Welcome to my new weekly watchlist post – The Top Reddit Pennystocks You Should See By Now.
I am changing things.
Why? Well, you probably remember the Reddit chat room WallStreetBets. It’s responsible for short squeeze and hedge fund explosions on meme stocks like GameStop Corp. (NYSE: GME) and AMC Entertainment Holdings, Inc. (NYSE: AMC).
But since GME and AMC are trading around $ 270 and $ 56, respectively, they are outside of penny stock territory. And that means out of the reach of many traders with small accounts.
That is why I made this list of the top Reddit penny stocks that you should check out. First of all, I love penny stocks. Second, I want to teach traders with small accounts that they can take advantage of the volume, hype, and volatility that these chat rooms can generate.
But never blindly follow or listen to promoters or pumpers on social media and chat rooms. They all claim these stocks go to the moon. You are not.
Most penny stocks fail.
Always expect the worst from any company so you don’t get disappointed. Be ready to take advantage of the hype and volatility, trade your patterns, and then move on.
Here are the top Reddit penny stocks to see this week …
5 Reddit Penny Stocks To See This Week
I broke through the noise and chatter on Reddit and came up with these top five Reddit penny stocks to check out now.
Remember, this watchlist is not a recommendation to buy or trade these stocks. See if any of these fit your strategy, then create your trading plan.
If you are new to trading penny stocks, here’s my FREE guide to trading that niche.
Let us do this…
Reddit Penny Stocks Spotlight # 1: Atossa Therapeutics, Inc. (NASDAQ: ATOS)
ATOS has had the attention of Reddit traders for a while. It is a biotech company that develops treatments for oncology and infectious diseases.
Yesterday the company announced that the management team will be releasing Phase 2 data in an upcoming webinar. The webinar is scheduled for June 9th at 8 a.m. Pacific.
The stock broke above $ 5 and officially left penny stock country after the news. While technically not a Pennystock stock anymore, it’s one of the most hyped stocks in the Reddit Pennystock chat room. Some traders have even given him a price target of $ 40.
I would definitely not stick to this price target and hope so. But with hype, high volume, a catalyst, and new 52 week highs, this one has potential. I don’t like to hunt so I’ll be looking for dip buying opportunities.
Reddit Penny Stocks Spotlight # 2: Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)
CTXR is another biotech company and a Reddit favorite. The company develops anti-infectives and other products for intensive care.
Yesterday the company announced it would be included in the Russell 2000 Index on June 28th.
Myron Holubiak, President and CEO of the company, said, “Our inclusion in the Russell Index is an important milestone for Citius, reflecting the continued progress we are making in developing and commercializing world-class treatment options for patients around the world.”
Read the full press release here.
The stock broke the resistance at $ 2.50 yesterday. The next resistance on the chart is at $ 2.90. It’s a choppy stock, and I’d like to see more volume so it can potentially hit new 52-week highs.
Reddit Penny Stocks to Watch # 3: Broadway Financial Corporation (NASDAQ: BYFC)
BYFC offers banking products and services.
It doesn’t trade high volume like some of the other Reddit penny stocks. But it’s a former multi-day runner and has a potential multi-day breakout level of around $ 2.80.
If the Reddit chatter continues, it could potentially break out.
Reddit Penny Stocks to Watch # 4: American Battery Metals Corporation (OTCQB: ABML)
ABML is a company that extracts and recycles battery metals.
Reddit celebrates the company’s application to join the Nasdaq. This news was posted on May 20th. There’s also a thread on Biden’s plan to push battery recycling facilities in the US
ABML owns mining claims and 120 acres of private property in Nevada.
The stock has a history of running for several days. But I’d love to see it go above $ 2.50 on high volume to push higher.
Reddit Penny Stocks at a Glance # 5: Xeris Pharmaceuticals, Inc. (NASDAQ: XERS)
XERS is another biotech company. It develops ready-to-use injectable drug treatments.
On May 24th, the company announced the acquisition of Strongbridge Biopharma plc (NASDAQ: SBBP).
“Upon completion of the transaction, the businesses of Xeris and Strongbridge will be combined under a new entity called Xeris Biopharma Holdings, Inc. (” Xeris Biopharma Holdings “).”
Read the full press release here.
Redditors talk about the potential for a short squeeze and give a price target of $ 8. Again, I wouldn’t hope it will reach that price. I’ll be on the lookout for a multi-day breakout above $ 4.40.
Look at the penny stocks I’m watching
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The final word on Reddit Penny Stocks
Reddit chat rooms have the potential to drive stocks higher. You can create huge short squeezes and supernovas. We have seen it in the past.
And although the past doesn’t exactly repeat itself, it often rhymes.
There is no way I’m saying you go out and buy those Reddit penny stocks. The chat rooms can be as full of promoters and bots as Twitter. But high volume and hype stocks could present opportunities. So watch them for possible games.
But always have a trading plan and stay disciplined. And never believe the hype.
Not sure which pattern or strategy is best for you? Watch the market, practice paper trading on StocksToTrade **, and study all of my trading training resources.
And when you’re ready, apply for my Trading Challenge.
Which of these Reddit penny stocks do you think has the greatest potential? Let me know in the comments … I look forward to hearing from you!
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* This level of successful trading is not typical and does not reflect the experience of the majority of people using the services and products offered on this website. From January 1, 2020 to December 31, 2020, typical users of the products and services featured on this website reported an average of an estimated profit of $ 49.91.
** Tim Sykes has a minority stake in StocksToTrade.com.