Penny Stocks On Robinhood To Buy For Under $2

February 20, 2020

These Robinhood Penny Stocks Can Be Bought For Under $2 But Are They On Your Buy or Sell List Right Now?

When it comes to selling or buying penny stocks you likely need a reason, right? Obviously, the short answer is that if you buy, you think a stock will go up. If you sell you either think a stock will go down and want to protect your capital or think it’s time to take profit. Data is a key tool to have access to.

While some traders and investors will rely on technical indicators on a chart, others will look for things like news and filings. However, there is another group of people who try to “follow the money” so to speak and essentially search out early signs of interest.

Nevertheless, there are platforms that allow access to such data. One of these platforms is Robinhood. Now, this isn’t an article advocating to use Robinhood to buy penny stocks, but I will point out the fact that it offers some info that other brokers don’t.

For instance, when it comes to penny stocks on Robinhood, you can see how many portfolios hold shares. This can range from a few hundred to a few hundred thousand. Believe it or not, the most popular stock on Robinhood is one of the penny stocks we’ve followed on our site for a while now. It was the #1 most popular penny stock on Robinhood for February as well.

In any case, having a handle on the number of investors holding shares can give you a bit of insight into popularity or lack thereof when it comes to certain companies. While the platform doesn’t allow trading of OTC penny stocks, users can still buy NASDAQ or NYSE penny stocks on Robinhood. Given this case, here’s a list of penny stocks that can be bought for under $2 on Robinhood right now. But should they be on your watch list or avoided at all costs?

>>>Click To Begin List Of Penny Stocks On Robinhood

Robinhood Penny Stocks #5: Conformis Inc.

The first on this list of penny stocks on Robinhood is Conformis Inc. (CFMS Stock Report). Shares have gotten beaten up for months now and finally reached 52-week lows this week of $0.91. On February 20, CFMS stock managed to aggressively reverse its course and reach highs of $1.12 before closing at $1.10. Management departures and lackluster earnings added fuel to the fire and the sell-off that ensued during the 4th quarter of 2019. This carried through the first several weeks of the new year as well.

So what helped Conformis turn around if at least for a day? First, the company reported that its iFit Image-to-Implant technology platform for knee and hip joint replacement was awarded a “5A” rating. The Orthopaedic Data Evaluation Panel in the UK awarded this to the Conformis iTotal CR knee replacement system. The 5A rating is based on five-year performance data.

On top of this, the company also announced that it would host its next earnings conference call. March 2nd after the market closes is the time slated for this event. Will CFMS stock see speculative action leading up to earnings following this latest rating from the ODEP?

penny stocks on robinhood Conformis Inc (CFMS)

>>>Click To See Robinhood Penny Stock #4

Robinhood Penny Stocks #4: AcelRx Pharmaceuticals Inc.

Next, AcelRx Pharmaceuticals Inc. (ACRX Stock Report) has found itself in a similar situation as CFMS. For the better part of the last few months, share prices slid. There was an interim jump in mid-December but that was fleeting. As of this week, ACRX stock reached new 52-week lows of $1.48. However, on the same day this happened, shares of this Robinhood penny stock rebounded to close at $1.61.

So what might have helped with this rebound? Aside from a corporate update in January, there hasn’t been much on the newsfeed. Over 6,300 portfolios hold shares of ACRX on Robinhood right now so there appears to be a bit of interest. Furthermore, looking at the company’s disclosure statements, you’ll notice a bunch of FORM 4’s filed during February. But don’t get too excited yet thinking it’s insider-buying. Pay particular attention to the section stating “Securities Acquired (A) or Disposed Of (D)”. You’ll see a lot of “Ds” on those FORM 4s.

Apparently, at the moment, there doesn’t appear to be a set catalyst for this recent turnaround in price. Even checking on the company’s Twitter account shows zero activity since 2018. So if ACRX is one of the penny stocks on your list, you may want to do a bit more digging to see if this latest jump is due to more than simple market technicals.

penny stocks on robinhood acelrx pharmaceuticals (ACRX)

>>>Click To See Robinhood Penny Stock #3

Robinhood Penny Stocks #3: Phunware Inc.

