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Investing in penny stocks could be an option for long-term returns, although its volatility is one of the few factors that investors should keep in mind before investing.
On that note, let’s look closely at three penny stocks listed on the Canadian Securities Exchange (CSE) that are getting the attention of retail investors on social media platform Reddit.
Victory Square Tech (CSE:VST)
Stocks of Victory Square Tech surged by one per cent on Monday, May 31, after the company posted positive net income for the fifth consecutive quarter. VST scrips closed at C$ 0.77 per unit on Monday.
The communication services and interactive media firm manages 20 portfolio companies focused on capturing the uptrend in emerging technologies such as artificial intelligence, machine learning, sports betting and blockchain.
In the first quarter of 2021, the company recorded an adjusted net income of C$ 5.1 million and diluted earnings per share of C$ 0.05.
Victory Square stock had a whopping 710.5 per cent growth in the past year and that of 40 per cent year-to-date (YTD).
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VSBLTY Groupe Technologies Corp (CSE:VSBY)
VSBLTY Groupe Technologies’ share price jumped by 25 per cent to close at C$ 0.57 apiece on Monday. The sudden spike could be due to investor attention on Reddit and recent business developments of the company.
In the past one week, VSBLTY stock surged by 16 per cent. It skyrocketed by 171 per cent in the past one year and surged 137.5 per cent in the last six months.
The innovative firm develops software solutions for digital display platforms. On May 20, multinational conglomerate Johnson Control expanded its partnership with VSBLTY to enhance shopper engagement at point-of-purchase.
Maintaining a robust balance sheet in the first quarter of 2021, the company recorded cash of US$ 2.3 million.
PlantX Life Inc (CSE:VEGA)
The demand for all things plant-based is booming around the world and vegan goods manufacturer PlantX, a rapidly growing company, could capitalize on this trend.
The plant-based food market is reportedly going to value at US$ 74.2 billion by 2027 and grow at a compound annual growth rate (CAGR) of 11.9 per cent.
On Monday, the company announced that it is partnering with tennis superstar Venus Williams, who is a vegan herself, to promote the plant-based company's products.
In April 2021, PlantX posted record monthly gross revenues of C$ 2 million, reflecting a 30 per cent increase month-over-month (MoM). The cost of goods sold was C$ 1.6 million in the same month.
VEGA shares climbed about two per cent on Monday, to close at C$ 0.58 per unit. The stock soared by 3.5 per cent in the past week and grew 480 per cent in the last one year.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from Refinitiv.
