Are These Robinhood Penny Stocks On Your Watch List Right Now?
Penny stocks are one of the main attractions for new traders this year. One of the fastest-growing platforms thanks to its “game-like” set-up has been Robinhood. Penny stocks on this platform are easily accessible though limited to certain exchanges. Despite that being the case, the millions of new users on the app are finding ways to make money with stocks under $5.
In fact, if you look at some of the most popular stocks on Robinhood right now, 13% of the Top 100 are penny stocks. It’s not segmented to a specific industry or price per share either. You can see that there’s a clear mix of names on that list including biotech penny stocks, marijuana penny stocks, and, of course, tech penny stocks.
Do you need Robinhood to trade penny stocks? The answer to that is no. You can trade these cheap stocks on most major platforms. Furthermore, when using a broker like TD Ameritrade, ETrade, Interactive Brokers, and others, you’ll also gain access to trading OTC penny stocks as well. Regardless of your specifications, we’ll put a focus toward penny stocks on Robinhood and other platforms for one simple reason.
Penny Stocks To Watch On Robinhood This Week
Small-cap stocks have been on fire this year. Where companies like Kodak have brought recent attention to this class of stock, 2020 has been full of monsters. Take, for instance, Novavax (NVAX Stock Report). Earlier this year is was one of the stocks under $5 to watch and for now obvious reasons. As of last Friday’s closing bell, NVAX stock price sat at $146.51.
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Are all penny stocks built to run from under $5 to over $140? That answer is no. But that doesn’t mean there aren’t opportunities to watch penny stocks jump from $1 to $2 for a 100% gain or more, either. With this in mind, we’re going to take a look at a few penny stocks before the week gets going. Will they be on your list to buy or avoid?
Robinhood Penny Stocks To Watch: Catalyst Pharmaceuticals
Believe it or not, among the top 100 most popular penny stocks on Robinhood, Catalyst Pharmaceuticals (CPRX Stock Report) sits at #1 going into this week. It hasn’t been a very pretty year for the stock itself. There’ve been a few breakouts here and there. But for the most part, CPRX stock has been held down. Just to give you an example, at the beginning of Q3, shares were trading above $5 at times. Last week the penny stock plummeted from around $4.30 to lows of $3.23. So why would this even be considered one of the penny stocks on Robinhood to watch right now?
Aside from it being the #1 most popular as of right now, CPRX began a slow but steady rebound late last week. First, the company reported better-than-expected Q2 results. Even though shares dropped after the news, there were a few key points to extract from the information. First, even in light of COVID-19, the company saw Q2 revenue growth increase to $29.6 million from $28.8 million from Q2 2019. Furthermore, Catalyst ended its quarter with over $115 million in cash and investments.
Last week, Catalyst also received a Notice of Allowance of the U.S. Patent for “Methods of Administering 3,4-Diaminopyridine”. According to Dr. Steven Miller, Chief Operating Officer and Chief Scientific Officer, “The receipt of this Notice of Allowance from the USPTO represents an important milestone in expanding our Firdapse® intellectual property portfolio and adds to Catalyst’s options for further developing the Firdapse® franchise.”
Firdapse® is currently being evaluated in clinical trials for the treatment of anti-MuSK antibody positive myasthenia gravis and spinal muscular atrophy Type 3. It has also received Orphan Drug Designation from the FDA for myasthenia gravis.
Robinhood Penny Stocks To Watch: Southwestern Energy
Southwestern Energy (SWN Stock Report) recently experienced one of its highest share volume days of the year on Friday. By the time the closing bell rang, SWN stock traded more than 66.5 million shares and closed up 6.51%. Oil, gas, and other energy stocks will likely be in focus this week.
The OPEC+ JMMC meeting will take place on August 19th. On top of that, geopolitical headwinds could also indicate certain factors for sector stocks. Over the weekend, the United States and China delayed a review of the Phase 1 trade deal initially slated for Saturday according to Reuters.
What’s more is that U.S. oil traders, shipbrokers, and Chinese importers apparently told Reuters that Chinese state-owned oil firms tentatively booked tankers to carry at least 20 million barrels of U.S. crude for August and September. That could also indicate a ramp-up in energy purchases. As for Southwestern, eyes have been on the company’s recently announced 55 million share public offering at $2.50 from last week.
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Southwestern Energy said that it intends to use the net proceeds to partially redeem Montage Resource Corporation’s issued and outstanding senior notes that it will assume upon the closing of its recently announced merger with Montage.
Robinhood Penny Stocks To Watch: IZEA Worldwide Inc.
If you’re familiar with some of our watch lists, then you’ve likely stumbled upon IZEA Worldwide Inc. (IZEA Stock Report) a few times during quarantine. IZEA stock started captivating attention as the stay at home orders put people inside for extended hours in front of their computer screens. As you’ll see, IZEA is a very volatile stock. Shares have jumped as high as $3.13, came back to around $1, then jumped back to nearly $2 within the span of just a few months. From a technical perspective, you can see that the 50-day moving average has acted as a general level of support since the first big move back in June.
Earlier this month, IZEA reported the publication of a brief providing its first public analysis of the influencer marketing industry within the travel and tourism industry. Specifically, the timeframe included everything since the outbreak of COVID-19. The industry brief was based on data surfaced by BrandGraph. This is IZEA’s proprietary social intelligence platform focused on the influencer marketing space.
This week could be an important one for IZEA. The company is hosting a “TikTok 101” webinar on August 18th. While this isn’t necessarily a huge corporate event, it could be one that brings more attention to the company. Obviously, TikTok has become a social media sensation during the pandemic. With the 45-day countdown still looming on the ultimate future of TikTok, will it be as big of an event?
That’s a big question being asked right now. Needless to say, there are a few initiatives to be aware of. These were updated in the company’s recent earnings announcement. Namely, the company will be introducing new enterprise software licensing tiers and bundling options. This is for IZEAx Unity Suite and BrandGraph customers and is slated for Q3. “We intend to provide our software customers with a solution that meets their needs now, in order to partner with them well into the future,” said CEO Ted Murphy.
Robinhood Penny Stocks To Watch: SINTX Technologies
Another one of the penny stocks we’ve followed recently is SINTX Technologies (SINT Stock Report). We started following along in late March leading up to a corporate conference call in April.
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The rising need for testing has SINT stock among the list of coronavirus penny stocks to watch. On August 4th, the company filed an 8-K that seems to have sparked some interest. The company entered into a joint development agreement with O2TODAY. It was for the development of a face mask that incorporates the company’s silicon nitride technology.
“The successful development of such a product may help prevent the spread of respiratory diseases by catching and inactivating SARS-CoV-2 and other viruses and bacteria in the mask itself before they can enter into the human body.”
SINTX Technologies
Furthermore, recent data observed by the company showed that its silicon nitride powder was able to inactivate the SARS-CoV-2 virus. These developments have, of course, been positive for the company and its share price. SINT stock recently consolidated a bit following an update on financing the company announced. Heading into this week, SINTX could be one to watch. It’s set to provide a business update on Wednesday afternoon.
