Last week, we profiled some of the biggest potential penny stock gainers for the month of May. While many of those picks have already taken off, there are still plenty of stocks left to discuss. That’s why we’re checking in again to highlight some of today’s big winners.
4 Tech Penny Stock Gainers for May 20: Cinedigm Corp (NASDAQ:CIDM)
Cinedigm is focused on the digital transformation of content distribution. The company provides content, channels, and services to the world’s largest media, technology, and retail companies. In total, its content and networks groups provide original and aggregated programming, channels, and services that entertain consumers globally across hundreds of millions of devices.
Unlike most stocks, CIDM was virtually unaffected by the COIVD-19-driven crash earlier this year. Its share price remained static around the $0.60 mark from the start of 2020 through market closing on Tuesday, May 19. However, as of this morning, CIDM suddenly jumped from $0.62 to $2.43. That’s nearly 300% growth in a single session, making it the hottest penny stock of the day and the #1 entertainment stock.
Despite such rapid value gains, analysts have set an even higher consensus price target for CIDM at $3.00. This represents a 23.2% upside from its current price.
4 Tech Penny Stock Gainers for May 20: Phunware Inc (NASDAQ:PHUN)
Phunware is the pioneer of Multiscreen-as-a-Service. MaaS is a cloud platform for mobile devices that provides companies with the solutions necessary to manage and monetize their mobile application portfolios and audiences globally. The company boasts the fact that more than one billion active devices reach its platform each month.
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Much like CIDM, PHUN wasn’t a part of the broader market crashes that occurred in February and March. It did, however, steadily lose value from the start of the year, falling to approximately half of its value by the end of session yesterday. Fortunately, things turned around today for PHUN, as it’s up 141.8%, growing from $0.62 to $1.59.
This spike was driven by the news that Phunware is partnering with HP to integrate its MaaS into that company’s healthcare offerings. This will greatly raise PHUN’s profile and will likely provide the company with a lot of new capital.
4 Tech Penny Stock Gainers for May 20: Boxlight Corp (NASDAQ:BOXL)
Boxlight is a provider of technology solutions for the global learning market. The company aims to improve both learning and engagement in classrooms and to help educators enhance student outcomes. It develops, sells, and services its integrated, interactive solution suite, including software, classroom technologies, professional development, and support services.
As the broader markets crashed in February and March, BOXL saw a sharp sell-off that left it at a low of $0.35. For reference, the stock was trading above $4.00 during the same period in 2019. The rest of April and May remained rocky for BOXL until this Monday, when it began to rally. Now the stock has gained more than 100% from the start of the week and could continue to grow from here.
According to MarketBeat, analysts have set a consensus price target for BOXL at $5.00. This represents a further 287.60% upside from its current price of $1.27.
4 Tech Penny Stock Gainers for May 20: Cheetah Mobile (NYSE:CMCM)
Cheetah Mobile is a leading mobile internet company with global market coverage. The company provides its advertising customers with direct access to highly targeted mobile users and global promotional channels. In addition, it provides value-added services to its mobile application users through the sale of in-app virtual items on selected mobile products and games.
CMCM opened 2020 at $3.71, and by mid-March had reached a low of $1.92. It spent the rest of March, April, and most of May fluttering around the price. Since the start of the week, however, its share price has jumped more than a dollar.
The jump occurred after the company announced a large special cash dividend. The company also announced that it sold off its stake in ByteDance, the parent company of TikTok. These twin factors caused investors to rush CMCM, creating a major run. While its gains today are impressive, there’s not much reason to expect this run to continue once today’s session is over.
Other Penny Stock Gainers to Consider
If none of the above catch your fancy, consider looking into Select Interior Concepts Inc (NASDAQ:SIC), Surface Oncology Inc (NASDAQ:SURF), Dolphin Entertainment Inc (NASDAQ:DLPN), and AeroCentury Corp (NYSEAMERICAN:ACY). All of those companies also saw considerable gains today.
And, as always, make sure to do your own research before taking a position in any stock discussed here. Good luck!
Featured image: DepositPhotos © aremafoto
