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AMC and GME aren’t the only Reddit Penny stocks to buy according to top Wall Street analysts

If you’re looking for penny stocks to buy right now, I’m sure you’ve seen a lot of attention being placed on social media, namely Reddit. The phenomenon that started earlier in the year with the action GameStop (NYSE: GME) sparked an avalanche of trading activity that spilled over to other heavily shorted names. Whether you’re talking about battered meat alternative stocks like Beyond Meat (NASDAQ: BYND) or bankrupt car rental companies like Hertz (OTC: HTZGQ), Redditors are going against the grain and focusing on “the anti- trade ‘in the market. This week, AMC Theaters (NYSE: AMC) took the lead among meme stocks. It’s hard to believe that earlier this year, stocks were trading around $ 2 a share. The first big move fueled by Reddit took broken theater stock to highs of $ 20.36 before taking a sharp turn in the weeks to come. As I’m sure many have seen, this meme stock has not only managed to recover, but hit new all-time highs this week. Has there been a major development that fundamentally changed the makeup of the company? No, but Redditors have certainly supported the AMC stock to a large extent. Hedge funds have long been viewed as groups that have “controlled” the markets for too long. This is the general thought process that resonates with retail marketers using Reddit and Twitter for their soap boxes. As we approach the middle of 2021, a new chapter is being written. It is no longer just a hunt for heavily short-circuited stocks. These same groups of retail traders are finding that the “crowd mentality” can significantly influence the markets. Enter penny stocks. Subnets like r / PennyStocks are gaining thousands of subscribers per day, looking for the next round of the most important stocks to buy. Reddit Penny Stocks to Buy Right Now If you are a newbie or brand new trader to the stock market in general, there are a few things to keep in mind. The first, and probably the most obvious, is that the risks are enormous. It’s not just the typical market risk but, along with the Reddit hype, you’ve got other things to consider as well. Needless to say, being on the safe side of a Reddit stock transaction is generally not a bad thing. Remember, there are a lot more things you can use to find the best penny stocks. One of these research tools examines what analysts are saying. Comments from some large companies, price targets and research reports seem to have resonated well with retail investors. In this article, we’ll discuss some of the popular penny stocks on Reddit that have also sparked interest from some of the biggest companies on Wall Street covering small businesses. After seeing what they discussed, this might provide additional data to add to your due diligence process in deciding whether certain hyped-up actions are worth the risk. Penny Stocks to Buy According to Wall Street Analysts: Ideanomics Inc. (NASDAQ: IDEX) Ideanomics has seen renewed interest in recent weeks on Reddit. Traders are circulating rumblings of interest in electric vehicle captions. If you look at the Ideanomics model, the company is focused on a diverse entry into the space. It offers everything from electric cars and motorcycles to charging systems and EV farm products like tractors. Since May 11, IDEX shares have climbed more than 30%. If Roth Capital analysts are to be believed, there could be a lot more benefits depending on their focus. Roth currently has a buy rating on the penny stock and gave him a target of $ 7 earlier this quarter. Based on the recent level of $ 3, this would equate to a move of over 130%. One has to see whether or not the penny stock reaches these levels. The current 52 week high stands at $ 5.53 which is also its all time high. After beating profits this month, retail traders put IDEX on their list of penny stocks to watch. According to CEO Alfred Poor, the outlook could be even brighter for the company. On a conference call earlier this month, Poor explained that its WAVE charging product line is being introduced in China with growing interest from seaports, airports and trucking companies. In addition, the first vehicles ordered by Treeletrik in Indonesia will be exported from Malaysia as finished products with deliveries scheduled from Q3 with Indonesia-based assembly facilities online in “Q4 or early 2022”. Poor explained that elsewhere, the Treeletrik team is finalizing these new headquarters and showroom in Kuala Lumpur with a schedule for August to move in. The editors are also circulating the recent update to Ideanomics’ acquisition agreement with