprised by the upside on the level of service or products available.

FAQs On Bitcoin Nomadism

So, Where Does The Bitcoin Part Come In?

Much of this is generally true of digital nomadism, but where does the Bitcoin part come in?

With Bitcoin, you can easily take your wealth with you and set up to take or send payment seamlessly. You can access the bitcoin markets around the world, whether they are P2P, OTC, or exchanges and brokers.

Many Bitcoin companies are perfectly geared to work in a remote-first or even remote-only fashion. So, you can apply for a job or put up your candidate profile at bitcoinerjobs.com. Or you can directly sell your own products and services for bitcoin and use the likes of BTCPay Server or OpenNode to take payment over bitcoin on-chain, or through Bitcoin’s Lightning Network.

For example, you can use the likes of cheapair.com to book flights with bitcoin and you can use bitrefill.com to buy vouchers for various products that don’t directly accept bitcoin. Whether it’s flights, hotels, eBay, coffee, tech products or more, chances are, you can find vouchers available for purchase with bitcoin.

Digital nomads especially appreciate the difficulties of handling cross border payments and wires. Many of them have spent so much time wrangling back and forth with banks on whether they put in the right SWIFT or IBAN code, or having banks stop and question why they are making or taking this particular payment. With Bitcoin, it can be as simple as scanning a QR code and pressing send.

Is This Only For Single People?

Contrary to what many think, it is possible to do this as a couple, or even with children. If planned out carefully, you can make it work as a family who are homeschooling, or using online learning resources. Depending on the country you’re in, you might even use some of the savings to get a nanny to assist with children or housekeeping.

Are My Worldviews Out Of Date?

If you’ve grown up in some of the richer western nations, like the U.S., U.K., Australia, Canada, New Zealand, or the richer European or Asian countries, you might look at some of the medium-wealth or poorer countries of the globe in a certain way. But there’s a chance your worldview is “out of date” based on what these countries were like 20 or 30 years ago.

The reality is that the rest of the world has developed rapidly and, unless you’ve traveled extensively, you might not realize just how quickly things have developed. For example, there are ridesharing services, food delivery apps and co-working spaces with fast and reliable internet in many countries around the world. You can find reasonably developed and relatively safe cities or towns that offer good deals in terms of amenities and lifestyle for a better price. If access to healthcare is the thing for you, you could also consider medical tourism, by accessing healthcare in well-known medical tourism destinations such as Dubai, Costa Rica, Singapore or others.

Perhaps there is a lifecycle for countries, states or city states that come up really quickly with smarter rules and governance, creating good times, but then leading to weak people creating hard times. For 27 years, Australia had no recessions and was known as “the lucky country.” I wouldn’t call it that anymore!

Are some of the current “world-leading” nations coasting on fumes, going complacent or even trending the wrong way? Could you instead forge a pathway or life for yourself in some of the more hungry, “up-and-coming” nations, states or cities?

Bitcoin Nomadism Or Bitcoin Expats?

I’ve noticed there’s also a lifecycle aspect to how people pursue Bitcoin nomadism. After an initial period of time, traveling around more regularly, people slow down their pace of travel and perhaps they shift from “nomad” to “expat.” They might live from a different homebase (or multiple home bases). So, whether we call it “Bitcoin nomadism” or “Bitcoin expatism,” I think the point is more about living intentionally given that we live in a world with Bitcoin.

Rather than letting the inertia of life keep us in one place merely because that’s where we grew up, we should proactively select competitive jurisdictions that offer us a better deal.

Additional Resources And Advice

I’m going to list some resources and tips for those of you who are attempting to do this. Some of this has been informed by my conversations with other Bitcoiners, such as my friends CoinsureNZ (see podcast episode “SLP328” for more) and Katie The Russian. Readers might also enjoy my interview with Andrew Henderson, aka Nomad Capitalist (“SLP250”).

Don’t Actually Work From The Beach

You’ve probably seen pictures of travel influencers “working at the beach” or from a hammock. Don’t do this. This is not practical. What about sand in your keyboard? How reliable is the WiFi? What about your ergonomics and posture from sitting awkwardly? How long can you operate on your laptop battery without charging?

You’ll be far better off working from a co-working space, or from a designated desk in your room. It is important to actually get work done and keep good working habits, which is impractical to do at the beaches and bars. Save that for when you’re proverbially “off the clock.”

Don’t Travel Too Often

At the beginning, you might be tempted to travel really often. I’d recommend against this, as it won’t be practical. Every time you switch locations, you’ll have to figure out a new set of logistics around getting food, supplies, doing washing, transport, COVID-19 tests, etc. This is especially worse in the era of COVID-19 restrictions, when you have to check entry conditions for countries and so on.

Aim to spend a longer period of time in each location to ease the stress, try for two or three months if your visa allows. When you try to set up a new homebase, just be wary that your productivity may initially drop while you figure out how to reliably get things done. But after some time, usually a few weeks, you will adjust to the new location.

How To Research Where You’re Going

One great resource for figuring out what the current COVID-19 rules are is canitravel.net, where you can input your passport, where you are currently and where you’re going. You can then see the relevant COVID-19 entry rules. You can even check which countries are relatively open at a glance. This is much easier than individually trying to figure each country out. 

Source: canitravel.net

You can budget and do some basic research with sites and resources such as nomadlist.com, numbeo.com and expatistan.com. These sites can give you an idea of living costs, internet speeds, temperature, quality of life and other information.

Source: Nomadlist.com

The Value Of Nomad Friends And Connections

Make nomad friends and join nomad groups. They’re on Facebook and other platforms, and they can be an important source of “on-the-ground” intel on an area before going, or to stay in touch with an area you previously visited. Of course, as a Bitcoiner, you could connect with local Bitcoin meetup groups or startups also. These connections will be valuable for helping you find the right place or way to get things done in the city.

