When you hear “penny stocks Robinhood” most will immediately know what I’m talking about: trading stocks. When it comes to penny stock trading apps, Robinhood is right up there with the top apps to invest with. Little to no fees to trade has made the app popular among those who are looking for penny stocks to buy.
Typically, people just getting started in trading or those with limited capital will turn to things like penny stocks due to their volatility and opportunity to make a lot of money with small investments. Keeping this in mind, it’s good to “follow the money” when it comes to investing in penny stocks.
Now, let me preface this with the fact that this is a list of penny stocks in order of popularity on Robinhood but aren’t necessarily the top performing penny stocks. I’ll be putting together another list of top 10 penny stocks to watch for June. This being said, here are the top 10 penny stocks on Robinhood this month (by popularity):
Robinhood Penny Stock #10:
Denbury Resources (DNR)
This penny stock came onto the scene this month amid rampant excitement surrounding energy stocks. Unfortunately for the people who were bullish on Denbury (DNR Report) haven’t been rewarded much. In fact, most Robinhood penny stocks traders who follow this have seen better opportunities for short day-to-day swings as opposed to a long term hold strategy. The stock continues to trade higher volume but the price can’t get out of its own way. At the beginning of August, shares have already managed to hit new 52 week lows.
The most recent piece of penny stock news that has come from the company was earlier this month. Denbury released its second quarter report. To the surprise of Wall Street, the company beat estimates for both EPS and sales. With stronger figures against the street, will DNR stock stand up to its critics in August?
Robinhood Penny Stock #9:
Neptune Wellness (NEPT)
First glance at the NEPT stock chart and you’ll see why this has become a penny stock to watch. Year to date, Neptune Wellness (NEPT Report) shares are up 104% and have managed to hit highs of $6.57. The long and short of it is that this is a marijuana penny stock, and one that could have some “real business” to back it up. This month they announced that it plans to acquire all assets of SugarLeaf Labs, LLC and Forest Remedies LLC.
Both of these enterprises operate as a single registered North Carolina-based commercial hemp company. The value of the deal is estimated at a maximum of up to $150 million. Robinhood has a number of new marijuana stocks that are among the most viewed stocks on the platform. These, of course, trade at higher prices than NEPT stock, which is why they aren’t on this list. The company also has earnings to look at in August.
Robinhood Penny Stock #8:
Groupon (GRPN)
For the most part, Groupon (GRPN Report) has been trading in a sideways trend for most of this year. But that was right up until the beginning of August. The company did some management restructuring this year and tweaked a few things in their business strategy.
Because of this, earnings came in above Street estimates. In addition to this, analysts from Wedbush also lifted their price target on GRPN stock from $3 to $4. They did, however, leave the rating at neutral for now. As you’ll see, this is far from one of the best stocks on Robinhood. Shares have cratered in August. But, the company has been adding to its offerings including new AI-enhanced text and voice communications. This is in an effort to further enhance the experience of bookings.
Robinhood Penny Stock #7:
CannTrust (CTST)
Similar to many other marijuana stocks CannTrust (CTST Report) shares have had a tough time this summer. But it hasn’t helped that the negative headlines continue to come out against the company. From non-compliant operations in Ontario to full-on illegal grows elsewhere, the company hasn’t been able to catch a break. That has clearly shown in the performance of this Robinhood penny stock.
While other pot stocks are performing well after the last pullback, CTST stock continues to struggle. There was a brief glimmer of hope earlier in August with shares popping to $3.56. But this is far from its glory days of trading above $9 at the beginning of the year.
Robinhood Penny Stock #6:
Nio Inc. (NIO)
This company has also been compared to another EV sector leader, Tesla (TSLA). Nio Inc. (NIO Report) has been nothing short of disappointing this quarter. Furthermore, PennyStocks.com was all over the warning signs for this stock and we still remain cautious on the outlook for the company (see: Nio Inc (NIO) Is Now A Penny Stock).
Nevertheless, NIO stock is still very popular with people “looking for a bottom”. The volatility that has come with this penny stock has been nothing short of attention-grabbing. So what’s up with NIO now? Besides hitting a new all-time low, investors are hoping for a turnaround in this penny stock. But with more questions coming after a recent battery recall, it’s tough to find bullish prospects at the moment.
Robinhood Penny Stock #5:
Chesapeake Energy (CHK)
This energy penny stock is always part of any conversation about the energy industry. For a company that once traded as high as $8.20 during the last 3 years, some are looking at Chesapeake Energy (CHK Report) as “undervalued”. No matter your stance on the company, the trading volume is almost always high; a scalper’s dream?
The market for oil and gas stocks hasn’t been favorable, to say the least, BUT with that comes something to think about: we’re approaching the end of summer and there is still global political unrest. More driving = more gas used, unrest in the mid-east could raise oil prices, and CHK stock is under $1.50 a share. Let’s see what happens.
Robinhood Penny Stock #4:
Plug Power (PLUG)
This stock has been one that we’ve covered plenty of times in the past (see: Is Plug Power The Best Energy Penny Stock To Buy In April?). Plug Power (PLUG Report) has been on fire for most of the year. And for the most part, it has maintained a channel above $2. Besides a brief pullback earlier this month, shares of this penny stock are up by roughly 70% year-to-date.
First-quarter earnings were lackluster but despite this being the case, PLUG stock continues to perform. Furthermore, second-quarter results came in more favorable with PLUG beating street estimates.
Robinhood Penny Stock #3:
Hexo Corp (HEXO)
Hexo Corp (HEXO Report) has been on a roll in August so it’s no wonder why its a popular penny stock on Robinhood. Thanks to a good mix of industry progress, corporate earnings from comps, and continued progress with Molson, HEXO stock has been recovering. Ever since hitting lows of $3.73 in late July, the pot stock has been on a nice uptrend.
Hexo and Molson teamed up on a project that could see some of the first cannabis-infused beers coming to market. Canada’s next big legal event comes in October when it will allow derivative marijuana products. Furthermore, sales will be allowed starting in December for said products. What’s up Hexo’s sleeves? We’ll just have to wait and see.
Robinhood Penny Stock #2:
GoPro (GPRO)
It seems crazy, I know but yes, GoPro (GPRO Report) is on this list. Remember, I didn’t say this was a best Robinhood penny stocks list. It’s a list of penny stocks that are most popular on Robinhood. Nearly 190,000 people on the app have this in their holdings. As the stock continues to veer closer and closer to 52-week lows, I’m sure many continue to ask “why.”
GPRO stock has gotten its price target cut by analysts at Wedbush. But they did remain neutral on the stock. So there wasn’t a rating change on that front. Another potentially positive thing is that GRPO is starting to show up on the books of capital management companies. Earlier in August, Prentice Capital Management LP reported a 6.51% stake in the company.
Robinhood Penny Stock #1:
Fitbit (FIT)
Compared to the previously mentioned stocks, FIT stock isn’t the best performing penny stock to buy. And it has been a terrible performer during earnings season. The volatile stock used to move +/- $1 depending on results. But after its latest guidance, the stock is in the proverbial toilet. Why is Fitbit (FIT Report) so popular? Aside from the health tech aspect of the company, Fitbit has steadily expanded into big data.
The company’s products are supplied in nearly 40,000 stores and the data gathered is tailored specifically to many demographics with sound accuracy. The company’s health solutions also develop health and wellness solutions that leverage health plans and health systems.
