7 Reddit Penny Stocks to Watch with Record Dogecoin Prices in Mind

Grab your spacesuit and prepare to be part of Elon Musk on a rocket ship to the moon! To put together for the journey, all you’ll want is a few gasoline from Dogecoin (CCC:DOGE-USD), which continues to soar greater. But what in case you missed out on the newest report rally in DOGE costs? Speculative traders searching for an opportunity to leverage curiosity in the meme coin ought to look no additional than the realm of Reddit penny shares.

The easy story is that this: Dogecoin continues to dominate the monetary information cycle. This once-tiny crypto is rocketing to all-time highs over 50 cents and has a powerful influencer backing. Some analysts even suppose there’s a bull case for Dogecoin costs to high $10.

However, after the newest rally, chances are you’ll be feeling some FOMO, or worry of lacking out. If you’re undecided about shopping for Dogecoin immediately, you may get pleasure from comparable sentiment with Reddit penny shares. These high-risk, high-reward names offers you publicity to cryptocurrencies in common in addition to direct publicity to DOGE in some instances. Just do not forget that nothing is assured with these shares — deal with them not as purchase suggestions, however as alternatives for additional analysis.

So, in no explicit order, listed below are seven Reddit penny shares to provide help to revenue from rising Dogecoin costs.

  • Synchronoss Technologies (NASDAQ:SNCR)
  • Ebang (NASDAQ:EBON)
  • Sequans Communications (NYSE:SQNS)
  • Ault Global Holdings (NYSEAMERICAN:DPW)
  • Carecloud (NASDAQ:MTBC)
  • Hello Pal (OTCMKTS:HLLPF)
  • Neptune Digital (OTCMKTS:NPPTF)

Reddit Penny Stocks: Synchronoss Technologies (SNCR)

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It is protected to say that not all Reddit penny shares come with a stamp of approval from Wall Street. However, Synchronoss Technologies is a little bit totally different. Analysts give it a consensus robust purchase score and a 12-month price target of $7.63, in accordance to Tipranks. Considering present costs, that means greater than 130% of upside potential from right here.

So, what precisely is Synchronoss?

Well, the corporate says its mental property is all about serving to its clients enhance relationships with their clients. SNCR’s platforms assist create new income, cut back the price of progress and assist drive greater engagement ranges. For occasion, AT&T (NYSE:T) makes use of the Synchronoss Out-of-Box Experience to improve its customer onboarding process. Likewise, Verizon (NYSE:VZ) makes use of the corporate’s Cloud Platform to give subscribers a customized cloud resolution.

Synchronoss may supply traders publicity to blockchain know-how, making it an fascinating (albeit speculative) play on rising Dogecoin costs. Back in 2018, the corporate “partnered on a Proof of Concept” for blockchain-based cellular funds options. Working with Softbank (OTCMKTS:SFTBY) and TBCASoft, it used the latter’s funds providing in tandem with its personal communications merchandise. The finish outcome netted reward and the businesses went on to jointly promote blockchain offerings all through 2019.

So, what’s the underside line right here? Synchronoss is much from a pure play on Dogecoin or blockchain tech. However, with an endorsement from Wall Street, SNCR inventory might be value a more in-depth look.

Ebang (EBON)

A photo showing the website of Ebang (EBON) on a browser.

Source: Jarretera / Shutterstock.com

Although it’s a penny inventory, many traders are possible acquainted with Ebang. That’s as a result of the cryptocurrency-related play has been gaining floor in 2021 as Bitcoin (CCC:BTC-USD) and altcoin costs rise.

But for many who are unfamiliar, what’s Ebang all about?

Ebang is a Chinese firm that touts itself as a blockchain-technology play. An enormous portion of its enterprise revolves round Bitcoin mining — Ebang develops miners that use 10-nanometer ASIC chips. According to the corporate, it was a number one producer of Bitcoin miners in 2019 and it continues to be a well-liked choice with Chinese clients. Ebang additionally gives mining internet hosting providers, built-in circuit design and has talked up plans for each a mining pool and buying and selling platform.

While this title immediately connects to Bitcoin and the latest crypto frenzy, it additionally ties into red-hot Dogecoin costs. At the top of February, the corporate introduced it will roll out Dogecoin and Litecoin (CCC:LTC-USD) mining. Dogecoin and Litecoin could be mined simultaneously and Ebang will use a mixture of its personal mining machines and machines it has bought from different suppliers to launch this new initiative.