You Don’t Have To Go ‘All In’

Some people think that they have to “go all in” on nomadism. This isn’t the case, you can start small and baby step your way in. If you’re thinking about “flag theory” for example, you could start by going to a country and attempting to get a residence permit or nomad visa, and setting up a bank account in the country. This might give you some more flags for the next time you come back, or options in terms of P2P bitcoin trade.

Consider Residency Rights

While some nomads use “visa runs” (exiting and re-entering a country), note that you might want to consider formally applying for a residency on the basis of being an investor, entrepreneur, freelancer, etc., as this will give you less issues at the border when entering.

Accomodation wise, one approach is to start with hostels or Selina, while you then figure out longer-term accommodation on the ground. Some local options are not advertised online. Remember, you can “test run” Bitcoin nomadism and simply go back to your original country if it is not to your liking.

Summing Up

Other countries are not what you thought 20 or 30 years ago. In many cases, they can offer you a better deal via geo-arbitraging Western World income with developing country costs of living, new adventures or simply a better deal on taxes. Bitcoin is helping enable a new era of remote working and remote business.

To some extent, we’re seeing the sovereign individual thesis play out, with high-skill workers, entrepreneurs and investors being able to pick from the countries of the world like a diner can pick from a buffet of food choices. More and more people “voting with their feet” helps keep governments just that little bit more honest.

But of course, don’t do it for the vague notion of competitive jurisdictions, do it for the sake of your own goals. Whether that’s increased sat stacking and wealth creation for your family, or the chance to experience different adventures, you owe it to yourself and your family to be intentional with where and how you live.

Credit and thanks to CoinsureNZ and Zender for their feedback on the article.

This is a guest post by Stephan Livera. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

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Spread & Containment

3 Penny Stocks Worth Watching This Week

Are these penny stocks on your list right now?
The post 3 Penny Stocks Worth Watching This Week appeared first on Penny Stocks to Buy, Picks, News and…

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Best Penny Stocks to Watch During Trading This Week 

After another interesting day of trading penny stocks and blue chips, there is a lot for investors to know. Right now, we have several factors that are causing movement with penny stocks. And all of this has caused another day of decent losses across the board. While this is a difficult sentiment for investors to come to terms with, it could also present opportunities for traders to profit. Today, we saw the S&P 500 slide by around 1.3% with the Dow Jones dropping 150 points. 

[Read More] Penny Stocks To Buy Now? 3 With Unusual Options Activity To Watch

One of the biggest drops of the day came from Snap Inc. (NYSE: SNAP), which fell by more than 40% at EOD. This brought many tech stocks down with it, which is disheartening. So, while all of this has served to create a tough investing environment, we do know that the volatility we’re witnessing is characteristic of what we’ve seen in the past few weeks. Considering all of this, let’s take a look at three penny stocks that climbed during trading today. 

3 Penny Stocks That Gained During Trading on May 24th

  1. Geovax Labs Inc. (NASDAQ: GOVX
  2. DiDi Global Inc. (NYSE: DIDI
  3. Scisparc Ltd. (NASDAQ: SPRC)

Geovax Labs Inc. (NASDAQ: GOVX) 

While GOVX stock managed to climb during intraday trading, it took a dive alongside the rest of the stock market at EOD. Despite this, in the past five days, shares of GOVX stock have shot up by a staggering 241%. To understand why we are seeing this major gain, we have to take a closer look at the company and any recent announcements from it. The biggest recent news came today when the company announced the notice of allowance for a cancer vaccine patent in China. 

“This patent allowance complements the previously issued U.S. Patent No. 11278607, demonstrating the global importance of this technology, and adding to our growing portfolio of wholly owned, co-owned, and in-licensed intellectual property, which now stands at over 70 granted or pending patent applications spread over 20 patent families. GeoVax is committed to advancing meaningful cancer immunotherapies towards improving the lives of patients worldwide.”

The CEO of Geovax, David Dodd

This is great news for the company despite its fall during intraday trading. And, in addition to its work on this, GOVX has a role in preventing Covid-19, making it an interesting penny stock right now. Whether it deserves a spot on your list of penny stocks to watch however, is up to you. 

DiDi Global Inc. (NYSE: DIDI) 

By EOD on May 24th, shares of DIDI stock shot up by around 2.7%. While this is nothing to write home about, it is significant considering the rest of the market’s trajectory during that time. In addition to this, shares of DIDI have fallen by around 17%, which makes today’s uptick even more important. To understand why, we can look at an announcement made by the company on May 23rd. 

[Read More] Best Penny Stocks To Buy Before June 2022 According To These Insiders

On the 23rd, it stated that it has secured approval from its shareholders to delist from the NYSE. The majority of this sentiment comes from the goal of resolving a cybersecurity probe that the company has been going through in China. This has resulted in a drop of around $70 million from the market value of DiDi throughout the length of the probe. And, many investors are seeing an end in sight now that this delisting is fully on the table. Considering all of that, will DIDI be on your penny stocks watchlist or not?

Penny_Stocks_to_Watch_DiDi

Scisparc Ltd. (NASDAQ: SPRC) 

Another major gainer of the day on Tuesday, May 24th is SPRC stock, which shot up by over 22% at EOD. This sizable uptick brings shares of SPRC stock to around $2.80, which is the result of news announced today. The company stated that its joint pre-clinical trial with Clearmind Medicine Inc. has shown positive results. This is regarding its psychedelic combination treatment, which is a big breakthrough for the company. 

“We are pleased with these latest results that confirm the high safety profile of the psychedelic combination treatment. Previous testing results showed high efficacy potential in treating alcoholism when using this combination. We plan on further exploring the safety and efficacy of combining our technology with Clearmind’s novel molecule.”

The Chief Executive Officer of Scisparc, Oz Adler

In results released previously, the company did show that this treatment reduced alcohol consumption in animals. Right now, we are seeing a major emphasis on biotech penny stocks. And because of that, companies like SPRC are receiving more attention than usual. While it is tough to say if this will continue, it is clear that SPRC is making big headway right now. And, when we see announcements like this, it is crucial to pay attention to the company and what it could do in the future. Considering that, do you think SPRC is a buy or not?

