Grab your spacesuit and get ready to join Elon Musk on a rocket ship to the moon! To prepare for the journey, all you’ll need is some fuel from Dogecoin (CCC:DOGE-USD), which continues to soar higher. But what if you missed out on the latest record rally in DOGE prices? Speculative investors looking for a chance to leverage interest in the meme coin should look no further than the realm of Reddit penny stocks.
The simple story is this: Dogecoin continues to dominate the financial news cycle. This once-tiny crypto is rocketing to all-time highs over 50 cents and has a strong influencer backing. Some analysts even think there’s a bull case for Dogecoin prices to top $10.
However, after the latest rally, you may be feeling some FOMO, or fear of missing out. If you’re not sure about buying Dogecoin directly, you can enjoy similar sentiment with Reddit penny stocks. These high-risk, high-reward names will give you exposure to cryptocurrencies in general as well as direct exposure to DOGE in some cases. Just remember that nothing is guaranteed with these stocks — treat them not as buy recommendations, but as opportunities for further research.
So, in no particular order, here are seven Reddit penny stocks to help you profit from rising Dogecoin prices.
- 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)
It is safe to say that not all Reddit penny stocks come with a stamp of approval from Wall Street. However, Synchronoss Technologies is a little different. Analysts give it a consensus strong buy rating and a 12-month price target of $7.63, according to Tipranks. Considering current prices, that implies more than 130% of upside potential from here.
So, what exactly is Synchronoss?
Well, the company says its intellectual property is all about helping its customers improve relationships with their customers. SNCR’s platforms help create new revenue, reduce the cost of growth and help drive higher engagement levels. For instance, AT&T (NYSE:T) uses the Synchronoss Out-of-Box Experience to improve its customer onboarding process. Likewise, Verizon (NYSE:VZ) uses the company’s Cloud Platform to give subscribers a personalized cloud solution.
Synchronoss can also offer investors exposure to blockchain technology, making it an interesting (albeit speculative) play on rising Dogecoin prices. Back in 2018, the company “partnered on a Proof of Concept” for blockchain-based mobile payments solutions. Working with Softbank (OTCMKTS:SFTBY) and TBCASoft, it used the latter’s payments offering in tandem with its own communications products. The end result netted praise and the companies went on to jointly promote blockchain offerings throughout 2019.
So, what’s the bottom line here? Synchronoss is far from a pure play on Dogecoin or blockchain tech. However, with an endorsement from Wall Street, SNCR stock could be worth a closer look.
Although it’s a penny stock, many investors are likely familiar with Ebang. That’s because the cryptocurrency-related play has been gaining ground in 2021 as Bitcoin (CCC:BTC-USD) and altcoin prices rise.
But for those who are unfamiliar, what is Ebang all about?
Ebang is a Chinese company that touts itself as a blockchain-technology play. A huge portion of its business revolves around Bitcoin mining — Ebang develops miners that use 10-nanometer ASIC chips. According to the company, it was a leading manufacturer of Bitcoin miners in 2019 and it continues to be a popular option with Chinese customers. Ebang also offers mining hosting services, integrated circuit design and has talked up plans for both a mining pool and trading platform.
While this name directly connects to Bitcoin and the recent crypto frenzy, it also ties into red-hot Dogecoin prices. At the end of February, the company announced it would roll out Dogecoin and Litecoin (CCC:LTC-USD) mining. Dogecoin and Litecoin can be mined simultaneously and Ebang will use a combination of its own mining machines and machines it has purchased from other providers to launch this new initiative.
So, what else should you know about this pick of the Reddit penny stocks? Well, Ebang is gearing up to be a direct play on Dogecoin prices, but it does not come without speculation. Short-sellers have targeted the company, meaning that investors should be sure to do their due diligence with EBON stock.
Reddit Penny Stocks: Sequans Communications (SQNS)
Sequans Communications is another penny stock with Wall Street support. On Tipranks, analysts give it a strong buy consensus rating and a 12-month price target of $12.20. From current levels, that could mean up to 120% upside.
For many, the appeal of Sequans is that it’s a cheap entry in the realm of the internet of things (IOT). According to the company, it’s a fabless designer, developer and supplier of cellular semiconductor solutions. This means that, although Sequans may design and sell its hardware and semiconductors, it outsources its production to a plant or foundry.
Specifically, SQNS is working for the massive, broadband and critical IOT markets, offering chips for both 5G and 4G mobile devices. Sequans notes that the massive IOT market is particularly interesting here, including applications with “lower data transmission needs” but optimized costs and power consumption. The company targets these solutions at customers focusing on smart cities, smart homes and e-health.
So, where does Dogecoin come in? During the most recent CES convention in January 2021, Sequans unveiled some interesting new solutions. More specifically, it shared its new LTE-M/NB-IOT module, which it calls the Monarch 2 GM02S. Underneath that jargon is the fact that these solutions aim to address a specific type of IOT network.
Most importantly, though, Sequans says that the Monarch 2 GMo2S has “the industry’s lowest power consumption and the highest security level.” As such, the company claims that it’s perfect for crypto solutions.
In other words, for investors looking for crypto-connected Reddit penny stocks, SQNS stock could be a good fit.
Ault Global (DPW)
Want to bet on rising Dogecoin prices but maintain exposure to other growth industries? For speculative investors, Ault Global sounds like another good play for this list of Reddit penny stocks.
