I have six Reddit penny stocks to watch this week. Plus, I list five more higher-priced stocks with a ton of mentions…
Traders in some chat rooms all claim they’ve done due diligence and that others should do the same.
But they haven’t done the real work. They haven’t read SEC filings that show insiders are selling. And they’re not studying the past and patterns that repeat.
All they’ve done is read a BS press release that anyone can find online.
Even worse — too many believe in these companies.
Hey, I’ve been there. I believed in a penny stock company once. And it cost me $500,000 of my own money. You can read the whole story in my no-cost book, “An American Hedge Fund.”
That was a tough lesson. It’s why I’ll never hold and hope with these stocks. And it’s why I started teaching others how to avoid falling victim to penny stock misinformation.
I teach my Trading Challenge students how to trade patterns and take advantage of the hype, volume, and volatility. But to never believe it.
Having a trading education is so important. Don’t wait for a huge loss to learn the lessons.
Here are the top Reddit penny stocks to watch this week. Read to the end for an additional five higher-priced stocks trending on Reddit…
Table of Contents
- 1 6 Reddit Penny Stocks to Watch This Week
- 1.1 Reddit Penny Stocks to Watch #1: Support.com, Inc. (NASDAQ: SPRT)
- 1.2 Reddit Penny Stocks to Watch #2: Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)
- 1.3 Reddit Penny Stocks to Watch #3: Evofem Biosciences, Inc. (NASDAQ: EVFM)
- 1.4 Reddit Penny Stocks to Watch #4: American Battery Metals Corporation (OTCQB: ABML)
- 1.5 Reddit Penny Stocks to Watch #5: Senseonics Holdings, Inc. (NYSE: SENS)
- 1.6 Reddit Penny Stocks to Watch #6: Torchlight Energy Resources, Inc. (NASDAQ: TRCH)
- 2 More Reddit Stocks to Watch
- 3 See the Penny Stocks I’m Watching
- 4 The Final Word on Reddit Penny Stocks
6 Reddit Penny Stocks to Watch This Week
I’ve cut through the noise and chatter on Reddit to come up with these top six Reddit penny stocks to watch now.
But remember, this watchlist isn’t a recommendation to buy or trade these stocks.
And if you’re hoping to get rich quick or wondering “can you get rich off penny stocks?” … you have the wrong mindset.
Don’t focus on the money.
That only creates bad trading habits like going all in, gunslinging, and overtrading…
Those are all the habits Reddit traders seem to promote and encourage.
Ignore that BS. Never blindly follow or listen to promoters or pumpers on social media and in chat rooms. They all claim these stocks are going to the moon. They’re not.
Most penny stocks fail.
Always expect the worst from every company so you won’t be disappointed. Be ready to take advantage of the hype and volatility, trade your patterns and trading plan, then move on.
If you’re new to penny stocks, get my FREE guide to trading this niche here.
Let’s do this…
Reddit Penny Stocks to Watch #1: Support.com, Inc. (NASDAQ: SPRT)
SPRT is a tech company that offers cloud-based platforms for businesses. It’s also a crypto penny stock.
On June 3 the company announced a new cryptocurrency support service. And that it now accepts bitcoin as payment from customers.
Reddit traders are excited about this stock’s potential for a short squeeze. It has a high short interest and low float of fewer than 10 million shares. The company also announced a reverse merger with the bitcoin mining company, Greenridge Generation Holdings back in March.
This stock could move in sympathy to bitcoin or on more hype in the Reddit chat rooms.
Reddit Penny Stocks to Watch #2: Citius Pharmaceuticals, Inc. (NASDAQ: CTXR)
CTXR is a biotech company and Reddit favorite. The company develops critical care products like anti-infectives and stem cell therapy products.
The stock returns to the watchlist from last week as it continues to trend in the penny stock chat rooms.
Traders are holding and hoping for a big move when the company announces more trial results at the end of June…
“The next planned interim analysis in its Phase 3 trial of Mino-Lok®, an antibiotic lock solution for the treatment of patients with catheter-related blood stream infections (CRBSIs/CLABSIs) has been scheduled for the end of June 2021.”
The company will also be added to the Russell 2000 ® Index on June 28.
CTXR is a listed penny stock and also trending on the Robinhood penny stocks Reddit page.
I don’t see a price target mentioned in the chat rooms, but yesterday traders were “loading up” and “adding” to their positions. A breakout over $2.90 would mean new 52-week highs for the stock. I’ll watch for the potential breakout with high volume.
Reddit Penny Stocks to Watch #3: Evofem Biosciences, Inc. (NASDAQ: EVFM)
EVFM is a biotech company focused on women’s sexual and reproductive health.
Last month the company received the FDA’s Fast Track designation for its potential treatment that prevents gonorrhea in women.
As you can see from the stock’s nasty long-term chart, the company’s not afraid to do secondary offerings after announcing positive news. I’d swing for singles on any potential trades with this stock.
Reddit Penny Stocks to Watch #4: American Battery Metals Corporation (OTCQB: ABML)
ABML is a company that mines for and recycles battery metals. It’s another stock returning to my watchlist from last week.
This one is being hyped on the future potential in the electric vehicle (EV) space and the need for more batteries and lithium. The company also applied to uplist to the Nasdaq on May 20.