Penny_Stocks_to_Watch_Scisparc

Which Penny Stocks Are You Watching Right Now?

Finding the best penny stocks to buy right now is challenging. And with so much going on in the stock market, it is as easy to lose money with penny stocks as it is to make money. So, keeping that in mind, trading right now is all about understanding how to take advantage of the current state of the stock market. 

[Read More] What to Know About Buying Penny Stocks on May 24th 

As you may know, the largest causes of movement in the stock market right now include rising interest rates, climbing inflation, Covid, Monkeypox, and more. And as a result of all of this, we expect volatility to continue. So, with this in mind, which penny stocks are you watching right now?

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The post 3 Penny Stocks Worth Watching This Week appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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Futures Slide As Snap Forecast Steamrolls Rebound Optimism

Futures Slide As Snap Forecast Steamrolls Rebound Optimism

It’s not every day that a relatively small social media company (whose market cap…

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Futures Slide As Snap Forecast Steamrolls Rebound Optimism

It's not every day that a relatively small social media company (whose market cap is now less than Twitter) slashing guidance can send shockwaves across global markets and wipe out over a trillion in market cap, yet SNAP's shocking crash after it cut its own guidance released one month ago which hammered risk assets around the globe, and here we are. Add to this the delayed realization that Biden was just spouting his usual senile nonsense yesterday when he said Chinese trade tariffs would be discussed and, well, wave goodbye to the latest dead cat bounce as futures unwind much of Monday's rally.

US futures declined as technology shares were set to come under pressure after Snap warned it would miss second-quarter profit and revenue forecasts amid deteriorating macroeconomic trends. Nasdaq 100 futures slid 1.5% at 7:30 a.m. ET and S&P 500 futures retreated 1.0% just as the benchmark was starting to pull back from the brink of a bear market amid fears the Federal Reserve’s tightening could hurt growth. Meanwhile in other markets, Chinese tech stocks fell by more than 4%, while Europe’s Stoxx 600 Index dropped 1%, led by losses in shares of utilities and retail companies. The dollar was little changed, while Treasuries advanced.

Snapchat plunged more 31% in premarket trading, while Facebook Meta and other companies that rely on digital advertising also tumbled amid fears that the sudden collapse in ad spending is systemic. Technology shares have been hammered this year amid rising interest rates and soaring inflation, with the Nasdaq 100 trading near November 2020 lows and at the cheapest valuations since the early days of the pandemic. Social media stocks are on course to erase more than $100 billion in market value Tuesday after Snap’s warning: Meta Platforms (FB US) declined 6.3%, Twitter (TWTR US) -4.1%, Alphabet (GOOGL US) -3.8% and Pinterest (PINS US) -12%.

“It highlights how fleeting swings in sentiment are now and also that investors are running at the first sign of trouble,” Jeffrey Haley, a senior market analyst at Oanda Asia Pacific, wrote in a note. “The market continues to turn itself inside out and back to front as it tries to decide if it has priced all of the impending rate hikes, soft landing or recession, inflation or stagflation, China, Ukraine, US summer driving season, supply chains, the list goes on.”

Among other notable moves in US premarket trading, Zoom Video’s shares rallied as much as 6.3% after better-than-expected guidance. Deutsche Bank said the video-software maker’s continued post-pandemic growth in its Enterprise business is encouraging, though analysts remain cautious on the company’s comments around free cash flow. Tesla shares fell 2.6% in premarket trading on Tuesday, amid news that it may take the electric-vehicle maker at least until later this week to resume full production at its China factory. Also, Daiwa analyst Jairam Nathan lowered his price target on TSLA to $800 from $1150, the latest in a string of target cuts by Wall Street analysts. Nathan cited the lockdowns in Shanghai and supply chain concerns impacting ramp-up of Austin and Berlin plants, and lowered the EPS estimates for 2022 and 2023. Elsewhere, Frontline shares rallied 3.1% after the crude oil shipping company reported net income for the first quarter that beat the average analyst estimate. Here are some other notable premarket movers:

  • Social media and other digital advertisers fell in US premarket trading after Snap cut its forecasts.
  • Albemarle (ALB US) shares may be in focus as analysts raise their price targets on the specialty chemicals maker amid a boost from higher lithium prices.
  • BitNile (NILE US) swings between gains and losses in US premarket trading, after the crypto miner reported 1Q results amid a broader slump across high-growth stocks.
  • Nautilus (NLS US) got a new Street-low price target after exercise equipment maker’s “lackluster” guidance, with the company’s shares slumping as much as 24% in US extended trading on Monday.
  • INmune Bio (INMB US) shares dropped 23% in postmarket trading on Monday after the FDA placed the company’s investigational new drug application to start a Phase 2 trial of XPro in patients with Alzheimer’s disease on clinical hold.
  • Abercrombie & Fitch (ANF IS)  falls as much as 21% premarket after the clothing retailer reported an unexpected loss for its first quarter

Equities have been volatile as investors assess the outlook for monetary policy, inflation and the impact of China’s strict Covid policies on the global economy. Minutes on Wednesday of the most recent Federal Reserve rate-setting meeting will give markets insight into the US central bank’s tightening path.

“With the era of cheap money hurtling to an end the focus will be on a speech from Jerome Powell, the chair of the Federal Reserve later, with investors keen to glean any new titbit of information about just how far and fast the US central bank will go in raising rates and offloading its mass bond holdings,” Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, wrote in a note.

