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These Penny Stocks Are Frequently Talked About on Reddit, Here’s Why

Reddit penny stocks are in focus right now; here’s 3 to watch
The post These Penny Stocks Are Frequently Talked About on Reddit, Here’s Why appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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3 Reddit Penny Stocks to Watch Right Now 

While Reddit may not be the first place you go to find penny stocks, it should be on your list when doing research. In the past year and a half, Reddit has become a go to place to find trending penny stocks. And while not all penny stocks mentioned on Reddit are worth buying, there are some that could be worth looking into. Of course, investors should still do the proper due diligence before investing in any stocks let alone those on Reddit. 

But, it’s worth noting that small-caps frequently talked about online, have become extremely popular this year. One thing to keep in mind is that when a stock is discussed and therefore trending online, it is likely to see more stability and speculation than others. And, this can be worrisome for those investors looking for more stable stocks to buy. However, if volatility is your thing, it could be worth looking into. 

[Read More] What Can Penny Stocks Investors Expect in August 2021?

While Reddit should never be the only place you go to find stocks, it can be a useful tool in your search. It’s important to remember to never trade with emotion. If you see a stock flying because of its presence online, it may be too late to make a profit. And, if you decide to get in due to FOMO or the fear of missing out, you will more than likely lose money. So, with all of this in mind, let’s take a look at three Reddit penny stocks to watch right now. 

3 Reddit Penny Stocks to Watch 

  1. Enzolytics Inc. (OTC: ENZC
  2. Akebia Therapeutics Inc. (NASDAQ: AKBA)
  3. Ebang International Holdings Inc. (NASDAQ: EBON

Enzolytics Inc. (OTC: ENZC)

Enzolytics Inc. is a biotech penny stock that has been a solid performer over the past few months. This company creates drugs that target and neutralize the HIV virus and other infectious diseases. Currently, Enzolytics Inc. is focused on commercializing its proprietary proteins. The company has clinically tested a great deal of its anti-HIV therapeutics with solid results and promising safety profiles.

On July 20th, Enzolytics announced that it has signed a letter of intent with Creative Biolabs Inc. to license and commercialize anti-HTLV-1 monoclonal antibodies. Creative will test the efficacy and neutralizing capability of the drugs, mass-produce them for marketing and distribution, and promote/market the HTLV-1 mAbs. Deals like these are always important as it is a difficult process to fully commercialize a drug. Even if it gains approval, the manufacturing and distribution stages are always a challenge. 

“We now have a comprehensive platform for producing multiple targeted monoclonal antibodies against numerous infectious diseases. This platform includes our ability to identify multiple conserved and immutable sites on viruses to produce fully human monoclonal antibodies targeting those sites. This approach opens the door to new and durable therapies that can be used to treat innumerable human infectious diseases.”

The CEO of ENZC, Charles Cotropia

It’s not every day we see a biotech company with a sizable market for a product and potential commercialization on the horizon. Taking note of this recent update, will you add ENZC stock to your watchlist?

Akebia Therapeutics Inc. (NASDAQ: AKBA)

Another biotech penny stock that is performing well in the market right now is Akebia Therapeutics Inc. This is a company that creates therapeutics for those with kidney diseases. Its lead product is known as Vadadustat, which is in Phase 3 trials to treat anemia caused by chronic kidney disease.

The company is developing a variety of other products as well that could have just as large of a potential market size as Vadadustat. As stated earlier, products in the Phase 3 trial stage are close to commercialization. This means that investors should stay up to date with any recent news pertaining to this trial and upcoming ones.

[Read More] 3 Penny Stocks That Exploded Today, One Up 144%

On June 20th, Akebia gave 25 new employees options to purchase a total of 210,000 shares of its common stock. These options were offered at $3.79 per share, which was its closing price on the grant date. While this alone is not major news, insider buying is always important information for investors to understand. 

In other recent news, Cylerion Therapeutics Inc. entered an exclusive global license agreement with Akebia to develop and commercialize praliciguat. Akebia is solely responsible for R&D as well as the commercialization for the compound. Cyclerion is eligible for $225 million in pre-commercial milestones, and future milestone payments of up to $585 million. With all of this info in mind, will AKBA enter your list of penny stocks to watch?

Penny_Stocks_to_Watch_Akebia_Therapeutics_Inc_AKBA_Stock_Chart

Ebang International Holdings Inc. (NASDAQ: EBON)

Tech penny stocks like Ebang International Holdings Inc. have been performing well in the market in the past few months. This is due to a variety of reason including the pandemic, and the general positivity around the tech industry. For some context, this company creates integrated circuit chips and Bitcoin mining machines.

The company additionally provides mining machine hosting services. Its mining machines are offered under the Ebit brand and are sold to companies in the telecommunications and blockchain industries.

In 2021, cryptocurrency has grown significantly in popularity. In fact, blockchain technology and crypto have increased in popularity greatly over the last few years. With cryptos like Bitcoin and DogeCoin exploding in value since the beginning of 2021, there are a lot of eyes on crypto now. NFTs have become a huge market as well, with individual pieces being sold for more than $60 million in some rare cases.

