popular penny stocks on robinhood

The surge of new traders in the stock market this year hasn’t gone unnoticed and penny stocks have become a big focus for them. As reported on this week, online brokers saw a huge spike in new user growth in 2020. Blame it on COVID, the economy, or anything else related to keeping people stuck at home, the facts are still the same.

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Net new accounts for Etrade also surged during the first quarter. The broker credited for revolutionizing electronic trading reported over 363,000 net new accounts. That’s a jump of nearly 170% from 2019’s first quarter. Furthermore, Charles-Schwab clients opened a record 609,000 new brokerage accounts. Over 280,000 came in March alone, according to the company’s most recent earnings report. But the shining star here is Robinhood. The mobile broker posted a record 3 million new accounts in the first quarter.

“The equity buying spree by the Robinhood community garnered a lot of attention recently and raised concerns about misplaced euphoria among ‘rookie’ investors.”

Emmanuel Cau, an equity strategist with Barclays

So it’s not surprising that when it comes to penny stocks, Robinhood traders are likely among the largest population of traders. In addition to ease of use, the application also allows certain data to become available to the public. Some of this data is how many portfolios hold shares of certain companies. This can be useful in tracking the increase or decrease in the interest of certain penny stocks.

At the end of the day, it won’t be the single-most factor is buying penny stocks. But it will help see where potential trends might be starting. With this in mind, here are a few popular penny stocks on Robinhood heading higher early this week.

Robinhood Penny Stocks To Watch #1: AgEagle Aerial Systems

Last week we picked back up on progress with AgEagle Aerial Systems (UAVS Stock Report). It has been on our list of penny stocks to watch for months now. Since its big move in April, UAVS Stock has been on the radar. Back then AgEagle grown the scope of its contracted commercial drone work. In June UAVS stock saw another pop in the market after we found some interesting information on the USPTO website. A recently filed patent appeared to do with drone delivery services. This is important, or could be important considering recent developments.

Author Carrie Rengers of Wichita Eagle recently wrote, “Part of what is fueling speculation related to Amazon and AgEagle is that around the time of AgEagle’s ‘major eCommerce company’ announcement, there was reportedly a video online showing Chilcott demonstrating how to unload an Amazon drone from its crate.”

Last week, the company, along with the Kansas Department of Commerce in association with the Greater Wichita Partnership, jointly announced that AgEagle will locate and expand its manufacturing operations in Wichita, Kansas. In light of this update, UAVS stock has continued higher in July. The penny stock reached a high of $2.75 on July 13, pulled back to around $2.20 by the close, then bounced back above $2.50 on the 14th.

robinhood penny stocks to watch AgEagle Aerial Systems (UAVS stock chart)

Robinhood Penny Stocks To Watch #2: Dare Bioscience Inc.

Earlier this year, Dare Bioscience Inc. (DARE Stock Report) was a force to be reckoned with. Shares jumped from under $0.90 to over $2.22 in January which came after its first big update of the year. The company reported that it signed a licensing agreement with Bayer. But after that news faded, so did the penny stock, which eventually pulled back to levels below $0.90 by March. Ever since then, DARE stock has been quiet, more or less trading in a sideways channel between $1 and $1.15.

[Read More] Best Penny Stocks To Watch Under $2 Right Now

This week, however, the penny stock is on the move. Interestingly enough, there hasn’t been any formal update from the company to justify as a catalyst. So what’s going on with DARE stock? That’s an interesting question and one without a clear answer right now. A few weeks ago the company announced publication of a peer-reviewed Journal article that supported the use of its monthly contraceptive Ovaprene. This is the product currently under a license agreement with Bayer for commercialization in the U.S.

“Ovaprene’s potential as an alternative to traditional hormone-based contraceptive options.  As summarized in the article, other contraceptives that demonstrated PCT study results comparable to results seen with Ovaprene in last year’s PCT study, went on to demonstrate six-month typical-use contraceptive effectiveness of 86-91% in their respective pivotal studies, which is similar in range to typical-use effectiveness rates of hormonal methods like pills, patches, and vaginal rings such as the NuvaRing® vaginal ring,” said Christine Mauck, MD, MPH, Medical Director for Daré Bioscience. Will this be Bayer’s answer to Merck’s NuvaRing®?

robinhood penny stocks to watch Dare Bioscience Inc. (DARE stock chart)

Robinhood Penny Stocks To Watch #3: Biocept Inc.

With more than 65,000 accounts holding shares, Biocept Inc. (BIOC Stock Report) could be one of the popular penny stocks on Robinhood to watch right now. Similar to UAVS, BIOC stock has been on the watch list for a while now. While the company hasn’t released any new updates, its release from the end of June continues to gain attention. The company was awarded Canadian Patent 2812291, entitled METHODS AND REAGENTS FOR SIGNAL AMPLIFICATION.

The issuance of this patent increases Biocept’s total patent awards for use in its molecular diagnostics business to 40. On July 1, 2020 its Annual Meeting was again adjourned prior to voting on Proposal 4 to allow additional time for voting. This proposal is to conduct a reverse stock split of the company’s common shares. “As announced during the reconvened Annual Meeting, the Annual Meeting is to reconvene at 1:30 p.m. Pacific Time on July 31, 2020.”

On July 13, 2020, Biocept mailed a postcard to stockholders related to Proposal 4. So there may be a possibility that this could have become a catalyst this week. The information was reported in a DEF14A filing on the 13th. Since we started following along in April, BIOC stock has climbed nearly 100% to date.

robinhood penny stocks to watch Biocept Inc. (BIOC stock chart)

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