In Europe, the Stoxx 50 slumped 1.4%. FTSE 100 outperformed, dropping 0.6%, while CAC 40 lags. Utilities, retailers and consumer products are the worst performing sectors. Utilities were the biggest decliners in Europe, as Drax Group Plc, Centrica Plc and SSE Plc all sank on Tuesday following a report about UK plans for a possible windfall tax. Air France-KLM fell after plans to sell about 2.26 billion euros ($2.4 billion) of new shares to shore up its balance sheet. Oil and gas stocks underperformed the European equity benchmark in morning trading as crude declines amid investors’ concerns about Chinese demand, while mining shares also fall alongside metal prices.  Here are some of the biggest European movers:

  • Big Yellow shares gain as much as 4% after what Citi described as a “strong set” of results, supported by structural tailwinds.
  • SSP rises as much as 13% after the U.K. catering and concession-services company reported 1H results that Citi says were above expectations.
  • Adevinta climbs as much as 7.8% after reporting 1Q results that were broadly as expected, with revenue slightly below expectations and Ebitda ahead, according to Citi.
  • Frontline gains as much as 6.4% in Oslo after the crude oil shipping company reported 1Q net income that beat the average analyst estimate.
  • Moonpig gains as much as 8.2%, extending a rise of 11% on Monday when the company announced the acquisition of Smartbox Group UK
  • U.K. utility firms sink after the Financial Times reported that Chancellor of the Exchequer Rishi Sunak has ordered officials to prepare plans for a possible windfall tax on power generators as well as oil and gas firms. SSE declines as much as 11%, Drax Group -19% and Centrica -12%
  • European technology and advertising stocks slump with Nasdaq futures after Snap cut its revenue and profit forecasts below the low end of its previous guidance. Just Eat falls as much as 4.8%, Deliveroo -4.9%, Delivery Hero -4.4%, STMicro -3%, Infineon -2.8%, AMS -3%
  • Prosus drops as much as 6.7% in Amsterdam and Naspers declines as much as 6.1% in Johannesburg as Barclays cuts ratings on both stocks after downgrading Tencent in the prior session.

The latest flash PMI data showed that Europe’s two largest economies kept growing in May as they benefited from a sustained rebound in services that offset fallout from Russia’s invasion of Ukraine. Meanwhile, the pound fell after a report showed the UK economy faces an increasing risk of falling into a recession as firms and households buckle under the fastest inflation rate in four decades. At the same time, the euro climbed above $1.07 for the first time in four weeks as ECB President Christine Lagarde said the currency bloc has reached a “turning point” in monetary policy and rejected the idea that the region is heading for a recession, but said the ECB won’t be rushed into withdrawing monetary stimulus.

Earlier in the session, Asian stocks dipped as traders remained cautious on global growth concerns while assessing the impact of China’s fresh fiscal stimulus.  The MSCI Asia Pacific Index fell as much as 1.2%, with tech names the biggest drags. Lower revenue and profit forecasts from Snap Inc. weighed on the broader sector. Chinese stocks led declines in the region as the government’s new support package including more than 140 billion yuan ($21 billion) in additional tax relief failed to impress investors. Covid-19 lockdowns remain a key overhang, while market participants are looking to major China tech earnings this week, including Alibaba and Baidu, for direction. Hong Kong equities also dropped after the city’s outgoing leader said border controls will remain in place for now.  Hong Kong’s Hang Seng Tech Index tumbles as much as 4.2% in afternoon trading on Tuesday, on track for a second day of declines. 

“Markets have caught a glimpse of the impact of regulatory risks and Covid-19 lockdowns from Tencent’s recent lackluster earnings,” and a potential mirroring of the weakness by big tech earnings ahead “may be driving some caution,” Jun Rong Yeap, a market strategist at IG Asia Pte., wrote in a note

Japanese equities dropped as investors mulled China’s new stimulus measures and amid growing concerns over global economic health.  The Topix Index fell 0.9% to close at 1,878.26 on Tuesday, while the Nikkei declined 0.9% to 26,748.14. Recruit Holdings Co. contributed the most to the Topix’s decline, as the staffing-services firm tumbled 6.6%. Among the 2,171 shares in the index, 1,846 fell, 249 rose and 76 were unchanged. “The markets will continue to be in an unstable situation for a while as the US is still in the process of raising its interest rates and we are entering a phase where the effects of interest rate tightening on the economy will start to be felt in the real economy,” said Hiroshi Matsumoto, senior client portfolio manager at Pictet Asset Management.

Indian stocks also declined, dragged by a selloff in information technology firms, as investors remained cautious over global economic growth.  The S&P BSE Sensex fell 0.4% to 54,052.61 in Mumbai while the NSE Nifty 50 Index eased 0.6%. The gauges have now dropped for four of five sessions and eased 5.3% and 5.7% this month, respectively. All but two of the 19 sector sub-indexes compiled by BSE Ltd. declined on Tuesday, led by information technology stocks. Foreign funds have been net sellers of Indian stocks since end of September and have taken out $21.3 billion this year through May 20. The benchmark Sensex is now 12.5% off its peak in Oct. Corporate earnings for the March quarter have been mixed as 26 out of 41 Nifty companies have reported profit above or in line with consensus expectations. “There is a lot of skepticism among investors over interest rate hikes in the near term and its impact on growth going ahead,” according to Kotak Securities analyst Shrikant Chouhan.

In FX, the dollar dipped while the euro jumped to a one-month high versus the US dollar after the European Central Bank reiterated its plans to end negative rates quickly, bolstering market expectations that rates will rise as early as July. It pared some gains after ECB Governing Council’s Francois Villeroy de Galhau argued against a 50 bps increase. “The single currency is dancing to the tune of ECB policymakers this week as the Governing Council attempts to talk up the euro to insure against imported inflation,” said Simon Harvey, forex analyst at Monex Europe. “The euro’s rally highlights how dip buyers are happy to buy into the ECB’s messaging in the near-term.”

Elsewhere, the pound slid and gilts rallied after a weak UK PMI reading ramped up speculation that the country is heading toward recession. The Australian and New Zealand dollars led declines among commodity currencies after Snapchat owner Snap Inc. slashed its revenue forecast, spurring doubts about the strength of the US economy. Japan’s yen snapped a two-day drop as Treasury yields resumed their decline. Japanese government bond yields eased across maturities, following their US peers.

