Are These Penny Stocks On Robinhood A Buy Or Sell Right Now?
While the Robinhood app has run into its share of troubles, it hasn’t stopped users from trading penny stocks. Even amid the Robinhood shut down, people are still using the app for quick, on the fly trading. Whether or not you’re a fan of the application is a whole different story. But by now, if you’re reading this article, I’m guessing that you’ve looked beyond the shortcomings of the platform and are looking for penny stocks to buy.
One of the most frequently accessed parts of Robinhood is the 100 most popular stocks. Well, among those 100 most popular are more than just a handful of penny stocks. Some of them are on there because of speculation while others have started to build a loyal shareholder base.
The important thing to note is that just because penny stocks on Robinhood are popular, it doesn’t mean they’re the top penny stocks to buy. But all the same, you can look on Robinhood or you can check out the profiles for free on PennyStocks.com to see what analysts think of certain Robinhood penny stocks. Now let’s take a look at a few popular names gaining in popularity in April 2020. These 3 penny stocks on Robinhood were among the most popular and had the highest analyst sentiment
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Top Penny Stocks On Robinhood #3: Aphria Inc.
Aphria (APHA Stock Report) has been quietly climbing since mid-March. While most traders have strayed away from marijuana stocks, those watching Aphria could be thinking something a bit different. On March 16th APHA stock hit a 52-week low of $1.95 during the last big sector sell-off. However, since then, the marijuana penny stock has bounced back to highs of $4.30 this week. Even after pulling back on Thursday, the pot penny stock is up during pre-market trading.
Part of the move stemmed from recently reported earnings results. Aphria announced its Q3 2020 results this week. Not only did it show a 65% increase in net cannabis revenue, but it also reported an improvement in earnings per share. On top of this, Aphria also posted an operating income of $8.7 million in the third quarter. That’s compared to a loss of $9.6 million in the prior quarter.
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As far as the penny stock’s positioning on Robinhood, it is a “top 100 most popular”. Just over 140,000 accounts are holding shares of the marijuana penny stock. Of its analyst ratings, 69% hold Aphria stock at a “Buy” right now. Believe it or not, Robinhood ranks a few marijuana penny stocks in its list of most popular stocks. In fact, of its top 100, the most popular is Aurora Cannabis (ACB Stock Report). But remember, as I said above, just because it’s popular, doesn’t necessarily mean it’s the best. Of the analysts covering the marijuana penny stock, only 16% rank ACB a “Buy”.
Top Penny Stocks On Robinhood #2: Plug power
Plug Power (PLUG Stock Report) comes in a close second on the best penny stocks on Robinhood according to analysts. Of the ones covering PLUG stock, 88% rate it a “Buy”. Furthermore, with over 270,000 accounts holding a position in the stock, PLUG is actually the 3rd most popular among penny stocks on Robinhood.
Similar to Aphria, Plug Power saw its own major pullback in March. It fell from record highs of $6.05 in February to 2020 lows of $2.53 on March 16. But since then, it has been on a solid rally once again. Plug Power has been a frequent focus on PennyStocks.com over the last year and the story has grown into somewhat of a cult following. PLUG stock was climbing once again during premarket trading on April 17th.
This move comes as the company registered for a $75 million raise. Morgan Stanley also raised its price target to $5.50 from $4.50. With Earnings coming at the beginning of May, it will be interesting to see how the company performed in the last quarter. That’s considering all of the drama happening in the energy sector.
However, amid the turmoil, management has remained steadfast in its long-term focus. Keep in mind that Plug Power has a goal of reaching $1 billion in sales by 2024. Considering the fact that it has clients like Walmart (WMT Stock Report) and Amazon (AMZN Stock Report), do you think Plug is on the right track and even so, can it actually reach that milestone in time? Leave a comment and let us know what you think.
Top Penny Stocks On Robinhood #1: Catalyst Pharmaceuticals
Finally, Catalyst Pharmaceuticals (CPRX Stock Report) has the highest rating among analysts when it comes to penny stocks on Robinhood. Among the 6 analysts reporting on the stock, CPRX is in agreement with 100% giving it a “Buy” rating. Shares of the penny stock also dipped in March. For CPRX, this was to a low of $2.55, just shy of its 2019 low. The 2019 drop came after one of Catalyst’s competitors was awarded approval by the FDA for a similar drug to Catalyst’s firdapse.
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Fast-forward to this year and CPRX stock is back on the move. Over the last few weeks, the company has been working around the constraints of COVID-19. “We are committed to protecting the safety and well-being of our personnel, the entire LEMS community, healthcare providers, patients in clinical trials, and clinical trial site employees, and this will remain our priority throughout these challenging times,” said Patrick J. McEnany , Chairman and Chief Executive Officer of Catalyst Pharmaceuticals. “Additionally, well before the COVID-19 pandemic, we had worked diligently to establish our supply chain to ensure that LEMS patients would have access to Firdapse® without interruption, no matter the circumstances.”
The company also stuck its toe in the COVID waters. Catalyst announced a corporate partnership with First Responders Children’s Foundation to support the COVID-19 Emergency Response Fund. The Foundation has set up this fund to give emergency grants to first responder families enduring financial hardship due to the COVID-19 pandemic. Since March, this Robinhood penny stock has jumped back by over 80%.