Hot Tech. Stocks On The Move: AWIN, SLNH, SPRU, MMAT, NNDM

The tech sector is almost always in focus among investors due to the sort of wealth it has created over the past decades. Some of the biggest tech companies in the world were once trading for pennies and hence, it may be a worthwhile niche to research. Here is a quick look at five tech penny stocks that may well be worth tracking.

AERWINS Technologies Inc (NASDAQ:AWIN) was the biggest gainer on Wednesday’s trading session and gained 45% on a hefty volume.

The company’s mission statement states that it is focussed on Changing Society from the Top Down. AERWINS Technologies Inc is best known for having developed and launched an air mobility platform in addition to the XTURISMO hovercraft. The company is committed to working on further innovations so as to realise its vision of an air mobility society.

On July 17 the company unveiled its blueprint for the XTURISMO, which AERWINS Technologies believes would bring about a revolution in personal transportation. The technology had been developed by the company for the launch of its new hovercraft later this summer in Japan.

The company already received all the relevant approvals from the Japan Civil Aviation Bureau. The unique patented design from the company brings the novelty of electric cars with the excitement of air travel. It was further noted that the company had also accepted initial orders aimed at the exclusive launch of its first commercial model. The deliveries are scheduled to commence at some point in the third fiscal quarter of 2023.

Solana Holdings Inc (NASDAQ:SLNH) was one of the biggest gainers in tech. space and surged 29%, extending its weekly rally to 56%. Moreover, the stock is now up 89% in the past month.

The company is one of the leading developers of green data centers which are involved in the conversion of extra renewable energy to global computing resources. Solana Holdings Inc is focussed on constructing scalable, modular data centers for the purpose of computing and batchable applications like Bitcoin mining, machine learning, and artificial intelligence. This week the company announced that it had managed to make considerable progress with regards to its commercialization plan for Project Sophie and Project Dorothy.

The company announced that Project Sophie had become fully operational while Project Dorothy had been supplied with 30 MW of equipment. It was a significant bit of progress for Solana Holdings since it put it on course to hit the internal milestone of 2 EH/s under management. More importantly, these developments and milestones also resulted in a better cash position for the company on a year-on-year basis. The Chief Executive Officer of the company John Belizaire spoke about the development too. He noted that the company had continued to executive on the plan that had been laid out in a letter to the shareholders.

Spruce Power Holding Corporation (NYSE:SPRU) – stock went up 11% in yesterday’s trading session, extending monthly gains to 18%. However, the stock is still down 19% in the past year.

 The company operates and owns distributed solar energy assets in the United States. Spruce Power Holding Corporation offers subscription-based services to small businesses and households to maintain and own rooftop battery storage and solar. The Denver, Colorado headquartered company currently provides its subscription-based plans to 72,000 customers.

On May 15 the company announced its financial results for the first fiscal quarter ended on March 31, 2023. Spruce Power Holding Corporation recorded revenues of $18.1 million for the quarter, which was the same as the previous quarter. The operating expenses for the quarter came in at $17.6 million, which was lower than the $30.6 million under the same overhead in the prior year period. The net losses attributable to stock holders for the quarter were $19.4 million and that included $15 million from continuing operations.

Meta Materials Inc (NASDAQ:MMAT) – The advanced nanotechnology and materials company is involved in the development of new products and technologies through innovative sustainable science. The advanced materials from Meta Materials Inc can help in improving products that are used daily by making them smarter and more sustainable. On July 10 the company made the announcement about the key appointment of its new Chief Legal Officer Daniel Eaton.

The appointment went into effect on July 12. Eaton brings an eclectic combination of expertise in electrical engineering, intellectual property law, and deep knowledge of the tech sector at large. The company noted at the time that Eaton would leverage his expertise to bolster Meta Materials’ intellectual property portfolio, corporate governance, and financial performance.

MMAT stock has seen a sharp fall since the start of the year and lost over 80%. The stock is now trading at $0.21, very close to its 52-week low of $0.17.

Nano Dimension Ltd (NASDAQ:NNDM) – The company is focussed on the transformation of current electronics and mechanical manufacturing into Industry 4.0. That would entail economically efficient and environmentally friendly additive precision manufacturing through the delivery of solutions that convert digital designs into electronic or mechanical devices.

Yesterday, Nano Dimension Ltd provided a thorough presentation about its superior strategy for maximizing value to the shareholders of Stratasys Ltd. It also highlighted a number of failings of the Board of Directors at Stratasys. In the presentation, the company urged the shareholders to vote for the nominees who had been put forward by Nano Dimension.

NNDM stock has seen a sharp reversal in the past month with a gain of 41% and wiped out all the fall in the past year.