Because of the hype in the market for crypto, EBON stock price has increased. Often EBON stock moves with the crypto market as a whole. So when Bitcoin is down for example, it could potentially hurt EBON stock. With all of this information to keep in mind, will EBON make your list of penny stocks to watch?

Penny_Stocks_to_Watch_Ebang_International_Holdings_Inc_EBON_Stock

Are Reddit Penny Stocks Worth It or Not?

The short answer to this is that it is up to you and your investing strategy. If you’re looking to make short term gains off of speculative stocks, trading penny stocks mentioned on Reddit could be worth it for you.

[Read More] 3 Former Penny Stocks With Bullish Analysts & Price Targets Up To 120%

However, if you are more of a stability investor and one that is looking for long term value, it could be worth avoiding. At the end of the day, knowing your strategy and what type of investor you are will always be a major benefit. Considering this, what do you think? Are Reddit penny stocks worth it or not?

The post These Penny Stocks Are Frequently Talked About on Reddit, Here’s Why appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.

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Key shipping company files for Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

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The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Key shipping company files Chapter 11 bankruptcy

The Illinois-based general freight trucking company filed for Chapter 11 bankruptcy to reorganize.

Published

on

The U.S. trucking industry has had a difficult beginning of the year for 2024 with several logistics companies filing for bankruptcy to seek either a Chapter 7 liquidation or Chapter 11 reorganization.

The Covid-19 pandemic caused a lot of supply chain issues for logistics companies and also created a shortage of truck drivers as many left the business for other occupations. Shipping companies, in the meantime, have had extreme difficulty recruiting new drivers for thousands of unfilled jobs.

Related: Tesla rival’s filing reveals Chapter 11 bankruptcy is possible

Freight forwarder company Boateng Logistics joined a growing list of shipping companies that permanently shuttered their businesses as the firm on Feb. 22 filed for Chapter 7 bankruptcy with plans to liquidate.

The Carlsbad, Calif., logistics company filed its petition in the U.S. Bankruptcy Court for the Southern District of California listing assets up to $50,000 and and $1 million to $10 million in liabilities. Court papers said it owed millions of dollars in liabilities to trucking, logistics and factoring companies. The company filed bankruptcy before any creditors could take legal action.

Lawsuits force companies to liquidate in bankruptcy

Lawsuits, however, can force companies to file bankruptcy, which was the case for J.J. & Sons Logistics of Clint, Texas, which on Jan. 22 filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Western District of Texas. The company filed bankruptcy four days before the scheduled start of a trial for a wrongful death lawsuit filed by the family of a former company truck driver who had died from drowning in 2016.

California-based logistics company Wise Choice Trans Corp. shut down operations and filed for Chapter 7 liquidation on Jan. 4 in the U.S. Bankruptcy Court for the Northern District of California, listing $1 million to $10 million in assets and liabilities.

The Hayward, Calif., third-party logistics company, founded in 2009, provided final mile, less-than-truckload and full truckload services, as well as warehouse and fulfillment services in the San Francisco Bay Area.

The Chapter 7 filing also implemented an automatic stay against all legal proceedings, as the company listed its involvement in four legal actions that were ongoing or concluded. Court papers reportedly did not list amounts for damages.

In some cases, debtors don't have to take a drastic action, such as a liquidation, and can instead file a Chapter 11 reorganization.

Truck shipping products.

Shutterstock

Nationwide Cargo seeks to reorganize its business

Nationwide Cargo Inc., a general freight trucking company that also hauls fresh produce and meat, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Northern District of Illinois with plans to reorganize its business.

The East Dundee, Ill., shipping company listed $1 million to $10 million in assets and $10 million to $50 million in liabilities in its petition and said funds will not be available to pay unsecured creditors. The company operates with 183 trucks and 171 drivers, FreightWaves reported.

Nationwide Cargo's three largest secured creditors in the petition were Equify Financial LLC (owed about $3.5 million,) Commercial Credit Group (owed about $1.8 million) and Continental Bank NA (owed about $676,000.)

The shipping company reported gross revenue of about $34 million in 2022 and about $40 million in 2023.  From Jan. 1 until its petition date, the company generated $9.3 million in gross revenue.

Related: Veteran fund manager picks favorite stocks for 2024

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Tight inventory and frustrated buyers challenge agents in Virginia

With inventory a little more than half of what it was pre-pandemic, agents are struggling to find homes for clients in Virginia.

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No matter where you are in the state, real estate agents in Virginia are facing low inventory conditions that are creating frustrating scenarios for their buyers.

“I think people are getting used to the interest rates where they are now, but there is just a huge lack of inventory,” said Chelsea Newcomb, a RE/MAX Realty Specialists agent based in Charlottesville. “I have buyers that are looking, but to find a house that you love enough to pay a high price for — and to be at over a 6.5% interest rate — it’s just a little bit harder to find something.”

Newcomb said that interest rates and higher prices, which have risen by more than $100,000 since March 2020, according to data from Altos Research, have caused her clients to be pickier when selecting a home.