So, what else ought to about this choose of the Reddit penny shares? Well, Ebang is gearing up to be a direct play on Dogecoin costs, but it surely doesn’t come with out hypothesis. Short-sellers have targeted the company, which means that traders ought to make sure to do their due diligence with EBON inventory.

Reddit Penny Stocks: Sequans Communications (SQNS)

a visualization of Internet communications superimposed on a photo of a city skyline

Source: Shutterstock

Sequans Communications is one other penny inventory with Wall Street help. On Tipranks, analysts give it a powerful purchase consensus score and a 12-month price target of $12.20. From present ranges, that might imply up to 120% upside.

For many, the attraction of Sequans is that it’s an inexpensive entry in the realm of the web of issues (IOT). According to the corporate, it’s a fabless designer, developer and provider of mobile semiconductor options. This signifies that, though Sequans might design and promote its {hardware} and semiconductors, it outsources its manufacturing to a plant or foundry.

Specifically, SQNS is working for the huge, broadband and demanding IOT markets, providing chips for each 5G and 4G cellular gadgets. Sequans notes that the huge IOT market is especially fascinating right here, together with purposes with “lower data transmission needs” however optimized prices and energy consumption. The firm targets these options at clients specializing in sensible cities, sensible properties and e-health.

So, the place does Dogecoin come in? During the newest CES conference in January 2021, Sequans unveiled some fascinating new options. More particularly, it shared its new LTE-M/NB-IOT module, which it calls the Monarch 2 GM02S. Underneath that jargon is the truth that these options goal to deal with a selected kind of IOT community.

Most importantly, although, Sequans says that the Monarch 2 GMo2S has “the business’s lowest energy consumption and the best safety degree.” As such, the corporate claims that it’s perfect for crypto solutions.

In different phrases, for traders searching for crypto-connected Reddit penny shares, SQNS inventory might be a superb match.

Ault Global (DPW)

a crypto mining rig

Source: Mark Agnor / Shutterstock.com

Want to guess on rising Dogecoin costs however keep publicity to different progress industries? For speculative traders, Ault Global feels like one other good play for this checklist of Reddit penny shares.

That’s as a result of Ault Global is a truly diversified holdings company. This title has subsidiaries like Gresham Worldwide — which focuses on blue-chip protection and aerospace clients — and Coolisys Technologies, an influence electronics enterprise. Importantly, Coolisys has additionally been in the information recently with its give attention to rolling out electrical automobile (EV) charging stations.

Lastly, although, Ault Global has Ault Alliance, a completely owned subsidiary that focuses on digital energy lending. Importantly, this subsidiary is how the holding firm ties into the bigger crypto craze.

Investors might know that Ault (beforehand known as DPW Holdings) closed its Digital Farms mining enterprise final yr, citing the impacts of Covid-19 and a weak forecast for Bitcoin. However, the corporate is getting again into the sport in a giant approach.

In February 2021, Ault Global introduced plans to resume Bitcoin mining through Ault Alliance. Through this subsidiary, the corporate stated it will function from a 617,000-square-foot facility in Michigan, the place it has “1,000 new S19 Pro Antminers.” Ault additionally stated the subsidiary would begin providing Ethereum (CCC:ETH-USD) mining.

Then Ault adopted up in March 2021, saying that its had began mining once more at its Michigan facility. Executive Chairman Milton Ault additionally stated that issues are totally different for the corporate this time round. Specifically, he cited an improved balance sheet and the rising curiosity in cryptocurrencies as tailwinds for DPW inventory.

There’s no denying that it is a speculative title, particularly as a result of Ault has walked away from mining earlier than. However, in case you’re searching for high-risk, high-reward choices, DPW could earn a spot in your watch checklist.

Reddit Penny Stocks: Carecloud (MTBC)

A digital illustration of a stethoscope attached to a smartphone.

Source: Shutterstock

Carecloud could also be speculative, but it surely’s one other entry on this checklist of Reddit penny shares that’s racking up Wall Street reward. According to Tipranks, analysts have a powerful purchase consensus score on MTBC inventory and a 12-month price target of $16.70. Considering present costs, which means analysts are focusing on upside potential of about 117%.

So, what precisely is that this robust purchase? Formerly often called simply MTBC, Carecloud is all about providing proprietary, cloud-based options for healthcare suppliers. These options embody digital well being information, telehealth, healthcare analytics (enterprise intelligence) and affected person expertise administration.

