If you’re looking for penny stocks on Robinhood, you’re not alone. There’s been a surge of new traders this year and the pandemic is to thank. Considering how many people are stuck at home and the tens of millions who are unemployed, the stock market has offered new opportunities to make money.
On that note, it has also offered plenty of ways to lose money too. In reference to the latter, it’s important to note that just because you can trade penny stocks, doesn’t mean you’re born with an inherent ability to make money in the stock market. The long and short of it is that it takes time, skill, and keen understanding to become consistently profitable.
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So, if you’re reading this right now and are brand new to trading, start with education first. Don’t just dive into the market and treat it like a casino. The fact is, with a sound strategy and a good understanding of how to trade, you could make trading stocks a full-time gig. But again, it starts with education.
For those of you who are new, I suggest taking a look at our free eBook or check out articles like this. You could also take it a step further and learn directly from an experienced trader with hedge fund experience. Different ways you learn will have varying degrees of difficulty but at the end of the day, this will become the foundation of your trading career.Where Are Traders Buying Penny Stocks Right Now?
Already have experience? Great, then you can attest to the importance of having a real strategy to trading penny stocks. Needless to say, my original focus is finding penny stocks on Robinhood to watch at the top of the week. Why Robinhood penny stocks? Well, the recent surge of new traders has sparked a flurry of interest in these cheap stocks. One of the fastest-growing userbases right now is found on Robinhood there’s also WeBull and other “freemium” penny stock trading apps gaining in popularity as well.
Charles-Schwab clients opened a record 609,000 new brokerage accounts. Over 280,000 came in March alone, according to the company’s most recent earnings report. Net new accounts for Etrade also surged during the first quarter. The broker credited for revolutionizing electronic trading reported over 363,000 net new accounts. That’s a jump of nearly 170% from 2019’s first quarter.
But the shining star here is Robinhood. The mobile broker posted a record 3 million new accounts in the first quarter. Given such enormous growth, will these penny stocks on Robinhood be on the buy or sell list at the start of this week?Robinhood Penny Stocks To Buy [or avoid]: Check-Cap Ltd.
Interest in Check-Cap Ltd. (CHEK Stock Report) has steadily increased over the last few weeks. Additionally, so has the price and volume. April was when we first started taking a closer look at this penny stock and at the time CHEK stock traded around $0.50. It was also around the time that shares hit 52-week lows just days prior.
Check-Cap’s main focus is on colorectal cancer through the use of its screening test. According to the company, C-Scan®, is the first and only patient-friendly preparation-free screening test to detect polyps before they transform into colorectal cancer. Needless to say, CHEK stock has turned a few heads since April 27. As of Friday, CHEK stock hit a new high of $0.76 on its highest volume day since the start of Q2.
While there’s been no major news events to speak of, CHEK stock is gaining in popularity. It’s the lowest on the list but in total over 4,200 portfolios hold shares of this penny stock on Robinhood. They might not seem like much but considering less than 2,000 accounts held this back in mid-April, that’s a considerable jump in my opinion. Will Friday’s big move help spark a continuation this week?Penny Stocks On Robinhood To Buy [or avoid]: Heat Biologics
Another one of the penny stocks on Robinhood with a track record of momentum is Heat Biologics (HTBX Stock Report). We discussed HTBX stock on Friday after its 3rd big move last week. Something I will note about this penny stock is that it has extended itself in a major way over just 3 trading sessions. From July 15th to July 17th, the price jumped over 150%. Volume has also been trending at above-average levels.
This will likely be on the radar of many traders this week to see what happens next. A word of caution is that nothing goes up in a straight line forever. So if you recall that little piece of info from early, keep your plan/strategy in mind if HTBX is on your list of penny stocks right now. In any case, HTBX stock was on the radar as March was just beginning. Shares exploded to highs of $1.25 after entering a research collaboration with UM leveraging Heat’s gp96 platform to address SARS-CoV-2 coronavirus. Fast-forward to June and Heat shares continue to climb higher.
