Are These The Best Penny Stocks To Buy On Robinhood This Week?
4 Penny Stocks On Robinhood Making Headlines
Whether your trade penny stocks on Robinhood or with other brokers like WeBull, TD Ameritrade, ETrade, etc. the key to finding the top names is research. Knowing as much as you can about certain penny stocks can give you a leg up when it comes to proper timing. It can also help you avoid potentially risky situations. In light of this, Robinhood has become one of the popular outlets to find information that could be valuable.
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This includes the ability to view how many portfolios are holding a given stock. Why could this be helpful? At the very least, seeing if there’s a “crowd” can give you an idea of how many people are actually looking at a stock at any given time. Needless to say, with millions of users, this feature can be a gauge to monitor interest. But as we’ve seen, just because there may be “popular penny stocks on Robinhood” it doesn’t necessarily mean they’re the best to buy.
So where does this leave us? Well, even if you’re not a fan of Robinhood, you can still use certain tools when doing research. Right now, we’re going to take a look at 3 penny stocks on Robinhood after they’ve released new updates this week. It’s going to be up to you to decide if they’ll be the best penny stocks to buy or not.
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Penny Stocks On Robinhood #1: Energous Corp.
Shares of Energous Corp. (WATT Stock Report) saw a very active pre-market session on April 21. WATT stock previously closed at $1.05 and climbed to highs of over $3.25 before the opening bell. While momentum was strong, WATT stock continued to climb after the opening bell to early highs of $3.80; up 262% from its April 20 close. As of 10:30 AM EST, WATT stock has held above $2.70.
What’s moving WATT stock on Tuesday? The first place we can look is in the corporate headlines. The first thing that pops up is a big announcement from the company. Around 6AM EST the company reported that it received FCC certification for an over-the-air, power-at-a-distance wireless charging transmitter. The new technology is expected to make it easier for consumer electronic, medical, industrial and automotive manufactures to integrate the WattUp technology.
“The ability to charge devices at a distance has always been the ultimate goal for Energous and will be a major differentiator,” said Mark Tyndall, senior vice president of corporate development and strategy at Dialog Semiconductor. But something else to note amid all of this big news is something that was seemingly “slid into the press release”. If you look at the final verbiage, you’ll see that the company stated it withdrew “its cumulative forecast previously announced on February 26, 2020, as a result of uncertainty related to the impact of COVID-19.”
Penny Stocks On Robinhood #2: XpresSpa
The story surrounding XpresSpa (XSPA Stock Report) is almost the quintessential “outside the box story.” The company is very well-known for its “on the go” spa in major airports. This is a pplace where you can grab a quick massage during a layover between flights. Well, seeing as air travel is almost nonexistent, instead of waiting for fait to decide, XpresSpa found a way to get involved with the COVID-19 craze.
Over the last several weeks, the company has been working through discussions with numerous testing providers. The obvious goal is to provide coronavirus testing in U.S. airports to capitalize on the immense need or more testing. The company even formed a new business unit called XpresTest to differentiate it from the spa unit. Since these early developments from late-March, shares of XSPA stock have been on the move. The company has also attracted new interest from investors. Right now this penny stock on Robinhood shows more than 28,000 portfolios have shares of XSPA stock.
In light of this key development for the company, XpresSpa has been building a medical team. Last week it appointed Dr. Lewis Lipsey as Chief Medical Officer. This came after the board appointment of Michael Lebowitz to help as more or less an advisor to XpresSpa. Lebowitz is the Founder and CEO of globally-recognized agency Big Spaceship.
Penny Stocks On Robinhood #3: Centennial Resource Development
What list of penny stocks on Robinhood would be complete right now without an oil and gas penny stock? Centennial Resource Development, Inc.(CDEV Stock Report) operates as oil and natural gas company focusing on unconventional oil and liquids-rich natural gas reserves in the Permian Basin.
CDEV stock took off on Tuesday, just one day after WTI prices went negative. On top of that, analysts at Scotiabank just downgraded the oil and gas penny stock this month to “Sector Underperform”. It also cut the price target on the penny stock to $0.40 from $6. So why would anyone be optimistic about CDEV stock, let alone any oil and gas stocks? The simple answer: President Trump.
President Donald Trump said Tuesday morning that he has told the Energy and Treasury Secretaries to create a bailout plan for the U.S. oil and gas industry. “These very important companies and jobs will be secured long into the future!” he wrote on Twitter. But the biggest question now is how long will this sentiment last? As we’ve seen with many “potential plans,” there is much more red tape than initially expected. However, in light of these recent developments, shares of oil and gas penny stocks like CDEV are jumping on April 21.
Penny Stocks On Robinhood #4: Vaxart Inc.
Finally, shares of Vaxart Inc. (VXRT Stock Report) gapped up on Tuesday. Following its close on Monday at $2.37, VXRT stock jumped to an open of $2.90 on Tuesday. The company has gotten folded into the growing list of coronavirus penny stocks to watch right now. As far as Robinhood is concerned, over 20,000 accounts show as having shares of the penny stock.
Why did VXRT stock jump on Tuesday? Prior to the opening bell, Vaxart announced positive pre-clinical data for its COVID-19 vaccine program. The program was initiated in Janjuary and based on its VAAST oral vaccines platform. Through an agreement with Emergent BioSolutions in March, the companies will prepare for cGMP production of an oral COVID-19 vaccine.
These results are extremely encouraging, and we should be in a position to select a lead development candidate for cGMP manufacturing and clinical testing in the coming weeks,” said Wouter Latour, MD, chief executive officer of Vaxart Inc. Shares have climbed to highs of $3.45 and currently sit around $2.85 during the mid-morning session.
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