That’s because Ault Global is a truly diversified holdings company. This name has subsidiaries like Gresham Worldwide — which focuses on blue-chip defense and aerospace customers — and Coolisys Technologies, a power electronics business. Importantly, Coolisys has also been in the news lately with its focus on rolling out electric vehicle (EV) charging stations.
Lastly, though, Ault Global has Ault Alliance, a wholly owned subsidiary that focuses on digital power lending. Importantly, this subsidiary is how the holding company ties into the larger crypto craze.
Investors may know that Ault (previously called DPW Holdings) closed its Digital Farms mining business last year, citing the impacts of Covid-19 and a weak forecast for Bitcoin. However, the company is getting back into the game in a big way.
In February 2021, Ault Global announced plans to resume Bitcoin mining through Ault Alliance. Through this subsidiary, the company said it would operate from a 617,000-square-foot facility in Michigan, where it has “1,000 new S19 Pro Antminers.” Ault also said the subsidiary would start offering Ethereum (CCC:ETH-USD) mining.
Then Ault followed up in March 2021, announcing that its had started mining again at its Michigan facility. Executive Chairman Milton Ault also said that things are different for the company this time around. Specifically, he cited an improved balance sheet and the growing interest in cryptocurrencies as tailwinds for DPW stock.
There’s no denying that this is a speculative name, especially because Ault has walked away from mining before. However, if you’re looking for high-risk, high-reward options, DPW may just earn a spot on your watch list.
Reddit Penny Stocks: Carecloud (MTBC)
Carecloud may be speculative, but it’s another entry on this list of Reddit penny stocks that’s racking up Wall Street praise. According to Tipranks, analysts have a strong buy consensus rating on MTBC stock and a 12-month price target of $16.70. Considering current prices, that means analysts are targeting upside potential of about 117%.
So, what exactly is this strong buy? Formerly known as just MTBC, Carecloud is all about offering proprietary, cloud-based solutions for healthcare providers. These solutions include electronic health records, telehealth, healthcare analytics (business intelligence) and patient experience management.
Of course, investors likely know that telehealth is an accelerating trend today. That’s one reason to like MTBC stock. But, with growing conversations around vaccine passports and Covid-19 health data, there is also heightened interest in electronic health records. Add in a blockchain connection, too, and Carecloud deserves a closer look.
The blockchain connection? In 2018, Carecloud announced that it had integrated blockchain technology into its electronic health records business. At the time, the company said this move would further secure patient information and help it innovate its cloud-based solutions.
So, what else should you know? Carecloud is certainly speculative and the company does not come without risks. Just earlier this week, it agreed to pay $3.8 million to settle kickback allegations with the U.S. Department of Justice. However, as long as you do your own due diligence, MTBC stock could be an intriguing play.
Hello Pal (HLLPF)
Perhaps one of the best Reddit penny stocks to gamble on with Dogecoin prices in mind is Hello Pal. However, its connection to the almighty DOGE is far from straightforward.
Hello Pal is a Canadian company that primarily specializes in mobile apps. It features the Hello Pal Platform, a collection of social-focused applications that are all about travel, language and interaction. Essentially, the company wants these apps to promote global tolerance and help travelers connect with each other no matter what language they speak.
Getting one step closer toward Dogecoin, though, Hello Pal also offers a digital wallet as part of its platform. This enables users to hold and transfer cryptos like Bitcoin and Ethereum. The company also has its own blockchain utility token called Paltos (PLT). These tokens exist within the digital wallet and can be given as gifts or exchanged for services.
There’s something else that connects Hello Pal even closer to DOGE, though. In March 2021, Hello Pal announced that it had acquired a stake in a Dogecoin and Litecoin mining facility. User interest was so strong that the company’s website crashed. Later, in April, Hello Pal also signed a definitive purchase agreement for an “initial 51% interest in 12,500 mining rigs dedicated to mining Dogecoin (DOGE) and Litecoin (LTC).”
Today, Hello Pal hopes to start offering its mining services soon. Specifically, the company says customers will be able to own or partially own the miners that it hosts in a dedicated facility. The company has access to some 40,000 machines that can mine Bitcoin, Ethereum, Litecoin and Dogecoin.
So, with DOGE mining revenue now at all-time highs, HLLPF stock is one for your watch list.
Reddit Penny Stocks: Neptune Digital (NPPTF)
Last but not least on this list of Reddit penny stocks is Neptune Digital Assets, another Canadian company.
Neptune says that it’s all about accelerating the growth of cryptocurrencies. To do this, the company invests in and manages a portfolio of crypto-related assets. As Neptune puts it, this means investors in NPPTF stock can benefit from revenue generation and leverage growing interest in cryptos.
More specifically, Neptune conducts blockchain research and invests in crypto operations like revenue-generating blockchain nodes. From there, it reinvests profits to keep everything moving.
Recently, though, this name took things up a notch. At the end of April, the company announced that it had commenced Bitcoin mining. According to Seeking Alpha, Neptune recently installed 300 Bitman S17 mining machines through a partnership. This should help the company build on its existing revenue from staking operations. Moreover, Neptune estimates having a total hash rate of 15,512 terahashes per second.
Like other names on this list, Neptune is a risky play. The company has experienced significant price volatility and has lost money over recent years. However, as you consider penny stocks, NPPTF could certainly give you exposure to the red-hot world of cryptocurrencies.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is the Editor of Today’s Market with InvestorPlace.com.