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In a June announcement, Jeff Wolf, CEO of Heat may have made a statement that has resonated with traders this month. He said, “We remain on track to complete design and development of our COVID-19 vaccine in July.” He also said the company expects its gp96/nCoV-2 expressing cell line “will be available for clinical-grade manufacturing with our partner, Waisman Biomanufacturing, in early August.”Robinhood Penny Stocks To Buy [or avoid]: Allena Pharmaceuticals Inc.
Friday we talked about Allena Pharmaceuticals Inc. (ALNA Stock Report) as momentum surged. Allena is a late-stage clinical biopharmaceutical company that develops and commercializes oral enzyme therapeutics. Main treatments focus on patients with rare and severe metabolic and kidney disorders. The company targets excess accumulation of certain metabolites that can lead to chronic kidney disease. Something that could have sparked some additional interest this week was analysts. Ladenburg Thalmann and Roth Capital both reiterated their ratings on ALNA stock.
Currently, Ladenburg also rates the penny stock a “Buy” but had set an $8 price target according to data from MarketBeat. Roth Capital holds a Buy Rating on the penny stock. It has also issued a price target of $11. Older ratings from H.C. Wainwright have Allena with a Buy rating. H.C. and a price target of $10 on ALNA.
Without any new updates, what was actually moving this penny stock on Friday? Aside from a new rating from Ladenburg, that’s been the most recent update. As far as Robinhood is concerned, the level of interest has really picked up. At the start of the first quarter, less than 2,000 accounts held shares. Heading into the new week, more than 5,000 portfolios hold shares.Penny Stocks on Robinhood To Buy [or avoid]: Northern Dynasty Minerals
The first time we talked about Northern Dynasty Minerals (NAK Stock Report) was back in February. At the time, shares were trading around $0.60 and the company just announced its preliminary form of the Final Environmental Impact Statement for southwest Alaska’s Pebble Project had been submitted by the US Army Corps of Engineers.
Fast-forward a few months and we’ve seen NAK stock soar. As of Friday, the penny stock reached a high of $1.70. During after-hours trading, the momentum continued and NAK ended the full session at $1.74. So far, its 52-week high sits at $1.91, which came at the start of the month.
Furthermore, Northern Dynasty’s Pebble Project has remained a big focus. Last week, the company announced an update. CEO Tom Collier explained, “It is our understanding based on conversations with the U.S. Army Corps of Engineers that the final EIS will be published in the Federal Register on July 24th. This will mark one of the most significant milestones for the Pebble Project. Following the final EIS, the USACE will use this document as it prepares the Record of Decision for Pebble – a step expected to follow the publication of the final EIS.”
So it makes sense as to why NAK stock surged at the end of the week. Heading into Monday morning, can that same momentum continue? Right now nearly 27,000 accounts on Robinhood hold shares of this penny stock.Robinhood Penny Stocks To Buy [or avoid]: CleanSpark Inc.
Finally, CleanSpark Inc. (CLSK Stock Report) is on the list of Robinhood penny stocks to watch. It’s one of the low float names among the bunch and shows less than 12 million shares outstanding. CleanSpark was one of the penny stocks we started watching toward the beginning of April.
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CleanSpark had just announced a joint venture with members of its multinational supply and distribution channel partners to secure medical supplies. That included N-95 masks, KN-95 masks, gowns, gloves, and personal protective gear. Since then CLSK stock has gotten folding into the mix of COVID stocks to watch.
But more recently the company has refocused on its main business model. It’s not just software but software for energy customers. As we know, energy penny stocks are gaining a lot of attention right now. CLSK could be benefiting from both sector momentum and interest after recent news.
When it comes to Robinhood, it’s a bit on the lighter side. Especially compared to NAK stock, CLSK shows less than 10,000 portfolios hold shares. This month the company announced that with ReJoule, they have been awarded a grant from the California Energy Commission. ReJoule is a battery diagnostic and optimization company. The grant is approximately $2.9 million and is slated to be deployed over the next 30 months. ReJoule and CleanSpark will be further supported by Ford Motor Company, BigBattery, and GRID Alternatives.