Phunware Inc. (PHUN Stock Report) currently has just over 1,900 portfolios holding shares. But its stock saw a very wild day of trading on February 20. It was business as usual with a quiet session right until 2 PM EST. This is when the company came out with late afternoon news.

Phunware announced that it partnered with none other than tech giant, Cisco Systems (CSCO Stock Report). The company will showcase a mobile corporate campus solution called My Way at South by Southwest. In collaboration with Cisco, Phunware will debut its solution during the Cisco Innovation Hub.

“Our mobile cloud platform delivers a critical software layer to optimize workflows while providing a more comprehensive and seamless user experience, so it’s a natural fit to go-to-market in partnership with global digital transformation innovators such as Cisco Webex Teams.”
Randall Crowder, COO of Phunware

The event happens on March 14th and 15th so there’s still a bit of lead time. However, the news sparked big momentum that carried into the end of the day. After jumping from around $0.88 to highs of $1.73, the Robinhood penny stock closed just above $1.20. The reason that this could become a penny stock to watch is that late news can sometimes get overlooked. Despite having traded some of its highest volumes in months, not everyone pays attention to penny stock news during the day. Could this momentum carry over into the rest of the week or even the month?

penny stocks on robinhood Phunware Inc. (PHUN)

>>>Click To See Robinhood Penny Stock #2

Robinhood Penny Stocks #2: MannKind Corporation

MannKind Corporation (MNKD Stock Report) has been steadily gaining ground in 2020. After closing out 2019 below $1.30 a share, the penny stock has managed to climb as high as $1.88 this year. Over the past few weeks, it consolidated but on February 20, MNKD stock seemed to have caught a breath of fresh air.

Much of that “fresh air” may have to do with its latest update. As we’ve discussed in the past, biotech companies love to foreshadow events. In a similar fashion, MannKind announced that it’s presenting data at an upcoming conference over the weekend. It also gave poster presentations on Thursday, too.

At the International Conference on Advanced Technologies & Treatments for Diabetes MannKind will highlight the results of studies on its Afrezza inhalation powder and BluHale system. “These presentations highlight original studies of Afrezza in individuals with both type 1 and type 2 diabetes, and include initial studies of Afrezza in pediatric patients,” explained David Kendall, Chief Medical Officer of MannKind. Will these additional updates over the weekend help boost MNKD stock or was Thursday just a head-fake?

penny stocks on robinhood MannKind Corporation (MNKD)

>>>Click To See Robinhood Penny Stock #1

Robinhood Penny Stocks #1: Toughbuilt

Finally, Toughbuilt (TBLT Stock Report) has shown signs of life after weeks worth of selling pressure and uncertainty. There are over 11,000 portfolios on Robinhood that hold shares of this penny stock. After one of its largest share volume days ever, it could be on a few penny stocks watch lists later on. Toughbuilt has had a tough year building a bullish market.

Dilutive equity offerings and shoddy performance results didn’t help the case either. In fact, it saw shares slump from highs of $0.48 to lows of $0.13. But this week, that might have all begun to change. After announcing that 87 of its products would launch on zoro.com, the market began to wake up on Feb. 19th. On the 20th, not only did TBLT stock see a record share volume day, but it also saw its stock bounce over 30%.

Though there was no follow-up announcement or corporate filings, it appears the Feb. 19 news resonated further with the market. Furthermore, with product prices ranging from $6 to $279.95, it could be a decent opportunity for the company. The website also hosts around 400,000 customers according to Toughbuilt.

While brick and mortar seem to be dying out, the company looks like its ready to evolve and focus on eCommerce to expand. Whether this launches a turnaround story for the company will only materialize once we see how well (or not) it performs over the next few quarters of earnings results.

penny stocks on Robinhood (Toughbuilt (TBLT)