In rates, Treasuries were richer by up to 4bp across belly of the curve as S&P futures gapped lower from the reopen and extended losses over Asia, early European session. Treasury 10-year yields around 2.815%, richer by 3.5bp vs. Monday close US session focus to include Fed Chair Powell remarks and 2-year note auction. Gilts outperformed following soft UK data. Gilts outperform by additional 1.5bp in the sector after May’s preliminary PMI prints missed expectations. Belly-led gains steepened the US 5s30s by 1.8bp on the day while wider bull steepening move in gilts steepens UK 5s30s by 5bp on the day.  The US auction cycle begins at 1pm ET with $47b 2- year note sale, followed by $48b 5- and $42b 7-year notes Wednesday and Thursday.

In commodities, oil and gas stocks underperformed as crude declined amid concerns about Chinese demand, while mining shares also fall alongside metal prices. WTI is in the red but recovers off worst levels to trade back on a $109-handle. Most base metals trade poorly; LME nickel falls 4.5%, underperforming peers. Spot gold rises roughly $5 to trade above $1,858/oz.

Looking at the day ahead, we’ll get the rest of the May flash PMIs from Europe and the US, along with US new home sales for April and the Richmond Fed’s manufacturing index for May. Otherwise, central bank speakers include Fed Chair Powell, the ECB’s Villeroy and the BoE’s Tenreyro.

Market Snapshot

  • S&P 500 futures down 1.3% to 3,920.75
  • STOXX Europe 600 down 0.9% to 432.44
  • MXAP down 1.1% to 163.24
  • MXAPJ down 1.3% to 531.58
  • Nikkei down 0.9% to 26,748.14
  • Topix down 0.9% to 1,878.26
  • Hang Seng Index down 1.7% to 20,112.10
  • Shanghai Composite down 2.4% to 3,070.93
  • Sensex down 0.3% to 54,148.93
  • Australia S&P/ASX 200 down 0.3% to 7,128.83
  • Kospi down 1.6% to 2,605.87
  • Gold spot up 0.3% to $1,859.38
  • US Dollar Index down 0.11% to 101.96
  • Brent Futures down 0.2% to $113.15/bbl
  • German 10Y yield little changed at 0.99%
  • Euro up 0.2% to $1.0713

Top Overnight News from Bloomberg

  • Social media stocks are on course to shed more than $100 billion in market value after Snap Inc.’s profit warning, adding to woes for the sector which is already reeling amid stalling user growth and rate-hike fears.
  • The US must be “strategic” when it comes to a decision on whether to remove China tariffs, Trade Representative Katherine Tai said a day after President Joe Biden mentioned he would review Trump-era levies as consumer prices surge.
  • China rolled out a broad package of measures to support businesses and stimulate demand as it seeks to offset the damage from Covid lockdowns on the world’s second-largest economy.
  • China’s central bank and banking regulator urged lenders to boost loans as the economy is battered by Covid outbreaks that have threatened growth this year.
  • President Joe Biden is seeking to show US resolve against China, yet an ill-timed gaffe on Taiwan risks undermining his bid to curb Beijing’s growing influence over the region.
  • Europe’s two largest economies kept growing in May as they benefited from a sustained rebound in services that offset fallout from Russia’s invasion of Ukraine.
  • Russia’s currency extended a rally that’s taken it to the strongest level versus the dollar in four years, prompting a warning from one of President Vladimir Putin’s staunchest allies that the gains may be overdone.

A more detailed look at global markets courtesy of Newqsuawk

Asia-Pac stocks mostly declined after Snap's profit warning soured risk sentiment and weighed on US tech names. ASX 200 was rangebound but kept afloat for most of the session by resilience in tech and mining stocks, while PMIs remained in expansion territory. Nikkei 225 fell below 27,000 although losses are stemmed by anticipation of incoming relief with Finance Minister Suzuki set to present an additional budget to parliament tomorrow. Hang Seng and Shanghai Comp were pressured after further bank downgrades to Chinese economic growth forecasts, while the recent announcement of targeted support measures by China and reports of the US mulling reducing China tariffs, did little to spur risk appetite.

Top Asian News

  • Shanghai will allow supermarkets, convenience stores and drugstores to resume operations with a maximum occupancy of 50% before May 31st and 75% after June 1st, according to Global Times.
  • Hong Kong Chief Executive Carrie Lam said they are unlikely to lift the quarantine in her term, according to Bloomberg.
  • US President Biden said there is no change to the policy of strategic ambiguity regarding Taiwan, while Defense Secretary Austin earlier commented that he thinks US President Biden was clear that US policy has not changed on Taiwan, according to Reuters.
  • USTR Tai said the US is engaging with China on Phase 1 commitments of trade, while she added they must be strategic on tariffs and that President Biden's team believes trade needs new ideas, according to Reuters.
  • China's push to loosen USD dominance is said to take on new urgency amid Western sanctions on Russia and some Chinese advisers are urging the government to overhaul the exchange rate regime to turn the Yuan into an anchor currency, according to SCMP.

European bourses are subdued following the Snap-headwind, further hawkish ECB rhetoric and disappointing Flash PMIs; particularly for the UK, Euro Stoxx 50 -0.7%. US futures are similarly subdued and the Nasdaq, -1.7%, is taking the brunt of the pressure as tech names are hit across the board, ES -1.1%. Snap (SNAP) said the macroeconomic environment has deteriorated further and faster than anticipated since its last guidance issuance and it now believes it will report revenue and adjusted EBITDA below the low end of its Q2 guidance range, according to the filing cited by Reuters. Samsung (005935 KS) is to reportedly invest USD 360bln on chips and biotech over a period of five years, according to Bloomberg. Tesla (TSLA) could take until later this week to restore full production in China after quarantining thousands of workers. Uber (UBER) has initiated a broad hiring freeze across the Co. as it faces increased pressure to become profitable, according to Business Insider sources

Top European News

  • UK Chancellor Sunak ordered officials to draw up a plan for a windfall tax on electricity generators' profits, according to FT.
  • ECB's Nagel said it seems clear that the wage moderation seen for 10 years in Germany is over and they think they will see high numbers from German wage negotiations.
  • Germany's Chambers of Commerce DIHK cuts 2022 GDP growth forecast to 1.5% (vs prev. view of 3% made in Feb).