US Hybrid, which manufactures and supplies fuel cells, drivetrains and components for zero-emission vehicles. In light of the Biden administration’s stance on carbon neutrality, this could be an interesting development to watch as the deal comes to fruition. Tellurian Inc. (NASDAQ: TELL) Shares of Tellurian also jumped this month on bullish retail sentiment. Since May 3, TELL shares have climbed more than 80%. It hit this week highs of $ 4.13, just 26 cents below the 52-week high it recorded in January. Tellurian hasn’t just been one of the Reddit penny stocks to watch out for. With growing interest in reopening trade and epicenter stocks, natural gas companies have gained traction. These were among the hardest hit during the early days of the pandemic, thanks to a drop in travel and trade. Tellurian stocks were actively trading at over $ 7 a share before the pandemic crisis last year to give you an idea. According to analysts at Wolfe Research, Tellurian is also expected to return to these levels. The company recently increased its price target from $ 5 to $ 7 while maintaining its outperformance rating. Wolfe analyst Sam Margolin noted that the outlook for Tellurian’s Driftwood liquefied natural gas project is “improved” due to a recent rise in global LNG prices. Margolin further explains that “the attractiveness of the project is sustainable in the environment of commodity prices”. Margolin’s comments could be further substantiated in light of the company’s recent deal with Gunvor Singapore Pte Ltd. In May, Tellurian signed a 10-year deal with Gunvor for the sale and purchase of liquefied natural gas, which includes 3 million tons per year period. Highlighting the potential of the transaction, Tarek Souki, Executive Vice President of LNG Marketing and Trade, said: “Our business model creates significant value for Tellurian; at current LNG prices, the deal represents the equivalent of approximately $ 12 billion in sales over the 10-year term of the deal. Flowchart (NASDAQ: OGI) Some marijuana stocks have cooled in recent weeks. However, thanks to a mix of corporate milestones and Reddit fueled hype, Organigram’s actions have gone against the general trend. If you look at industry ETFs like the ETFMG Alternative Harvest ETF (NYSE: MJ) or the AdvisorShares Pure US Cannabis ETF (NYSE: MSOS), they describe a relatively moderate cannabis market. However, if you look at OGI stock this month, the trend is different. Stocks rose from around $ 2.50 to highs this week of over $ 3. If analysts at Stifel Nicolaus and Raymond James are to be believed, Organigam could have more advantages. Earlier this quarter, both companies raised their targets to C $ 6, or about US $ 4.97. Raymond James analysts found that the company’s recent M&A strategy could add to its value proposition. Analyst Rahul Sarugaser wrote: “We view today’s acquisition of EIC as OGI’s decision to consolidate its already strong position in the Canadian edibles market, adding premium expertise in soft dough manufacturing material to its advanced automated chocolate manufacturing capabilities. Organigram bought The Edibles & Infusions Corporation (EIC) in April for $ 22 million, plus an additional $ 13 million in OGI shares based on milestones. The objective of this acquisition was to gain access to EIC’s edible product portfolio. The first sales of its products are expected in the fourth quarter of this year. This M&A trend appears to be a priority for several cannabis companies right now. This week, Hexo Corp. (NYSE: HEXO) announced a C $ 925 million purchase from Redecan, creating a major Canadian recreational cannabis company. The milestone agreement is divided into a cash payment of C $ 400 million, with the remainder owed in HEXO shares. You also can’t forget the acquisition of Aphria by Tilray (NASDAQ: TLRY). Final Thoughts on Penny Stocks Whether you are new to penny stock trading or a seasoned veteran, the choice to buy or sell is ultimately yours. How you come to a decision is up to you. Outlets like Reddit, Twitter, or even financial media platforms are great places to get information and build your thesis. Analysts’ ratings and company headlines are also useful for finding subtitles to buy. Due to the high-flying nature of cheap stocks, there is usually something for everyone. Just remember that penny stocks can go down as quickly as they can go up, so having a plan in place before you even hit the buy button is a must. “GameStop” by JeepersMedia is licensed under CC BY 2.0 Learn more about BenzingaClick here for Benzinga options trading © 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


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