3 Canadian Hot Penny Stocks Reddit Traders Are Psyched About

Summary

  • In the past, Reddit users have proved their ability to move the markets.
  • In this article, we have shortlisted three penny stocks that were trending on the social media platform.
  • If you’re on the lookout for penny stocks, try exploring this three stocks.

Reddit, the popular social media platform, has become a hub for retail and debutant investors. In the past, Reddit users proved their ability to move the markets, especially when GameStop and AMC shares started soaring after trending on the popular websites and forums.

When it comes to penny stocks on Reddit, the list keeps changing as traders continue to scout for hot penny stocks and then spread the word on several stock groups. In this article, we have shortlisted three penny stocks that were recently trending on the social media platform. 

These companies are: Greenlane Renewables Inc. (TSX:GRN), Photon Control Inc. (TSX:PHO), and Supreme Cannabis Company Inc. (TSX:FIRE). Let’s find out their recent stock performances and key financial highlights:

 

Greenlane Renewables Inc. (TSX:GRN)


Greenlane Renewables Inc. (TSX:GRN) produces clean and renewable natural gas. The company's prospects look good as it is likely to benefit from the country's focus on creating a green economy. As per TMX, the company's market cap is C$ 213 million and its debt-to-equity (D/E) ratio stands at 0.26.

One-year chart of stock performance of Greenlane Renewables (Source: Refinitiv/Thomson Reuters)

On February 17, 2021, the GRN stock touched a 52-week high of C$ 2.96. It has since dropped by 47 per cent and was trading at C$ 1.57 apiece on May 6. However, it climbed 391 per cent from a 52-week low of C$ 0.32.

The company achieved strong financial results in 2020 and posted a record revenue of C$ 22.5 million, an increase of 147 per cent year-over-year (YoY). The cash and cash equivalents increased to C$ 16.4 million in the same period.

The stock's six-month growth is 175 per cent and it swelled by 302.5 per cent in a year.

 

Photon Control Inc. (TSX:PHO)


The manufacturer of fiber optic process monitoring systems offers an 18.24 per cent return on assets (ROA). Its shares closed at C$ 3.08 apiece on Thursday, May 6. The market cap of Photon Control Inc. (TSX:PHO) is C$ 323.7 million.

PHO stock grew by about 11 per cent in a month and based on a 30-day average, over 396,000 shares were traded on the Toronto Stock Exchange (TSX).

One-year chart of stock performance of Photon Control (Source: Refinitiv/Thomson Reuters)

In a year, the stock surged by 175 per cent and its year-to-date (YTD) growth sits at 52.5 per cent. The company posted record annual revenue of C$ 64.7 million, almost double of what it achieved in 2019.

Photon's annual adjusted EBITDA increased to C$ 22.8 million from C$ 7.2 million in 2019.

 

Supreme Cannabis Company Inc. (TSX:FIRE)


The producer of medicinal and recreation cannabis will be acquired by Canopy Growth Corporation (TSX:WEED) in a deal worth C$ 435 million. Supreme Cannabis Company Inc. (TSX:FIRE) holds a price-to-book (P/B) ratio of 1.34 and its market cap is C$ 255.6 million.

In Q2 2021, the net revenue was C$ 18.3 million, up from C$ 9.1 million in the same quarter of the previous year. The positive adjusted EBITDA was C$ 3.6 million and maintained a strong liquidity position with a cash balance of C$ 41.9 million pro forma.

One-year chart of stock performance of Supreme Cannabis (Source: Refinitiv/Thomson Reuters)

In the past three months, the stock grew by 16.5 per cent. In terms of YTD growth, the stock skyrocketed by 116 per cent and outperformed S&P TSX Pharmaceuticals (Industry) Index which plunged by about nine per cent in the same period. 

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.


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