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New Penny Stocks to Buy in 2021? 3 To watch after the Bitcoin crash

Are the best Penny stocks to watch right now electric car stocks?

Some of the best penny stocks to buy recently were those that were exposed to cryptocurrencies. These include everything from Bitcoin and Ethereum to stocks even like Dogecoin. This caused a whole stream of small market trends. Everything from NFT stocks to crypto mining companies has been in the spotlight. With that, the prices of these digital assets have done the same.

Most cryptocurrencies and crypto stocks have reached all-time highs. As we have seen recently, this surge has been relatively short-lived in the grand scheme of things. Does this mean digital assets are over? Not necessarily, but when one trend cools, other trends tend to heat up.

Over the weekend, several outlets, including Reddit, StockTwits and Twitter, began to see conversations with EV stocks at the center of attention. He didn’t just focus on Chinese electric car inventories, as that was at the end of last year. It’s more about the industry in general. Obviously, the markets haven’t had the most success with tech-related growth names in recent weeks. Turbulence in tech stocks has triggered worrying trends among retail traders.

Either way, there are micro-trends to consider in light of recent government initiatives. EV is one of those micro-trends. Thanks to President Biden’s electric vehicle plan, I’m not surprised that electric vehicle inventories remain a sticking point. But are they worth it now? With the tech sell-off and problems with the global chip shortage, volatility quickly returned to auto stocks. Does this mean electric vehicles should be avoided altogether? Not so fast. Thanks to the attention generated by new US initiatives, EV actions are now more focused.

New EV Penny stocks to watch in 2021

We saw the same names hit the headlines last year when it comes to EV. Chinese electric car stocks like Nio (NYSE: NIO) and US giants like Tesla (NASDAQ: TSLA) have caught the interest of mainstream media. However, below the first level of public interest is a whole ecosystem of companies that could benefit from a plan like Biden’s $ 174 billion electric vehicle proposal.

Even though we’re talking about businesses that may never see a dime in the budget, sentiment can become a driving force behind industry trends. We have seen that dynamic emerge on a larger scale this year. Companies like GameStop (NYSE: GME) and AMC Entertainment (NYSE: AMC) surged in January. This month, they’ve once again become some of the most popular Reddit stocks to watch out for. In this article, we’re going to take a look at some of the other EV names that have taken an interest in the stock market in 2021. Will these “new penny stocks” be the best to have on your watch list in May? I’ll leave it to you to decide.

Ideanomics (NASDAQ: IDEX)

While not necessarily one of the “new penny stocks” for PennyStocks.com readers, it may be one of the “new” names that are gaining momentum in light of EV trends. on the market. Ideanomics has evolved from a company developing a brand of electric cars to a company that is more of a larger holding company.

He currently has several brands and products focused on electric vehicles under his umbrella. This includes everything from its commercial fleet brand MEG to its WAVE wireless charging systems for commercial and transit fleets. The company has also expanded its reach into areas such as electric tractor products and even performance electric motorcycles through its company Energica.

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With a wide range of synergistic brands under its control, Ideanomics has expanded its offering in recent quarters. In fact, the interest doesn’t just come from retail traders. This quarter, Roth Capital analysts launched Ideanomics at Buy and gave it a target of $ 7. Analyst Craig Irwin explained that “Ideanomics has assembled a strategic selection of 12 companies to target emerging growth opportunities in commercial electric vehicles and fintech. We appreciate the rapid success of IDEX’s portfolio of EV business technology companies, as the founding entrepreneurs appear to benefit from collaborative resources and technologies, also accelerating business development.

Last week IDEX share increased after reporting an income beat. The company also saw strong sales growth compared to estimates. Wall Street expected sales to reach around $ 11 million, while the company grossed more than $ 32 million for the quarter. In addition, CEO Alf Poor explained that the company has been “the healthiest” for almost 3 years since Poor has been a part of it. With a large portfolio of EV offers and significant growth, IDEX share May be one to watch as the EV trend continues to garner market interest.

Kaixin Auto Holdings (NASDAQ: KXIN)

Actions of KXIN Stock took a great initiative during the after-sales negotiation on May 21. The penny action has been trading sideways for the past few weeks, but on Friday it returned above $ 2.60 for the first time since the first week of May. While there were no immediate catalysts to point to, there are a few things to keep in mind when it comes to Kaixin at this time.

The greatest interest is on its impending acquisition of Haitaoche Limited. Last month, the company received approval from NASDAQ to proceed with the transaction. Further, Kaixin explained that subject to certain closing conditions and shareholder approval, the planned closing of the transaction would take place in “May 2021”.

Since this update, no news has been released regarding the transaction. However, what we do know is that once closed Haitaoche is expected to add value to Kaixin’s offering. In particular, the company’s online retail platform has been recognized for its success in selling imported automobiles. In addition, Haitaoche is expanding its sales system in the field of electric vehicles.

Also, keep in mind that Haitaoche has a cooperation agreement in place with Jingdong Century Trade Limited, which is best known for its online retail platform (www.jd.com). This could add another layer of exposure to a broader consumer base in the automotive e-commerce market. It serves more than 471 million active customers. So with the ongoing acquisition and additional agreements with JD.com, KXIN Stock could be on the list of electric vehicle names to watch out for.

New penny stocks to buy Kaixin Auto KXIN stock chartTantech Holdings Ltd. (NASDAQ: TANH)

Tantech Holdings shares surged late last year. In fact, if you were an active reader of our articles, you would have seen this unfold in real time. TANH action rose from less than $ 1 to over $ 3.65 between June 2020 and early November. However, the music stopped after Tantech announced heavily discounted funding, which saw the penny stock drop to a low of $ 1.19.

This year has been relatively mixed for TANH, but recently it seems to have walked around the $ 1 level. Similar to KXIN, TANH gained momentum during Friday’s after-sales session. It eventually climbed back up to $ 1.22, a level it hasn’t traded in weeks.

There were no headlines to associate with the move – however, a growing sentiment stemming from the latest EV speculation. While the greatest interest came from its use of bamboo charcoal for face masks last year, the EV trend could become a larger focus for Tantech this year. In the company’s annual report last month, Mr. Wangfeng Yan, CEO of Tantech, added, “We will continue to leverage our leadership position in the charcoal products industry to boost revenue. , profit growth and an increase in operating cash flow. At the same time, we continue to build momentum in the electric vehicle market, where we currently hold more than 20 core technologies and electric vehicle patents, including nanotechnology for raw materials for power electronics in the world. lithium, lithium power electronics group technology and battery management technology.

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Will sentiment play the biggest role with TANH action, or are there some fundamental new developments that have piqued interest in the company? It’s a question traders will likely decide if it’s on their list of penny stocks to watch this week.

new penny stocks to buy Tantech Holdings TANH stock marketShould EV Penny stocks be your top priority this week?

Stocks of electric cars and EVs, in general, are all the rage. This means that fundamentals generally play a supporting role, but sentiment has taken the lead so far. Considering the guidelines that not only the United States but other countries are taking to support the development of EVs, this has started to present an interesting market opportunity.

Nonetheless, with Bitcoin and cryptocurrencies in the background, several new subtitles have focused. Last week, EV stocks have seen some momentum. It will be interesting to see if that same movement continues at the top of this week. Just keep in mind that when sentiment plays a role, volatility is sure to follow.

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