FX

  • Yen outperforms on risk off and softer yield dynamics, USD/JPY at low end of wide range stretching from just above 128.00 to just over 127.00 and multiple chart supports under the latter.
  • Franc and Euro underpinned as SNB and ECB pivot towards removal of rate accommodation, USD/CHF sub-0.9650, EUR/USD 1.0700-plus.
  • Dollar suffers as a result of the above, but DXY contains losses under 102.000 as Pound plunges following disappointing UK preliminary PMIs; Cable recoils from the cusp of 1.2600 to touch 1.2475.
  • Aussie, Loonie and Kiwi all suffer from aversion and latter also cautious ahead of RBNZ on Wednesday; AUD/USD loses grip of 0.7100 handle, NZD/USD under 0.6450 having got close to 0.6500 yesterday and USD/CAD probing 1.2800 vs virtual double bottom around 1.2765.
  • Lira loses flight to stay above 16.0000 vs Buck as Turkish President Erdogan refuses to acknowledge Greek leader and sets out plans to strengthen nation’s southern border defences.

Fixed Income

  • Gilts fly after UK PMIs miss consensus and only trim some gains in response to much better than expected CBI distributive trades
  • 10 year bond holds near the top of a 118.86-117.92 range
  • Bunds bounce from sub-153.00 lows after more hawkish guidance from ECB President Lagarde, but Italian BTPs lag under 128.00 as books build for 15 year issuance
  • US Treasuries bull-flatten ahead of 2 year note supply and Fed's Powell, T-note just shy of 120-00 within 120-02+/119-18 band
  • Italy has commenced marketing a new syndicated 15yr BTP, guidance +11bp vs outstanding March 2037 bond, according to the lead manager via Reuters; subsequently, set at +8bp.

Commodities

  • WTI and Brent are subdued amid the broader risk environment with familiar factors still in play; however, the benchmarks are off lows amid USD downside.
  • Meandering around USD 110/bbl (vs low 108.61/bbl) and USD 113/bbl (vs low USD 111.70/bbl) respectively.
  • White House is considering environmental waivers for all blends of US gasoline to lower pump prices, according to Reuters sources.
  • Spot gold is modestly firmer though it has failed to extend after briefly surpassing the 21-DMA at USD 1856/oz.

Central Banks

  • ECB's Lagarde believes the blog post on Monday was at a good time, adding we are clearly at a turning point, via Bloomberg TV; adds, we are not in a panic mode. Rates are likely to be positive at end-Q3; when out of negative rates, you can be at or slightly above zero. Does not comment on FX levels, when questioned about EUR/USD parity. Click here for more detail, analysis & reaction.
  • ECB's Villeroy says he believes the ECB will be at a neutral rate at some point next year, via Bloomberg TV; 50bps hike does not belong to the Governing Council's consensus, does not yet know the terminal rate.
  • NBH Virag says continuing to increase rates in 50bp increments is an options, increasing into double-digits is not justified.

US Event Calendar

  • 09:45: May S&P Global US Manufacturing PM, est. 57.6, prior 59.2
    • May S&P Global US Services PMI, est. 55.2, prior 55.6
    • May S&P Global US Composite PMI, est. 55.6, prior 56.0
  • 10:00: May Richmond Fed Index, est. 10, prior 14
  • 10:00: April New Home Sales MoM, est. -1.7%, prior -8.6%; New Home Sales, est. 750,000, prior 763,000

Central Banks

  • 12:20pm: Powell Makes Welcoming Remarks at an Economic Summit

DB's Jim Reid concludes the overnight wrap

These are pretty binary markets at the moment. If the US doesn’t fall into recession over the next 3-6 months then it’s easy to see markets rallying over this period. However if it does, the correction will likely have further to run and go beyond the average recession sell-off (that we were close to at the lows last week) given the rich starting valuations. For choice I don’t think the US will go into recession over this period but as you know I do think it will next year. As such a rally should be followed by bigger falls next year. Two problems with this view. Timing the recession call and timing the market’s second guessing of it. Apart from that it's all very easy!!

This week started on a completely different basis to most over the past few months. So much so that there's hope that the successive weekly losing S&P streak of seven might be ended. 4 days to go is a long time in these markets but after day one we're at +1.86% and the strongest start to a week since January. And that comes on top of its intraday recovery of more than +2% late on Friday’s session, after the index had briefly entered bear market territory, which brings the index’s gains to more than 4% since its Friday lows at around the European close. However just when you thought it was safe to emerge from behind the sofa, S&P 500 futures are -0.84% this morning with Nasdaq futures -1.42% due to Snapchat slashing profit and revenue forecasts overnight. Their shares were as much as -31% lower in after hours, taking other social media stocks with it. Asia is also weaker this morning as we'll see below.

