Are These The Best Penny Stocks To Buy On Robinhood This Week?
No matter how you slice it, more people are looking for penny stocks to buy right now. The biggest reason behind it is based on the simple fact that so many stocks have found themselves trading under $5. If you’re brand new to this world of low-priced equities, let’s get you up to speed. According to the Securities & Exchange Commission’s definition of penny stocks, these are stock trading below $5 per share.
While this article isn’t directed to teach you basics of investing in penny stocks, we’ve got a 60+ page e-book that we wrote to help anyone looking to learn more about penny stocks. How do you get this book for free? Just subscribe; that’s it. So, again, if you’re brand new to penny stocks, click here to get the e-book and start learning. Ok, now that we’ve got a basic understanding, let’s dive into some specifics.
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While the Robinhood app may have shown its weaknesses (and there were many), people are still using it for its strengths. Things like trading on the fly from a mobile device and simple analysis tools are some of the highlights. If you take TD Ameritrade’s Think or Swim Mobile or even its TD Ameritrade basic mobile app, you need to take extra steps to buy penny stocks. In many cases, you can find you favorite penny stock and then when you click “buy”, the application prompts you to manually enter in your password.
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This precious time it takes to do that can kill your overall timing of a certain trade. That’s especially true when it comes to volatile stocks. As far as penny stocks on Robinhood, while it might not be the best for a pro day trader, a passive or part-time penny stock trader may find it easier to learn with.
No matter the case, this isn’t an endorsement for penny stocks on Robinhood. But some of the technical information has helped traders make wise decisions when it comes to selling or buying penny stocks. Specifically, we’re talking about the tracking tools that allow anyone to see how many portfolios are holding shares of a given stock.
After the wild but short week last week, I’m sure many of you are using this long weekend to research, eat, and research more. Ahead of the new week, let’s take a look at a few names that have grown in popularity. But will they become the best penny stocks to buy on Robinhood (and other apps) or should you avoid them entirely?
Penny Stocks To Buy Under $4: Yamana Gold
If there’s one sector to watch besides biotech right now, it’s gold. Yamana Gold stock (NYSE:AUY) has been following the gold trend closely. To the benefit of traders looking to cash in on gold stocks, penny stocks may offer up the biggest potential for large gains. The simple reason behind this is that if the saying “a rising tide lifts all ships” is true, then a small rise in price can equate to big gains for low-priced stocks. Right now, Yamana gold stock is trading below $4 per share and has begun testing major technical levels of support/resistance.
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If you look at the Yamana gold stock chart, you’ll see this pretty clearly. The red and yellow lines, specifically, are of interest. They represent the 200 Day Moving Average (Red) and 50 Day Moving Average (Yellow). These levels, mainly the 50DMA, have acted as strong levels of support. That was the case right up until the big March sell-off in a number of gold stocks.
After dropping below the 200DMA, that level acted as a very strong level of resistance for quite some time. But the recent surge in gold penny stocks has seen names like Yamana push through that resistance level. AUY is now testing its 50DMA for the first time since early March.
Over 50,000 portfolios on Robinhood hold shares of this penny stock. While 57% of analysts have Yamana gold stock rated a “Buy”. As we discussed earlier this weekend, the big focus this week will likely be energy, biotech, and gold penny stocks.
Penny Stocks To Buy Under $4: Biocept Inc.
Biocept Inc. (NASDAQ:BIOC) is another one of the penny stocks on Robinhood that has taken off recently. In fact, late last week we talked about it, in detail. In the article, “Time To Find Penny Stocks To Buy? 3 Names To Know,” we pointed out that certain webpages related to possibly new COVID-19 information appeared on the company’s website. While the information seemed to be unconfirmed at the time, a few hours after our article was published, Biocept released a new update.
The company announced that it verified a COVID-19 molecular diagnostic test. It also plans to begin accepting physician-ordered testing requests for processing beginning on April 15, 2020. So while some speculation lead to a late-afternoon spike, post market news trigger another big surge after-hours.
“While we continue to focus primarily on providing actionable results for patients diagnosed with cancer, we are pleased to support our clients and public health efforts by expanding our offerings to include COVID-19 testing,” said Mike Nall, Biocept’s Chief Executive Officer. “We will provide this critical testing to physicians as we fight the global coronavirus pandemic.”
But get this: we identified a webpage that was inadvertently posted on the company’s site. But a 404 error returned shortly after. This could have been “fake news”. But Biocept actually made note of the event. “In preparation to offer COVID-19 testing, an unapproved version of a test website page was inadvertently posted to the Company’s website by a third-party website consultant.”
Needless to say, it is something interesting to take notice of especially if you’re an active reader of PennyStocks.com.
Penny Stocks To Buy Under $4: Astrotech Corporation
While it’s only followed by a few thousand portfolios, Astrotech Corporation (NASDAQ:ASTC) could be one of the more popular Robinhood penny stocks to watch right now. The company is a tech stock that focuses on things like drug detection and security protocols. Well, as you might have guessed, Astrotech Corp has found a way to apply its tech to coronavirus. In late-March, the company announced that it’s creating a device that could quickly test for COVID-19 via drive-thrus.
Its BreathTest-1000™ lung disease screening device is currently in the process of being applied as a coronavirus test. “The Company was able to move quickly in the development of the BreathTest-1000™ because the core mass spectrometry technology it utilizes has been fully commercialized and deployed for explosives trace detection,” said CEO Thomas B. Pickens III. If the CEO’s name sounds familiar, that’s likely because it is. Picken’s is the son of the billionaire oil magnate, T. Boone Pickens.
Regardless, it seems like Boone Pickens III is taking aim at a different industry to gain notoriety. The company has also completed a multi-million dollar raise to help aid in the progress of its operations. Something else investors will note is the current share structure of ASTC. If you look on the ASTC profile page, you’ll see that there are less than 8 million shares currently outstanding.
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That could set the stage and put Astrotech on the list o low float penny stocks to watch this week. ASTC certainly demonstrated its volatility late last week as shares surged to highs of $4.20 on Friday. It has also managed to run as high as $7.75 on days of heavier trading volume as well. By the end of the week, the penny stock settled below that high at $3.41.