Are These Penny Stocks To Buy On Robinhood This Week?

Should These Penny Stocks be On Your Buy Or Sell List This Week?

Is the stock market open on Labor Day? The answer is no, but that doesn’t mean the millions of users on WeBull, TD Ameritrade, Robinhood, etc. can’t find top penny stocks to watch this week. If anything, the extended holiday weekend gives traders an edge especially to do a bit more DD than usual. What is DD? Well, as we explained earlier this weekend, DD is simply defined as an acronym for Due Diligence. This is the process of researching penny stocks to buy or avoid.

You can use technical analysis, fundamental analysis, or a mix of both to put your list of penny stocks together. Now, when Tuesday’s morning bell rings your plan could go right out the window. The simple reason is that really anything can happen when that bell rings. Maybe the company you on your list announces something big.

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In this case, there could be a spike in the price of that stock. You weren’t planning on it but catalysts are a contributing factor especially when it comes to cheap stocks under $5. Sometimes you can’t plan on them and it can impact certain penny stocks positively OR negatively.

Keep this in mind no matter if you’re trading penny stocks on Robinhood, ETrade, Interactive Brokers, WeBull, and other platforms. So, as we head into the rest of this long weekend, take some time to research a few penny stocks to watch this week.

Penny Stocks To Buy On Robinhood [or avoid]: iBio Inc.

iBio Inc. (IBIO Stock Report) has been an interesting penny stock to watch this year. Of course, earlier this year IBIO shares exploded on coronavirus news in late-February. They came back down, then exploded again this summer. This was the bigger run that IBIO experienced. The penny stock jumped from around $0.90 to highs of nearly $7.50.

Ever since then, however, IBIO stock has been in a perpetual downtrend. Last week, shares saw the first real bounce day in quite some time. There wasn’t any news to speak of, however, IBIO stock was able to jump from a low of $1.62 to highs of $1.96 just before the closing bell. There hasn’t been any news from the company in a few weeks, however, coronavirus “fever” remains a hot item for traders.

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The company most recently announced a worldwide license agreement with Planet Biotechnology Inc. This deal is for the development of Planet’s COVID-19 therapeutic candidate, ACE2-Fc. In vitro studies demonstrated that its ACE2-Fc blocks the SARS-CoV-2 virus from infecting Vero E6 cells. Aside from this, heading into the upcoming week, Friday’s momentum could be more of a focus for traders. Will this officially mark a turn around for IBIO stock?

Penny Stocks To Buy On Robinhood [or avoid]: FuelCell Energy Inc.

FuelCell Energy Inc. (FCEL Stock Report) is another one of the penny stocks on Robinhood to watch this week. The majority of the last 3 months have seen FCEL stock trade within a channel between $2.20 and $3.20 with a few exceptions on both ends of that channel.

However, since dipping in March, FCEL stock has maintained a much higher level of support and is up over 150% to date since March 16th. Obviously, the energy sector has been rife with volatility this year and as such, has attracted plenty of day traders. FuelCell is a fuel-cell power company that designs, manufactures, sells, installs, operates, and services fuel-cell products. Geographically, the company generates a majority of its revenue from the United States followed by South Korea.

Is FCEL billed as one of the penny stocks to invest in? That’s yet to be seen. However, the company’s upcoming Q3 conference call could be something to note this week. On Thursday, FuelCell reports its third-quarter results before the stock market opens on September 10. In its last quarterly update, FuelCell’s earnings per share were inline with Street estimates.

However, the company did beat on sales for the quarter. Furthermore, the company’s contract backlog increased to $1.34 billion as of April 30th. We’ll have to see what this week’s upcoming earnings results bring for FCEL stock. What do you think the outcome will be? Leave us a comment below if FCEL is on your list of penny stocks to watch right now.

Penny Stocks To Buy On Robinhood [or avoid]: MFA Financial

MFA Financial (MFA Stock Report) is another one of the penny stocks we’ve watched for a few months now. Earlier this year, there were a slew of stocks that plummeted below $5 a share. Their normal trading channels were well-above this threshold. However, coronavirus shutdowns and general market uncertainty triggered big selloffs for many stocks. MFA was one of them.

[Read More] 3 Penny Stocks Under $1 To Watch Before Q4

Just one day after MFA stock hit a new 52-week low, we first began following its progress. The penny stock was trading at highs of $8.09 earlier this year, then COVID struck. MFA stock tumbled to lows of $0.32. While this was bad for anyone who was looking at shares before March 25th, for us, it has been something quite exciting. If you look at the penny stock’s chart, you’ll see what I’m talking about.

Since March 25th, shares of MFA stock have climbed as high as $3.70 and are currently heading into this week after closing Friday’s session at $2.70. MFA specializes in residential mortgage assets on a leveraged basis. This means it looks for things like government-sponsored agency mortgage-backed securities. It also seeks out residential mortgage loans, and credit risk transfers that divert risk from residential mortgages securitized by government-sponsored enterprises.

Shares of financial companies have traded higher after President Trump extended coronavirus relief measures meant to help the economy. Furthermore, over the weekend Treasury Secretary Mnuchin said he expects Congress will extend government funding into December. Will this remain a driving force for financial penny stocks like MFA this month?