Unless you’ve been living under a rock, you know what Dogecoin coin, “doge” or “that Shiba Inu” is. Along with former penny stocks like AMC and GME, cryptocurrency meme coins and tokens have captivated the “Ape” movement. While Doge is far from its all-time highs above $0.70, it has sparked more discussion for the crypto and penny stocks: Is the risk worth the reward? Thanks to the pullback in the stock market this week, the answer to this question may not be so clear cut for some traders.
If that’s you, check out the article: 4 Reasons Why You’re Not Making Money With Penny Stocks and get more clarity on trading because whether the market or crypto is up or down, it there are still many ways to make money. Penny stocks are one such way and today we take a look at three short-term stocks that are outperforming the hugely popular dogecoin.
Short Term Penny Stocks to Watch
- Hycroft Mining (NASDAQ: HYMC)
- Reliance Global Group (NASDAQ:RELI)
- Hour Loop Inc. (NASDAQ: HOUR)
Best Penny Stocks to Buy
If you are looking for the best penny stocks to buy, short data of interest might interest you. Thanks to AMC and GME, new traders are now well aware of the magnitude of the movements that stocks can make during a tightening. There is no guarantee that stocks with high short interest will pull a move like AMC Entertainment (NYSE: AMC) or GameStop (NYSE: GME). But the first place to start your search is to identify short data of interest. Today we are looking at a handful of penny stocks to watch with high short interest and have outperformed some of the most sought-after assets, including cryptocurrencies like dogecoin.
Penny Stocks to Buy [For Under $5] 1: Hour Loop Inc. (NASDAQ: HOUR)
True to the technological trend, Hour Loop joins this list of short term penny stocks. Earlier this year, the company went public and has since worked to perform for investors. The shares hit highs of $10.33 but have failed to approach those levels since. The company is an online retailer specializing in e-commerce in the United States. It acts as a third-party seller on sites such as Amazon and Walmart websites. Its competitive advantage lies in its technology and in identifying product gaps to keep products in stock.
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Hour Loop recently opened three new offices in Taiwan and released its 2021 results. Total revenue reached $62.79 million with a net profit of $4.78 million. Something that has raised questions is the departure of Hour Loop’s CFO (for personal reasons) and what that means moving forward. For now, CEO Sam Lai will serve as interim CFO.
HOUR is he one of short-term penny stocks to watch? According to Fintel data, HOUR’s short float percentage stands at 20.04%.
2. Reliance Global Group (NASDAQ: RELI)
Insurance stocks have become a unique focal point for traders thanks to the recent course of market events. Interestingly, insurance companies are attractive in inflationary conditions (and times when inflation isn’t that high) for a simple reason. Everything you own – cars, boats, yourself – needs protection, and insurance is one way to protect your valuables. This is one of the industries that Warren Buffet has made it his business to plant a great flag.
Among penny stock traders, Reliance Global has become a popular name. Stocks surged at the end of the year in 2021 thanks to speculation and, yes, short-term equity excitement. Reliance uses artificial intelligence and cloud-based technologies to personalize the insurance experience. Last week the company released its latest set of results and showed strong growth for 2021. How strong is it? Reliance reported a 33% increase in revenue for the year.
Additionally, CEO Ezra Beyman hinted at a planned rollout strategy for the future. In a March press release, Beyman explained, “In addition to our focus on organic growth, we have demonstrated a successful acquisition track record, where we have acquired profitable, cash flow-positive businesses with growth strategies. exciting multiples… We believe the company is uniquely positioned to capture a significant share of the market in the years to come, while simultaneously delivering maximum value to our shareholders.
What does short data look like? Fintel shows that the current short float percentage in RELI shares stands at 12.2%.
Penny Stocks to Buy [For Under $5] 3: Hycroft Mining (NASDAQ: HYMC)
Coincidentally, the best AMC meme stock is one of the reasons Hycroft Mining has received so much attention recently. Shares of the mining company surged in March and April after the movie company invested several million dollars in Hycroft.
AMC Entertainment (AMC) Sees a Golden Opportunity in Penny Stocks
AMC CEO Adam Aron noted that the company is “taking AMC’s demonstrated success by writing the playbook on how to navigate through the liquidity challenge and applying our lessons learned to another entity. of Hydroft Mining”.
Hycroft recently presented a corporate update and annual report. Among the milestones were major investments (including that of AMC) and proceeds from another multi-million dollar funding deal. Has this financing become a source of interest for the current short situation? According to data from Fintel.IO, HYMC’s short float percentage sits at 8.2%. Although it may not be the highest on this list of penny stocksthis is a much higher figure than a month ago.
Are short-term stocks worth the risk?
When you find penny stocks to buy that end up “squeezing,” it can be one of the most exciting things to experience as a trader. It’s a huge amount of action in a very short period of time that can result in huge gains. This can lead to an equally significant price drop if you don’t know how short cuts work. So if you’re looking for short-term stocks to buy, make sure you understand everything that’s going on. News, filings, corporate events, etc. can all play a role. If or when a crunch takes place, it is also useful to understand how to trade properly and take profits effectively.