Tech penny stocks are always an investor favorite. Sharing the stage with FAANG stocks will help any smaller-capped company shine if its shares begin moving skyward.
In recent weeks, the Resonant Inc (NASDAQ:RESN) penny stock has been climbing and now, all eyes are watching.
The company focuses on developing late-stage innovative software, IP, and service platforms for radio frequency front-ends used in the mobile device industry in the United States.
Tech Penny Stocks to Watch
At the current price of $3.37 USD, RESN shares are on a bull run, having climbed from the $2.27 mark in mid-January. Gains such as this represent an increase of roughly 50%.
But according to Post Analyst, there may be much more fuel left in the tank for the RESN penny stock:
“[Analysts] see Resonant Inc. (RESN) price hitting a mean target of $6.9 a share, meaning the stock still has potential that could lift the price another 109.09%. Also, the recent close suggests the stock is underpriced by 142.42% compared to the most bullish target.”
With analysts backing this stock with such high expectations, is now an opportunity?
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XBAR Update
Another impetus for the impressive penny stock movement is an update to the company’s latest technology, its “breakthrough XBAR technology” for 5G mobile devices. In a press release dated February 11th, the company described the significant progress it has made with this technology:
“The first filters using our XBAR resonators have been fabricated and current tests of these XBAR filters are demonstrating the capability to handle the wider passbands required for 5G […] we believe XBAR filters will enable faster adoption of 5G, from sub-6 GHz to up to 30 GHz—an annual market we believe will grow to be more than $10 billion.”
With everything moving in the right direction for Resonant Inc, investors may be on to a good thing with this penny stock.
But what do you think? Would you invest at this stage of XBAR development or hold-out for RESN stock to deliver even more gains?
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