Robinhood Penny Stocks To Watch In April
While penny stocks on Robinhood haven’t stopped making traders money, the platform itself has run into its share of issues over the years. Most recently, a glitch caused the entire platform to shut down and users were unable to buy or sell their positions.
We talked about the specifics of this day that will go into the history books, in the article Not All Good In The Robin Hood. Back in March, the platform had an issue that actually left it offline for almost an entire trading day. While Robinhood figures out the best ways to remedy the situation, users still access the platform to trade penny stocks.
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What I can say is that while the app may have caused a huge issue, it does make for an easy means of trading. One of the interesting features on the application is the top lists section. For instance, it shows how many portfolios on the app hold shares of a specific company. This is useful when looking for active penny stocks to trade. In fact, as penny stocks on Robinhood aren’t the only equities traded, they are, in fact, some of the most popular.
Robinhood Penny Stocks
If you take a look at the 100 most popular stocks on Robinhood, you will find an interesting statistic. One-third of the top ten most popular stocks on Robinhood are penny stocks. Furthermore, when you look at the entire list of most popular stocks on Robinhood, you’ll see that more than 20% are penny stocks. Meanwhile, there are tens of thousands of traders still using the app to trade.
What’s the point? In my opinion, Robinhood allows access to data like this while other platforms do not. This simple snippet alone shows that not only are penny stocks popular, but they are also some of the most popular equities out there.
In fact, the most popular stock on Robinhood is, in fact, penny stock Aurora Cannabis (ACB) with nearly 900,000 portfolios holding shares as of the date of this post. In light of this, let’s take a look at some penny stocks on Robinhood that have gained some steam over the last few days.
Penny Stocks On Robinhood: Veritone
Sharers of Veritone (VERI – Free Report) jumped for the second session in a row. On Friday, VERI stock saw a slight jump to highs of $2.26. That momentum continued into the start of the week as shares reached new highs of $3.17. This move also came on some of the highest share volume in months. There wasn’t much of anything on the newswires or filings page. However, Veritone has managed to attract significant interest after posting a blog on the company’s website on April 6.
In light of the new wave of virtual interaction being seen across industries, the company is following suit. Veritone announced via blog that it is going to host its own “virtual tradeshow” series. The purpose behind it is to connect with current and prospective clients. What’s more is that the company reported that it will offer free access to its flagship applications. This is for the next 60 days.
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This includes Veritone Essentials, Attribute, and Digital Media Hub. It appears that this has been one of the events to coincide with VERI’s latest move. Whether this is the actual catalyst behind the move or not is yet to be seen. In any event, it’s one of the penny stocks on Robinhood making a big move on Monday without coronavirus-related headlines.
Penny Stocks On Robinhood: Two Harbors Investment
Two Harbors Investment (TWO – Free Report) is another one of the active penny stocks on Robinhood this week. Believe it or not, shares of Two Harbors reached new 52-week highs of $15.85 in late February. It’s hard to believe that within just over 1 month, they reached new 52-week lows of $2.25. To give you some idea of why shares dropped so hard, let’s take a look at what the company does.
If you remember a few weeks back we covered a similar company, MFA Financial (MFA). Like MFA, Two Harbors is a real estate investment trust, which focuses on investing in, financing, and managing a portfolio of real estate assets. As with most REITs, TWO and MFA both fell victim to the financial squeeze that the industry saw as a result of over-leveraging among other factors. Fortunately for our readers, TWO isn’t trading at $15+; its under $5.
Earlier this month the company announced that Two Harbors and its liquidity position remain strong. As more of a reassurance update, the company’s President and Chief Executive Officer, Thomas Siering gave his input.
“In spite of this, we remain optimistic for the future of our company and you have our commitment that we will remain acutely focused on managing our portfolio through thoughtful asset selection, as well as active hedging, to benefit our stockholders over the long-term.”
Since this update, shares have bounced back from those 52-week lows. On April 6, TWO stock hit early highs of $3.48 and traded some of its highest single-day share volume in the history of the stock.
Penny Stocks On Robinhood: Advaxis Inc.
Back in October of last year, we started to pick up more frequently on Advaxis Inc. (ADXS – Free Report). At the time, the company was working on a trial for immunotherapies in its pipeline. Fast-forward to this year and of course, we’re seeing every company with an immunotherapy treatment applying it to COVID-19. While the company hasn’t come out to specifically state any intentions of adapting to coronavirus, it’s within a niche that is red hot right now.
Specifically for Advanxis, it’s still working on its pipeline of immune treatments specifically targeting cancer. This year, Advaxis reported that saw positive clinical data in its ongoing Phase 1/2 ADSX-503 trial. The treatment is for patients with non-small cell lung cancer.
“These data are very encouraging as they preliminarily demonstrate the ability of ADXS-503 to enhance or restore sensitivity to checkpoint inhibitors as we had hypothesized during the design of the study based on preclinical data.”
Dr. Jonathan W. Goldman, Director of Clinical Trials in Thoracic Oncology at UCLA
The bigger focus appears to be on the immunotherapy pipeline. Can this recent surge in momentum continue to push ADX higher this week?
