Are You Trading Or Fading These Robinhood Penny Stocks?
Whether you trade penny stocks on Robinhood, ETrade, TD, TradingView, wherever, you’re likely looking for one thing. That is a way to quickly and continuously turn a profit in the stock market. Whether you’re buying stocks under $1 or even penny stocks under 10 cents, the strategy is the same.
This leads me to the broker conversation. Now, there’ve been plenty of conversations about trading penny stocks on Robinhood and even TD Ameritrade, recently, citing major issues with connectivity. Let’s face it, you can’t make money with penny stocks if you can’t even access your trading platform, right?
Earlier this year, there was a massive uproar among Robinhood traders. Why? The answer is simple, they couldn’t log onto their accounts! It also wasn’t an isolated incident either. The platform has experienced its fair share of glitches, some that even granted seemingly unlimited margin powers. Nevertheless, the ease of access with the flip of a finger and “fun” user interface has attracted millions; yes millions of new users in 2020 alone.
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Robinhood even had a feature that allowed users to see how many portfolios held shares of a particular stock. This feature was recently discontinued for fear of it being abused by certain groups of traders, but I digress. At the end of the day, whether you’ve got a broker like Schwab or trade penny stocks on Robinhood, WeBull, etc. as long as you can access the stocks you want to buy, your strategy should work on any platform.
Penny Stocks On Robinhood To Watch: Ideanomics Inc.
Ideanomics Inc. (IDEX Stock Report) is one of those love/hate penny stocks to watch lately. I say this because we covered the company earlier in the year as speculation built around EV stocks. Namely Ideanomics’ operating, Mobile Energy Global. For most of June, IDEX stock was on fire. It ended up racing from around $0.40 to highs of $3.98 before it came crashing down.
Questions arose on the validity of its operations in China. While the company continued to refute certain accusations, IDEX stock suffered. Toward the end of last week, the penny stock had hit a new low of $1.11 since dropping from those June highs. What’s more, is that after dropping so aggressively and in light of this confusion, IDEX has become a wild trade and in most cases, very high risk. So before we go any further, understand this has been the case, now for a few months.
Tuesday saw a bit of positive sentiment. There haven’t been any new updates aside from a few tweets here and there. The company has a few upcoming conference presentations but what may be playing a role is attention on EV penny stocks. It’s not just Tesla right now. Today, Chinese EV company, Nio Inc. (NIO Stock Report) soared to new, all-time highs. It’s also worth mentioning NIO stock has long been on the radar since becoming a penny stock last year. We’ve watched the surge take NIO stock up and over 1,400% since last October. Could this be sympathy momentum impacting IDEX right now or is there more to the story?
Penny Stocks On Robinhood To Watch: Avinger Inc.
Avinger Inc. (AVGR Stock Report) is another one of the penny stocks that took off this week. After a 3-day breakdown last week, AVGR stock pulled an about-face on Monday, which continued Tuesday. For those who’ve read our articles for at least the last month, you’ve seen the epic run that it went on. So why the huge drop last week? Well, it initially stemmed from the announcement that the company priced a $5.2 million offering at a price of $0.47 per share.
Considering the fact AVGR stock was trading over $0.75 just a day prior, you could imagine how the market would react. In true form, that’s exactly what happened. While there wasn’t a clearly outlined use of proceeds, chatter online suggested that many were waiting for the official closing of this financing to take a second look.
This week, the company announced the formal close of the financing deal. However, besides financing updates, there haven’t been many other headlines. However, if you peek into the company’s quarterly business update, you may find a few hot button items to take note of. In May Avinger submitted a 510(k) application for U.S. pre-marketing clearance. This was for its Ocelaris image-guided CTO crossing catheter. Completion of the company’s INSIGHT IDE study “remains a priority” according to management.
Specifically, CEO, Jeff Soinski said on the earnings conference call that, “We’re excited about the potential for Ocellaris to drive growth of our image-guided CTO crossing business and continue to anticipate U.S. premarketing clearance for this advanced device in the second half of this year.”
Penny Stocks On Robinhood To Watch: Evofem Biosciences Inc.
Evofem Biosciences Inc. (EVFM Stock Report) is another one of the penny stocks we started looking into this month. Its main focus has been on its pregnancy prevention, prescription gel, Phexxi. In its most recent earnings update, the company said the EVO100 study is on track to begin next quarter. Furthermore, the commercial launch of Phexxi is set for September 2020.
“The market access team has been successfully making the value case for Phexxi’s unique mechanism of action and the unmet need among women for a nonhormonal, woman-controlled FDA-approved contraception. As a result of their efforts, we will soon have all the wholesale agreements in place with Phexxi on stock and ready for launch on September 8.”Russell Barrans, Chief Commercial Officer
Aside from this, Evofem is developing additional treatments. Its EVO100 is being tested for the prevention of urogenital chlamydia and gonorrhea in women. According to Chief Medical Officer, Kelly Culwell, the company is planning to move forward with a randomized placebo-controlled Phase III clinical trial. She further stated that “we expect to enroll our first subject in the fourth quarter of 2020.”
Bother Oppenheimer and Morgan Stanley hold favorable ratings on EVFM stock right now as well. Oppenheimer gives an “Outperform” rating with an $18 price target. Morgan Stanley recently started coverage on Evofem giving it a rating of “Equal Weight” and a price target of $3.