Meme stocks are back in focus as many trending penny stocks push up during today’s trading session. Now, if you’ve traded penny stocks in the past year and a half, you likely already know what meme stocks are. This includes companies such as AMC Entertainment Holdings Inc. (NYSE: AMC), GameStop Corp. (NYSE: GME), and a handful of others. But, if you’re not familiar with what meme stocks are, let’s go over a quick breakdown.What Are Meme Stocks And Why Are They Popular?
The meme stock trend began more or less at the beginning of this year when shares of GME stock shot up by over 1700% in the span of a few weeks in January. This was the result of thousands of traders coming together on social media platforms to invest in a company that they had an emotional connection to.[Read More] Best Energy Penny Stocks to Buy Under $4? 3 For Your Watchlist
GameStop at the time had a very sizable institutional short position against it, and the company itself was on the brink of bankruptcy. These traders did not want to see that happen, and therefore, caused a short squeeze resulting in that major gain. So, after seeing the power that retail traders could have when banded together, this trend continued to occur with dozens of stocks in the coming months.
And now, it is clear that the meme stock trend is not going anywhere anytime soon. While it is difficult to tell which penny stock could explode next, with the right trading strategy, it is possible to find winners before they take off. So, to go deeper into the current meme stocks, let’s take a look at three penny stocks that are shooting up today.3 Penny Stocks to Watch With Meme Stocks in Focus
- Vinco Ventures Inc. (NASDAQ: BBIG)
- Camber Energy Inc. (NYSE: CEI)
- Luokung Technology Corp. (NASDAQ: LKCO)
Vinco Ventures is a classic example of a meme stock. In the past month shares of BBIG stock have shot up by over 219% to its current price of almost $8.75 per share. While this means that it isn’t technically a penny stock, it was only a few weeks ago. And for that reason, it’s worth discussing.
While BBIG stock is highly volatile, it is also a perfect case study for how a penny stock can leave penny stock territory off of pure speculation. So to understand this further, let’s take a closer look at Vinco Ventures. On September 16th, the ex-dividend date for when shareholders of BBIG stock would receive shares in its subsidiary, Cryptide came. While Cryptide is not publicly traded, this is an exciting update for investors to consider.[Read More] 3 Robinhood Penny Stocks to Watch In the Second Half of the Month
Only a few weeks ago, in the company’s Q2 2021 financial results, it stated that it had completed the acquisition of 80% of Lomotif with and ZASH Global Media and Entertainment through the joint venture known as ZVV Media Partners, LLC. And, with a big hand in blockchain, the company also acquired the assets of Emmersive Entertainment in an all-stock deal.
It’s clear that Vinco has operations in many unique markets including blockchain, crypto, and other tech-related ventures. And as a result, it is subject to extreme speculation. But, with its major rise in value in the past month and considerable meme stock status, BBIG stock could be worth watching.Camber Energy Inc. (NYSE: CEI)
Another penny stock that has become a meme stock in the past month or so is CEI. It’s worth noting that we’ve been covering Camber Energy Inc. for months now, however, it has risen substantially in value during that time. With a 3% gain or so at midday on September 16th, shares of CEI have climbed by over 320% in the past month. This is a staggering uptick, and one that is made possible by its status as a trending stock.
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One of the reasons for this gain is CEI’s position as a potential short-squeeze stock. This is one aspect that most meme stocks tend to carry simultaneously and one that often results in major gains like the one seen here. For some background, Camber owns a large interest in many oil and natural gas assets around the U.S. In addition, it provides energy solutions to both commercial and industrial customers around the continent. While there is a lot of bullish sentiment in the energy industry right now, CEI’s movement goes well beyond this.
Recently, it did announce a new patented carbon-capture system via its subsidiary Viking Energy Group Inc. This is a big deal for the company, and one that could provide both Camber and Viking with sustained revenue if all comes to fruition. So, while CEI stock is highly volatile right now, it could be worth considering for your penny stocks watchlist.Luokung Technology Corp. (NASDAQ: LKCO)
Up by around 14%, today are shares of another meme stock, Luokung Technology Corp. This brings its YTD and one-year gain to over 115% and 283% respectively. If you’re not familiar, Luokung is a provider of spatial-temporal big data services. This includes high-definition mapping and location-based services in China. And together with its affiliate, eMapGo, it is a leading provider of these offerings. Today, the company announced that eMapGo has signed a cooperation agreement with Microsoft to launch a new autonomous driving services platform for automakers.
“As the demand for flexible computing continues to expand, China’s autonomous driving data service market shows significant room for growth…
We are pleased to develop our existing relationship with Microsoft in this effort to promote the development of safe and intelligent autonomous driving in China.”Mr. Xuesong Song, Chairman, and CEO of Luokung
This is a major announcement for the company and one that provides it with a sizable market opportunity in the future. And, LKCO is also a highly discussed penny stock on social media, easily adding it to the list of meme stocks. So, considering this announcement, will LKCO stock make your list of penny stocks to buy?Are Meme Stocks Worth Watching or Not?
Finding the best meme stocks under $5 can be challenging without the right information on hand. But, with a proper understanding of how the stock market works and how to take advantage of it, it can be more than achievable.
Considering that there are so many moving parts in the market right now, making money with penny stocks can be challenging. But, if you have a proper trading strategy and do all the research necessary, it can be done. Considering all of this, do you think that meme stocks are worth watching or not?