Before we get there, yesterday's rally was built on a few bits of positive news that are worth highlighting. Investors were buoyed from the get-go by remarks from President Biden that he’d be considering whether to review Trump-era tariffs on China. It had been reported previously that such a move was under consideration, but there are also geopolitical as well as economic factors to contend with, and a Reuters report last week cited sources who said that US Trade Representative Katherine Tai favoured keeping the tariffs in place. Biden said that he’d be discussing the issue with Treasury Secretary Yellen following his return to the United States, so one to watch in the coming days with the administration under pressure to deal with inflation. This comes as the Biden administration unveiled the Indo-Pacific Economic Framework yesterday, which covers 13 countries and approximately 40% of the world’s GDP. Conspicuously, China was not one of the included parties, but US officials said there was a path for them to join. The framework reportedly does not contain any new tariff reductions, but instead seems focused on new labour, environmental, and anti-money laundering standards while seeking to build resilience. The 13 involved countries said in a joint statement, “This framework is intended to advance resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness for our economies.” It is not clear what is binding, or what Congress will think about the framework, but regardless, this is battle to halt or slow the anti-globalisation sentiment so prominent in recent years.

It was not just Biden who helped encourage the rally. We then had a further dose of optimism in the European morning after the Ifo Institute’s indicators from Germany surprised on the upside. Their business climate indicator unexpectedly rose to 93.0 in May (vs. 91.4 expected), thus marking a second successive increase from the March low after Russia’s invasion of Ukraine. This morning we’ll get the May flash PMIs for Germany and elsewhere in Europe, so let’s see if they paint a similar picture.

Ahead of that, equity indices moved higher across the world, with the S&P 500 up +1.86% as mentioned, joining other indices higher including the NASDAQ (+1.59%), the Dow Jones (+1.98%), and the small-cap Russell 2000 (+1.10%). It was a very broad-based advance, with every big sector group moving higher on the day, and banks (+5.12%) saw the largest advance in the S&P 500. Meanwhile, consumer discretionary (+0.64%) continues to lag the broader index. Over in Europe there were also some major advances, with the STOXX 600 (+1.26%), the DAX (+1.38%) and the CAC 40 (+1.17%) all rising. They have lagged the US move since Friday's Euro close mostly because they have out-performed on the downside.

Staying on Europe, we had some significant developments on the policy outlook as ECB President Lagarde published a blog post that basically endorsed near-term market pricing for future hikes. In turn, that helped the euro to strengthen against other major currencies and led to a rise in sovereign bond yields. In the post, Lagarde said that she expected net purchases under the APP “to end very early in the third quarter”, which would enable rates to begin liftoff at the July meeting in just over 8 weeks from now. Furthermore, the post said that “on the current outlook, we are likely to be in a position to exit negative interest rates by the end of the third quarter”, so implying that we’ll see more than one hike in Q3, assuming they move by 25bp increments.

Interestingly, Bloomberg subsequently reported that others at the ECB wanted to keep open the possibility of moving even faster. Indeed, it said that Lagarde’s plan had “irked colleagues” seeking to keep that option open, and was “a position that leaves some more hawkish officials uncomfortable.” So according to this, some officials want to keep the option of moving in 50bp increments like the Fed did earlier this month, although so far only Dutch central bank Governor Knot has openly referred to this as a possibility.

That move from Lagarde to endorse an exit from negative rates in Q3 sent sovereign bonds noticeably higher after the blog post was released, with 10yr bund yields giving up their initial decline to rise +7.5bps by the close, aided by the broader risk-on move. Those on 10yr OATs (+7.1bps) and BTPs (+3.3bps) also moved higher, with a rise in real yields driving the moves in all cases. Nevertheless, when it came to what the market was pricing for future rate hikes, Lagarde’s comments seemed to just solidify where they’d already reached, with the amount priced in for the ECB by year-end rising just +5.5bps to remain above 100bps.

Given the ECB’s more hawkish rhetoric of late as well as the upside Ifo reading, the Euro gained further ground against the US dollar over the last 24 hours, strengthening by +1.20% in yesterday’s session. In fact, the dollar was the second-worst performer amongst all the G10 currencies yesterday, narrowly edging out the yen, and the dollar index has now shed -2.64% since its peak less than two weeks ago. That’s in line with what our FX colleagues argued in their Blueprint at the end of last week (link here), where they see the reversal of the dollar risk premium alongside ECB tightening sending EURUSD back above 1.10 over the summer. But even though the dollar was losing ground, US Treasury yields still moved higher alongside their European counterparts, with 10yr yields up +7.0bps to 2.85%. They given back around a basis point this morning.

Over to Asia and as discussed earlier markets are weaker. The Hang Seng (-1.50%) is extending its previous session losses with stocks in mainland China also lagging. The Shanghai Composite (-1.09%) and CSI (-0.80%) are both trading lower even as the government is offering more than 140 billion yuan ($21 billion) in extra tax relief to companies and consumers as it seeks to offset the impact of Covid-induced lockdowns on the world’s second biggest economy. Among the agreed new steps, China will also reduce some passenger car purchase taxes by 60 billion yuan. Meanwhile, the Nikkei (-0.51%) and Kospi (-0.90%) are also trading in the red.

Early morning data showed that Japan’s manufacturing activity expanded at the slowest pace in three months in May after the au Jibun Bank flash manufacturing PMI slipped to +53.2 from a final reading of +53.5 in April amid supply bottlenecks with new orders growth slowing. Meanwhile, the nation’s services PMI improved to +51.7 in May from +50.7. Elsewhere, manufacturing sector activity in Australia expanded at the slowest pace in four months as the S&P Global flash manufacturing PMI fell to +55.3 in May from April’s +58.8 level while the services PMI dropped to +53.0 in May.

While markets try to judge whether or not a near-term recession is imminent and how severe it may be, another external shock to contend with is the growing Covid case count in mainland China and how stiff the lockdown measures authorities will impose to contain outbreaks. As we reported yesterday, Beijing registered record case growth over the weekend. The Chinese mainland on Monday reported 141 locally-transmitted confirmed COVID-19 cases, of which 58 were in Shanghai and 41 in Beijing. So these numbers will be closely watched over the next few days.

To the day ahead now, and we’ll get the rest of the May flash PMIs from Europe and the US, along with US new home sales for April and the Richmond Fed’s manufacturing index for May. Otherwise, central bank speakers include Fed Chair Powell, the ECB’s Villeroy and the BoE’s Tenreyro.

