On the Russell 3000, retail investors account for around 10% of daily trading volume. Software, biotechnology, and space technology are common growth domains for penny stocks. Last year, at the height of retail investor interest in the market, retail investors accounted for 15% of daily trade activity on US stock exchanges. The next big penny stock is being discussed a lot on Reddit communities. Apple Inc., AMD, Tesla, and Alibaba Group Holding Limited are among the top stocks discussed. This year, these ordinary investors have invested more than $500 billion in stocks. According to Panigirtzoglou, small- and mid-cap equities have outperformed the S&P 500 since March 2020. This represents the stock market’s shift toward growth and small-caps in the United States. Fintech and cryptocurrencies have also thrown the financial world into disarray.
Here is Insider Monkey’s list of the 10 new penny stocks Redditors are buying. Cinedigm Corp. is ranked tenth. The company specializes in short-form content distribution and marketing. Alliance Global Partners boosted its price objective to $3.25 from $3, citing its strong growth prospects. Verb Technology Company, Inc. is rated ninth. For commercial clients, the organization provides software-related services. Alliance Global Partners maintained a Buy rating on the stock and increased the price objective to $4 from $2.75. BEST Inc. is a Chinese firm that sells smart supply chain solutions via a cloud-based technology platform. With 22 million shares worth more than $14 million, Soros Fund Management is the largest shareholder in BEST Inc. Citius Pharmaceuticals, Inc. is ranked seventh. Renaissance Technologies, a New York-based investment firm, is a significant shareholder in the company, owning 1.8 million shares worth more than $6.6 million. CorMedix Inc. is ranked sixth among the top ten new penny stocks that Redditors are buying. The company is based in New Jersey and focuses on the development of medications for infectious disease therapy. Truist kept his Buy recommendation but decreased his price target from $30 to $27. For more details, click 10 New Penny Stocks Redditors Are Buying.