Oct 04, 2021 (Penny Stocks via COMTEX) -- That's right; Facebook is down. But not only Facebook but the whole suite of Zuck's apps. Instagram is down, WhatsApp is down, and even Messenger is down. Why is Facebook down? Well, if you go to its Twitter feed, the company explained that it is "aware that some people are having trouble accessing the Facebook ( NASDAQ:FB ) app. We're working to get things back to normal as quickly as possible, and we apologize for any inconvenience."
But that doesn't mean all social apps are down. If you're looking for some of the best penny stocks to buy on social media, Reddit has become a more prominent place to look. This is, of course, where the whole meme stonks craze began earlier in the year.
Read more:Penny Stocks Under $1 To Watch For October 2021
Tracing its origins back to popular sub Reddits like r/WallStreetBets r/RedditPennyStocks, and r/PennyStocks, AMC Entertainment ( NYSE:AMC ), Vinco Ventures ( NASDAQ:BBIG ), and plenty of others got their retail trading spark from Redditors. So while you might be wondering, Why is Facebook down," if you're a trader looking to gauge some social sentiment, there are plenty of other places to search right now.
Best Penny Stocks To Buy [or avoid] On Reddit
Today we're looking at some of the trending penny stocks today. Whether it's Reddit, Twitter, or popular chatrooms, retail traders have begun actively mentioning these names in different circles. Some you may recognize as potential short squeeze stocks. Others may have gotten mixed with low float stocks. Meanwhile, there could be some companies on this list of penny stocks that are brand new to you. In any case, I'll leave it up to you to decide if they're worth adding to your watchlist or avoiding entirely.
Cinedigm Corporation ( NASDAQ:CIDM )
Camber Energy ( NYSE:CEI )
Evolve Transition Infrastructure ( NYSE:SNMP )
ContextLogic Inc. ( NASDAQ:WISH )
Reddit Penny Stocks To Buy [or avoid] #1. Cinedigm Corporation
One of the active penny stocks today is Cinedigm Corporation. This is one of the names we've followed for a while now. While I won't give you a full deep dive on the company, there are a few things to make note of right now. That's especially true when discussing any streaming entertainment stock, in my opinion. Thanks to the stay-at-home orders of the 2020 pandemic, many became more used to cutting the cord. With that has come a slew of new streaming platforms that are all hungry for adding new content to their catalogs.
Cinedigm is a content provider offering streaming channels and technology services to leading media and retail companies. This week, in fact, the company announced the newest milestone from its Fandor streaming service. According to press, Fandor was named the "Netflix for Indie Film" by the Wall Street Journal. Debuting a new look to the platform, Cinedigm explained that this new look with a wider footprint and more content acquisitions on the horizon will offer subscribers more access to thousands of hours of entertainment.
Erick Opeka, President & Chief Strategy Officer of Cinedigm explained, "Fandor has been a pioneer in this space and offers a haven for Cinephiles looking for deep and meaningful titles that made them fall in love with films in the first place. Cinedigm's commitment to independent film has never been stronger and, as the company grows into a global brand, that dedication has caught the attention of filmmakers around the world."
Though it isn't one of the short-term skyrocketing names on this list, CIDM stock has steadily risen over the last few months. Since January 4th, the penny stock has climbed from under $0.70 to over $2.80 within the last few weeks.
2. Camber Energy /zigman2/quotes/201242655/composite CEI 0.00%
Energy penny stocks are hot this week. With a mix of excitement focused on traditional oil and gas paired with momentum from renewable energy, many of these companies are heating up scanners. Camber Energy has become somewhat of a bellwether for carbon capture penny stocks. That's thanks, in part, to a move that it made from August to September of over 1,200%.
Thanks to its new meme stock status, groups of traders on social media have followed this company closely more recently. Similar to Progenity, Camber has been wrapped into the short squeeze penny stocks niche. As of right now, most outlets show a short float percentage of around 24%. By most accounts, anything over 20% is considered high.