“When rates and prices were lower, people were more willing to compromise,” Newcomb said.

Out in Wise, Virginia, near the westernmost tip of the state, RE/MAX Cavaliers agent Brett Tiller and his clients are also struggling to find suitable properties.

“The thing that really stands out, especially compared to two years ago, is the lack of quality listings,” Tiller said. “The slightly more upscale single-family listings for move-up buyers with children looking for their forever home just aren’t coming on the market right now, and demand is still very high.”

Statewide, Virginia had a 90-day average of 8,068 active single-family listings as of March 8, 2024, down from 14,471 single-family listings in early March 2020 at the onset of the COVID-19 pandemic, according to Altos Research. That represents a decrease of 44%.

Virginia-Inventory-Line-Chart-Virginia-90-day-Single-Family

In Newcomb’s base metro area of Charlottesville, there were an average of only 277 active single-family listings during the same recent 90-day period, compared to 892 at the onset of the pandemic. In Wise County, there were only 56 listings.

Due to the demand from move-up buyers in Tiller’s area, the average days on market for homes with a median price of roughly $190,000 was just 17 days as of early March 2024.

“For the right home, which is rare to find right now, we are still seeing multiple offers,” Tiller said. “The demand is the same right now as it was during the heart of the pandemic.”

According to Tiller, the tight inventory has caused homebuyers to spend up to six months searching for their new property, roughly double the time it took prior to the pandemic.

For Matt Salway in the Virginia Beach metro area, the tight inventory conditions are creating a rather hot market.

“Depending on where you are in the area, your listing could have 15 offers in two days,” the agent for Iron Valley Real Estate Hampton Roads | Virginia Beach said. “It has been crazy competition for most of Virginia Beach, and Norfolk is pretty hot too, especially for anything under $400,000.”

According to Altos Research, the Virginia Beach-Norfolk-Newport News housing market had a seven-day average Market Action Index score of 52.44 as of March 14, making it the seventh hottest housing market in the country. Altos considers any Market Action Index score above 30 to be indicative of a seller’s market.

Virginia-Beach-Metro-Area-Market-Action-Index-Line-Chart-Virginia-Beach-Norfolk-Newport-News-VA-NC-90-day-Single-Family

Further up the coastline on the vacation destination of Chincoteague Island, Long & Foster agent Meghan O. Clarkson is also seeing a decent amount of competition despite higher prices and interest rates.

“People are taking their time to actually come see things now instead of buying site unseen, and occasionally we see some seller concessions, but the traffic and the demand is still there; you might just work a little longer with people because we don’t have anything for sale,” Clarkson said.

“I’m busy and constantly have appointments, but the underlying frenzy from the height of the pandemic has gone away, but I think it is because we have just gotten used to it.”

While much of the demand that Clarkson’s market faces is for vacation homes and from retirees looking for a scenic spot to retire, a large portion of the demand in Salway’s market comes from military personnel and civilians working under government contracts.

“We have over a dozen military bases here, plus a bunch of shipyards, so the closer you get to all of those bases, the easier it is to sell a home and the faster the sale happens,” Salway said.

Due to this, Salway said that existing-home inventory typically does not come on the market unless an employment contract ends or the owner is reassigned to a different base, which is currently contributing to the tight inventory situation in his market.

Things are a bit different for Tiller and Newcomb, who are seeing a decent number of buyers from other, more expensive parts of the state.

“One of the crazy things about Louisa and Goochland, which are kind of like suburbs on the western side of Richmond, is that they are growing like crazy,” Newcomb said. “A lot of people are coming in from Northern Virginia because they can work remotely now.”

With a Market Action Index score of 50, it is easy to see why people are leaving the Washington-Arlington-Alexandria market for the Charlottesville market, which has an index score of 41.

In addition, the 90-day average median list price in Charlottesville is $585,000 compared to $729,900 in the D.C. area, which Newcomb said is also luring many Virginia homebuyers to move further south.

Median-Price-D.C.-vs.-Charlottesville-Line-Chart-90-day-Single-Family

“They are very accustomed to higher prices, so they are super impressed with the prices we offer here in the central Virginia area,” Newcomb said.

For local buyers, Newcomb said this means they are frequently being outbid or outpriced.

“A couple who is local to the area and has been here their whole life, they are just now starting to get their mind wrapped around the fact that you can’t get a house for $200,000 anymore,” Newcomb said.

As the year heads closer to spring, triggering the start of the prime homebuying season, agents in Virginia feel optimistic about the market.

“We are seeing seasonal trends like we did up through 2019,” Clarkson said. “The market kind of soft launched around President’s Day and it is still building, but I expect it to pick right back up and be in full swing by Easter like it always used to.”

But while they are confident in demand, questions still remain about whether there will be enough inventory to support even more homebuyers entering the market.

“I have a lot of buyers starting to come off the sidelines, but in my office, I also have a lot of people who are going to list their house in the next two to three weeks now that the weather is starting to break,” Newcomb said. “I think we are going to have a good spring and summer.”

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