Tyler Durden Tue, 05/24/2022 - 08:08

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Best Penny Stocks To Buy According To 4 Analysts & Targets Up To $8

Best penny stocks to buy according to analysts.
The post Best Penny Stocks To Buy According To 4 Analysts & Targets Up To $8 appeared first on Penny…

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Want to buy penny stocks? You might have thought about starting by following analysts. Today we look at 4 penny stocks to buy according to a few Wall Street analysts with bullish price targets to go with them.

The thing to remember about analyst ratings is that they usually have an outlook beyond “today.” These firms will dig into things like recent financials, development or product pipelines, and the current industry or market conditions that could contribute to the success or failure of the companies.

Penny Stocks To Buy [According To Analysts]

  1. EOS Energy Enterprises Inc. (NASDAQ: EOSE)
  2. Porch Group Inc. (NASDAQ: PRCH)
  3. FTC Solar Inc. (NASDAQ: FTCI)
  4. Ginkgo Bioworks Holdings Inc.(NYSE: DNA)

1. EOS Energy Enterprises Inc. (NASDAQ: EOSE): +498%

Energy stocks have recharged bullish traders looking for pockets of opportunity. Even with the stock market crash this year, shares of oil & gas and even alternative energy stocks have jumped. EOS Energy focuses on clean energy systems using its Znyth aqueous zinc battery platform. It is being designed to compete with traditional lithium-ion batteries already in the market.

EOS reported first-quarter earnings and worse than expected EPS and sales results earlier this month. However, based on comments from company CEO Joe Mastrangelo, it appears that EOS is looking at just a simple bump in the road. Mastrangelo explained in a May update that, “We are building a company ready to deliver safe, scalable, flexible, and affordable energy storage. Our manufacturing capacity expansion is on plan, we are seeing improved first-pass production yields, and we are proud to be working towards a cleaner, brighter energy future.”

Penny Stocks To Buy Now? 4 To Watch Under $1

Though analysts have lowered price targets, firms including B. Riley appear to remain bullish based on price targets. Its analysts have a Buy on EOSE stock and a $7 price target. Despite this being much lower than the previous $13 target, the new outlook is still nearly 500% higher than current price levels.

2. Porch Group Inc. (NASDAQ: PRCH): + 74%

penny stocks to buy Porch Group Inc. PRCH stock chart

Shares of Porch Group continued trading higher on Monday. This extended a move that began earlier this month after the company announced earnings. Porch’s specialty is software development for the home services and insurance industries.

Total revenue for the first quarter reached $62.6 million, equating to a jump of over $35 million compared to the first quarter of last year. “Porch is off to a strong start in 2022…Our vertical software and insurance segments are performing very well and reported substantial revenue increases. This strong performance early in the year gives us confidence in affirming our previously disclosed guidance and highlights why the team is excited about the remainder of the year,” said Matt Ehrlichman, founder and Chief Executive Officer of Porch Group, Inc.

With new approvals in Arizona, Georgia, and Virginia, the company is also on track to leverage particular insights from its current data into its underwriting models. Adding to this, JP Morgan analysts recently initiated coverage of the company. The firm set its rating at Overweight and gave a price target o $8. Based on current trading levels, this target sits roughly 74% higher.

3. FTC Solar Inc. (NASDAQ: FTCI): +80%

penny stocks to buy FTC Solar Inc. FTCI stock chart

Like EOS, FTC is also focused on alternative energy applications. In this case, as the name suggests, the company is part of the solar industry. In particular, FTC provides solar tracking systems and solutions, including engineering and software.

Shares slipped earlier this month after the company reported its latest round of earnings. In addition to headwinds from the broader stock market sell-off, FTC also missed estimates and gave a revenue forecast that reflected delays by solar developers. Regardless, FTCI stock has made some headway going into the end of May. Shares have made a rebound from lows of $2.12 to over $4 at the end of last week.

What to Know About Buying Penny Stocks on May 23rd

What do analysts think about FTC right now? Missed earnings aside, many analysts have remained bullish on the stock. The most recent firm, Northland Securities, initiated coverage on the stock this week. It started FTCI with an Outperform rating and a $7 price target. Considering the penny stock sits just under $3.90, this target is 80% higher right now.

4. Ginkgo Bioworks Holdings Inc.(NYSE: DNA): +200%

penny stocks to buy Ginkgo Bioworks DNA stock chart

Shares of Ginkgo Bioworks have been channel-bound for weeks, but that hasn’t stopped traders from taking advantage of the volatility. Earlier this month, the cell programming company announced plans to develop global biosecurity capabilities in Qatar alongside First Serv. This new partnership aims to build Doha as a critical access point for a pathogen monitoring network.

Considering the uncertainty surrounding numerous viruses, including COVID and now, monkeypox, this news seems to have come at a reasonable time. “Biosecurity in this new era is about applying the cutting edge tools of the biotech age to prevent the next pandemic or infectious disease threat. Proactive pathogen monitoring is an essential part of this effort—we need a robust global weather map to identify and track emerging biological threats,” said Matt McKnight, General Manager, Biosecurity at Ginkgo Bioworks.

What do analysts think about DNA stock? If you look at KeyCorp’s rating, it appears to have taken a bullish stance on the beaten-down biotech stock. The firm has an Overweight rating on the penny stock and a price target 200% higher at $8.

Penny Stocks To Buy

Starting with analyst coverage may be an interesting first step if you’re looking for penny stocks to buy. These firms make a point to dive into company specifics beyond market hype. But, it’s important to remember that they are not always the final say in what the market or stocks will (or won’t) do. With that in mind, it’s always a good idea to have a plan in place and a strategy perfected. According to analysts, these are just a few of the penny stocks to buy right now. Do you agree? Drop a comment if any of these are on your list of penny stocks right now.

The post Best Penny Stocks To Buy According To 4 Analysts & Targets Up To $8 appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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