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March 17, 2021, 11:12 a.m. EDT

Hot Penny Stocks To Buy Right Now? 5 To Watch If You Like Tech

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Mar 17, 2021 (Penny Stocks via COMTEX) -- Are These 5 Tech Penny Stocks On Your Radar Right Now?

Over the past few months, tech penny stocks have seen more bullish sentiment than in many months prior. While the beginning of Covid hurt all stocks, tech stocks managed to come out on top. While they aren't necessarily considered reopening stocks, tech companies have benefitted from the pandemic. With more people at home than ever before, the need for tech is more palpable than ever.

This is doubly true for the massive workforce engaged in work-from-home. While larger companies like Tesla and Apple have seen bullish sentiment, there are hundreds of penny stocks in the tech industry to consider as well. Because of this, the options are almost limitless. While we still have to choose wisely, many companies are competing to have the top spot.

Within the tech industry, there are several niches. These include companies focused on enterprise operations, medical tech, tech devices, and so much more. As you may know, tech plays an integral part in everyday life around the world. With vaccines being distributed and the economy returning to normal, the pandemic's effects will not disappear overnight.

This means that our reliance on tech and tech products is likely to remain for the long term. With IoT and other tech integration becoming the norm, more and more investors continue to turn their attention to tech penny stocks. Will any of these be top penny stocks to buy or should they be avoided at this point?

Tech Penny Stocks to Buy [or avoid]

Penny Stocks To Buy [or avoid] #1: Qudian Inc.

Qudian Inc. is a micro-lending firm that has seen some solid gains in the past few trading sessions. It operates as a tech platform that allows Chinese consumers to access personalized credit solutions. This could be small credit lines aimed at discretionary spending or other financial needs. Currently, there are little to no options for those who larger financial institutions cannot serve.

The company is aimed at the younger generation, where the need for small credit lines may be more palpable. While Qudian does not release a large quantity of data, we can use its most recent financial statement to see where the company is at. In the third quarter of 2020, Qudian published a report showing more than 81.3 million registered users on its platform. This is a jump of around 4% over the previous years same period.

The company was also able to lower its outstanding loan balance by 34.5%, representing a relatively more stable financial position. Mr. Min Luo, CEO of Qudian, stated that "in the third quarter, we maintained a prudent approach to the operation of our cash credit business amid fast-evolving regulations regarding online lending. We also remained focused on protecting our net assets, continuing to implement stringent credit approval standards to navigate the dynamic operating environment."

While revenue did decrease by around 67% to $125 million in this quarter, this makes sense given the financial hardships resulting from Covid. With China moving beyond the pandemic, it seems as though Qudian's services could become more popular. With this in mind, is QD on your list of penny stocks to watch?

#2: MICT Inc.

MICT is a penny stock that we've covered several times in the past few months. MICT is another tech company working in the fintech market. Specifically, MICT offers online brokerage services and insurance products in several foreign markets. Also, the company operates its Mobile Resource Management business based in the U.S.

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