Are These Robinhood Penny Stocks At The Top Of Your List Right Now?
Penny stocks on Robinhood are becoming a big focus for new investors. If you look at some of the best penny stock brokers right now, apps like WeBull and Robinhood are growing quickly among younger generations. Whether it’s because of the ease of use or the quick access to placing trades, the “mobile revolution” is alive and well in the stock market today. It hasn’t come without its share of controversy, however.
For instance, Robinhood has run into a myriad of issues over the years. Most recently, we wrote about how one of its users sadly ended his life after seemingly gaining access to large amounts of leverage. It has been events like this and others that put a dark cloud over mobile brokerage apps. Needless to say, reports cite that Robinhood saw 3 million new accounts in the first quarter of this year. While many of these new traders flooded familiar names in tech, they also focused on other things. Those “other things” when it came to Robinhood: penny stocks.
We saw these novice traders boost money flow into names like Hertz, Genius Brands, Luckin Coffee, and recently, Urban One with hopes of capturing quick profit. While many surely saw opportunities, others learned the valuable lessons of having a plan and not blindly buying penny stocks. Looking for penny stocks on reddit and other online forums will show some of the fall-outs.
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Some members even bragged about their jaw-dropping losses using it as a badge of honor among their peers. Look, it’s all fun and games until you have no money left. So please, at the very least, have a strategy before jumping into penny stocks on Robinhood, WeBull, TD, Interactive Brokers, etc. You’re here to make money with penny stocks, not rack up massive losses and create memes for the clout. With this in mind (hopefully), let’s take a look at a few of the increasingly popular penny stocks on Robinhood turning heads at the end of the month.
Active Penny Stocks On Robinhood: Seelos Therapeutics
Shares of biotech penny stock, Seelos Therapeutics (SEEL Stock Report) have been climbing ever since hitting 52-week lows of $0.4195 at the start of the quarter. Now, nearly 3 months later, SEEL stock has recovered by as much as 353% with June 23rd premarket highs of $1.90.
Back in May, we were looking at a few penny stocks under $2 with Seelos being one of them. Earlier this year, the company received Orphan Drug Designation for its SLS-005 in Sanfilippo syndrome from U.S. FDA. It was also granted Rare Pediatric Disease Designation for SLS-005 and appointed new board members including Roche alum Judith Dunn.
Something else the company was working on was things related to suicide and depression. The company even hosted a Key Opinion Leader Call to discuss unmet needs related to the topics. One of the recent focuses of the medical community has been on things like psychedelics to treat mental disorders.
For Seelos, the company also has a drug in its pipeline referred to as SLS-002. Intranasal Racemic Ketamine (SLS-002) is used to treat Acute Suicidal Ideation and Behavior in patients with Major Depressive Disorder. This week, the company followed up on final data from a Phase I PK/PD study of SLS-002. Results were favorable and the company plans to host a follow-up call later on June 23. Following the update, SEEL stock started climbing. With more than 3,700 users watching this penny stock on Robinhood, what could that mean for SEEL later this month?
Active Penny Stocks On Robinhood: Kitov Pharma
If you’ve been reading our articles, you’ve probably come across Kitov Pharma (KTOV Stock Report) one time or another. It was one of the more actively discussed biotech penny stocks in May and June. The focus for Kitov has been on its progress with pain management and immune diseases.
Well, it looks like the momentum has really started picking up this week. The company also attracted the likes of some of the social media community’s newest “pro traders”. The added attention helped boost the market for KTOV stock this week. However, there were also a few fundamental things to take into account as well.
Most recently, the company presented preclinical data for NT219 in a poster at the American Association of Cancer Research Virtual Meeting II. Aside from all of the hype, it’s also important to keep some of the fundamentals in mind. The company itself has been focusing on its cancer therapy, NT219 as a therapy for multiple treatment-resistant cancers. With this in mind, KTOV has been on a rapid incline since we first started looking at this company.
But the most recent surge may have more to do with market hype than fundamentals so keep this in mind if you’re one of the excited traders with KTOV on your list of penny stocks to watch right now. You can probably gauge that by the massive uptick in users on Robinhood with this penny stock in their portfolio. Over the last week, the total accounts holding shares have more than doubled with over 40,000 accounts now holding KTOV stock. Something to be aware of, however, is that shares have climbed considerably higher so it’s important to keep your trading strategy in mind.
Active Penny Stocks To Watch: Foresight Autonomous Holdings
Another one of the Robinhood penny stocks seeing a surge of user growth was Foresight Autonomous Holdings (FRSX Stock Report). On April 1 (the start of Q2), FRSX had under 500 Robinhood users holding shares. This week that number has grown to more than 9,700. Earlier this month we took a closer look at FRSX stock.
At the time, the company announced that it started developing a mass screening solution for the detection of COVID-19 symptoms. It’s based on visible-light and thermal cameras. The company also submitted a patent application to the U.S. Patent and Trademark Office for a system and method for the detection of people infected with the COVID-19 virus.
On the flip side, Foresight momentum came to a standstill briefly following the news of a $6.4 million done at $1 per share. But like I said, it was brief. One of the things we pointed out with FRSX was the technical trend citing its 200-day moving average as an important level. Well, things seem to have unfolded in line with that level holding as support. Since then FRSX stock has been in a strong uptrend and this week that momentum continued. Thanks to the latest bull trend, Foresight regained compliance with Nasdaq based on it meeting the minimum bid price of $1.
Active Penny Stocks To Watch: Hexo Inc.
No list of penny stocks on Robinhood would be complete without at least one pot stock. For months, the most popular stock on Robinhood, in general, was Aurora Cannabis. That was before it did its reverse split and no longer was considered a penny stock. Who holds the “most popular pot stock” spot now? Hexo Inc. (HEXO Stock Report). More than 250,000 accounts hold shares of HEXO stock. What’s more is that the user base holding shares have consistently increased during the second quarter. From April 1 to June 23, the base grew from 178,457 to 252,938.
Obviously, the cannabis sector has been flip flopping for some time now. But a recent trend has shined a little bit of a brighter light on certain names. Hexo Corp has been focusing on streamlining things and setting itself up for growth. The company announced a $25.5 million raise to fund expansion of its Belleville Ontario facility. It also cut its Niagara Ontario facility, selling it for roughly $10.25 million on June 15.
However, it’s no secret that HEXO stock has had a tough couple weeks. After reaching highs of $1.29 on June 9th, the stock has been sliding. Monday saw the penny stock hit a low of $0.7116. But looking ahead at Tuesday, shares have started to recover during premarket trading. Will that signal the beginning of another move or is it just another head fake?