Of course, traders possible know that telehealth is an accelerating development right this moment. That’s one cause to like MTBC inventory. But, with rising conversations round vaccine passports and Covid-19 well being knowledge, there’s additionally heightened curiosity in digital well being information. Add in a blockchain connection, too, and Carecloud deserves a more in-depth look.

The blockchain connection? In 2018, Carecloud introduced that it had integrated blockchain technology into its digital well being information enterprise. At the time, the corporate stated this transfer would additional safe affected person info and assist it innovate its cloud-based options.

So, what else ought to ? Carecloud is actually speculative and the corporate doesn’t come with out dangers. Just earlier this week, it agreed to pay $3.8 million to settle kickback allegations with the U.S. Department of Justice. However, so long as you do your personal due diligence, MTBC inventory might be an intriguing play.

Hello Pal (HLLPF)

A concept image of a miner and a Dogecoin (DOGE) physical token.

Source: Shutterstock

Perhaps among the best Reddit penny shares to gamble on with Dogecoin costs in thoughts is Hello Pal. However, its connection to the almighty DOGE is much from easy.

Hello Pal is a Canadian firm that primarily specializes in cellular apps. It options the Hello Pal Platform, a set of social-focused purposes which might be all about journey, language and interplay. Essentially, the corporate needs these apps to promote global tolerance and assist vacationers join with one another it doesn’t matter what language they converse.

Getting one step nearer towards Dogecoin, although, Hello Pal additionally gives a digital pockets as a part of its platform. This permits customers to maintain and switch cryptos like Bitcoin and Ethereum. The firm additionally has its personal blockchain utility token known as Paltos (PLT). These tokens exist inside the digital pockets and could be given as items or exchanged for providers.

There’s one thing else that connects Hello Pal even nearer to DOGE, although. In March 2021, Hello Pal introduced that it had acquired a stake in a Dogecoin and Litecoin mining facility. User curiosity was so robust that the corporate’s website crashed. Later, in April, Hello Pal additionally signed a definitive purchase agreement for an “preliminary 51% curiosity in 12,500 mining rigs devoted to mining Dogecoin (DOGE) and Litecoin (LTC).”

Today, Hello Pal hopes to begin providing its mining providers quickly. Specifically, the corporate says clients will probably be able to own or partially own the miners that it hosts in a devoted facility. The firm has entry to some 40,000 machines that may mine Bitcoin, Ethereum, Litecoin and Dogecoin.

So, with DOGE mining income now at all-time highs, HLLPF inventory is one to your watch checklist.

Reddit Penny Stocks: Neptune Digital (NPPTF)

An abstract concept image for blockchain and cryptocurrencies.

Source: Shutterstock

Last however not least on this checklist of Reddit penny shares is Neptune Digital Assets, one other Canadian firm.

Neptune says that it’s all about accelerating the expansion of cryptocurrencies. To do that, the corporate invests in and manages a portfolio of crypto-related property. As Neptune places it, this implies traders in NPPTF inventory can profit from income technology and leverage rising curiosity in cryptos.

More particularly, Neptune conducts blockchain analysis and invests in crypto operations like revenue-generating blockchain nodes. From there, it reinvests earnings to hold every little thing shifting.

Recently, although, this title took issues up a notch. At the top of April, the corporate introduced that it had commenced Bitcoin mining. According to Seeking Alpha, Neptune just lately put in 300 Bitman S17 mining machines through a partnership. This ought to assist the corporate construct on its present income from staking operations. Moreover, Neptune estimates having a complete hash rate of 15,512 terahashes per second.

Like different names on this checklist, Neptune is a dangerous play. The firm has skilled important worth volatility and has misplaced cash over latest years. However, as you take into account penny shares, NPPTF might actually provide you with publicity to the red-hot world of cryptocurrencies.

On Penny Stocks and Low-Volume Stocks: With solely the rarest exceptions, InvestorPlace doesn’t publish commentary about corporations which have a market cap of lower than $100 million or commerce lower than 100,000 shares every day. That’s as a result of these “penny shares” are incessantly the playground for rip-off artists and market manipulators. If we ever do publish commentary on a low-volume inventory that could be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this reality and warn readers of the dangers. 

Read More: Penny Stocks — How to Profit Without Getting Scammed 

On the date of publication, Sarah Smith didn’t have (both immediately or not directly) any positions in the securities talked about in this text.

Sarah Smith is the Editor of Today’s Market with InvestorPlace.com. 

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About the Author: Daniel