But here’s the story nobody’s talking about … Insiders are taking advantage of the volume and hype to sell hundreds of thousands of shares. Insiders sold shares on June 1 and 2, June 3 and 4, June 7 and 8, and on June 9 and 10.
I wouldn’t chase this one. Insiders still have millions of shares they could potentially dump on the market. I’ll watch this one for dip-buy opportunities into big panics only.
Get my DVD and learn how to “Read SEC Filings” now.
Reddit Penny Stocks to Watch #5: Senseonics Holdings, Inc. (NYSE: SENS)
SENS is a medical device company that develops glucose-monitoring devices for patients with diabetes.
The stock’s trading higher than average volume since June 3. It’s another stock Reddit traders are eyeing for a potential short squeeze. But it’s not a low float stock, so it needs a ton of volume for a volatile move.
Traders on the Robinhood penny stocks page are looking for a $5+ price target. I’ll trade intraday price action and watch for one of my chart patterns.
Reddit Penny Stocks to Watch #6: Torchlight Energy Resources, Inc. (NASDAQ: TRCH)
TRCH is an oil and gas company that acquires properties in the U.S.
In September 2020, the company announced it signed a non-binding letter of intent with another company. It also revealed a special dividend of preferred stock as part of the proposed merger.
“The Proposed Transaction represents a strategic shift for Torchlight. It is intended to reposition Torchlight into the multi-billion-dollar Advanced Materials market1 as a global cleantech and technology leader. META has an extensive intellectual property portfolio, a global presence and multiple R&D and product development agreements with government agencies and private enterprises.”
On June 11, TRCH shareholders voted on the transaction and the company reported shareholders approved all five proposals. And on June 14, the company announced that the special one-for-one stock dividend will be issued to shareholders as of June 24.
Reddit traders hope the proposed merger will complete on June 18.
Others are speculating this could be a ‘buy the rumor, sell the news’ type play. I’ll watch it for a potential dip-buy opportunity into a big panic.
More Reddit Stocks to Watch
What else is trending on Reddit? Here are some stocks seeing increased chatter in the chat rooms. But remember, a lot of the traders in these chat rooms are HODLing.
They’re more like investors or swing traders than day traders. It seems many believe in these companies. I think that’s a huge mistake…
Prepared traders don’t get sucked into the chatter. Use the volume and hype to trade repeating patterns then move on to the next.
Here are the top mentions in Reddit chat rooms:
- Urban One, Inc. (NASDAQ: UONE): UONE is trading in the $20 range. Many Reddit traders have been holding since the $5s. I hope they sell into strength. They’re expecting a big move with the upcoming Juneteenth hype. And they’re hoping for a similar move to last year when the stock went from the $2s to $54 in a week.
- Atossa Therapeutics, Inc. (NASDAQ: ATOS): ATOS was on last week’s watchlist and it’s still a favorite on the penny stock and Robinhood subpages. Unfortunately, many traders look at it as a long-term hold. And they’re YOLOing on this one, aiming for a $6 or even $8–$10 price target.
- Corsair Gaming, Inc. (NASDAQ: CRSR): CRSR is a favorite on the WallStreetBets subReddit. It was a big percent gainer yesterday, going from roughly $32 to $40. But it tanked at the open. High volume rotated the float and some traders are calling for new all-time highs. That would mean a price target over $51.40.
- Clean Energy Fuels Corp. (NASDAQ: CLNE): CLNE is another stock trending on WallStreetBets. Yesterday it released a new company logo and brand identity. Reddit traders like it as a long-term hold in the clean energy space.
See the Penny Stocks I’m Watching
Want to know which stocks I’m watching each week?
Subscribe to my no-cost weekly watchlist. I’ll send my list of the top stocks to watch to your inbox every Sunday.
If you want even more stocks to watch, keep up with my blog. I update these watchlists every week:
- Top Biotech Penny Stocks to Watch
- Top Penny Stocks List Weekly Update
- The Best Crypto Penny Stocks to Watch Now
I also send my daily watchlist and game plan to Profit.ly subscribers every morning. There are three ways to get it. Get a Profit.ly subscription for access.
But I don’t want you to blindly follow stock picks and alerts from anyone — including me. Learn the reasons behind my trades and stock picks. Then learn to find your own. Become self-sufficient just like my top students…
And all of my 10+ millionaire students have come from my Trading Challenge.*
The Final Word on Reddit Penny Stocks
Reddit chat rooms have the potential to push stocks higher. They can create giant short squeezes and supernovas. We’ve seen it happen in the past.
And although the past doesn’t repeat itself exactly, it often rhymes.
I’m in no way saying run out and buy these Reddit penny stocks. The chat rooms can be full of promoters and bots just as much as Twitter. But stocks with high volume and hype could present opportunities. So watch them for potential plays.
But always have a trading plan and stay disciplined. And never believe the hype.
And when you’re ready, apply for my Trading Challenge.
Which of these Reddit penny stocks do you think has the most potential? Let me know in the comments … I love to hear from you!
*This level of successful trading is not typical and does not reflect the experience of the majority of individuals using the services and products offered on this website. From January 1, 2020, to December 31, 2020, typical users of the products and services offered by this website reported earning, on average, an estimated $49.91 in profit.
**Tim Sykes has a minority ownership stake in StocksToTrade.com.