Are These Robinhood Penny Stocks on Your List Right Now?
Whether you’re trading penny stocks on Robinhood, TD Ameritrade, Etrade, etc. the goal is the same: make money, repeat. This might be easier said than done but the fact that there are now millions of new retail traders interested in making money in the stock market is an important statistic to note.
The reason why has everything to do with how the market dynamic has changed. With the rise in platforms like Robinhood and Webull, the freemium trading accounts have grown popular. I say freemium because these platforms won’t charge huge trading fees if any, but they may give options for membership in order to access certain platform features.
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In the current market climate, Webull and Robinhood have been the go-to platforms for new, retail traders. This doesn’t necessarily mean they’re the best to use. But the ease of access has been an attractive feature of the mobile broker. There are, however, some drawbacks to these types of platforms. The biggest is a lack of access to some of the smaller cap stocks, on the OTC for instance. Nearly all penny stocks on Robinhood are listed on major exchanges. This makes it tough to sometimes find lower-priced stocks or certain stocks in certain industries.
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One example of this is the cannabis space. Most of the popular multi-state operators in the US are traded in foreign markets, then dually listed in the US on the OTC. You’ve then got to consider that there are a good majority of penny stocks under $1 that only trade on the OTC. So where can these Robinhood traders find cheap stocks? Well, Robinhoood, but they’ve got to be a big more choosy and take some time to search for these lower-priced stocks. Lucky for you, we’ve got a few that began trading with higher volume recently. Will they be the best to buy now or should you wait?
Robinhood Penny Stocks To Buy Under $1: Iconix Brand Group, Inc.
Iconix Brand Group, Inc. (ICON Stock Report) is one of the trending penny stocks on Robinhood under $1 right now. Volume picked up on Thursday in light of new data on the overall economic recovery on a global scale. This morning, the US GDP figures came out. Despite what the sentiment is right now amid new coronavirus cases, the results were surprisingly bullish. US economy grew at a record 33.1% annual rate last quarter.
“This is going to be seized upon by both ends of the political spectrum as either evidence of the strength of the post-lockdown economic rebound or a cursory warning that the gains could be short-lived,” said Aberdeen Standard Investments senior global economist James McCann in emailed comments.
Needless to say, this upbeat sentiment has sparked momentum for consumer cyclical stocks. Iconix owns a portfolio of consumer brands in the apparel and home categories. It holds retail licensees that include Wal-Mart, Target, Kohl’s, and Kmart/Sears. Some its popular brands are Peanuts, Mossimo, Starter, Sharper Image, and London Fog.
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As far as recent events in the company, on September 29th, Iconix China Limited, an indirect wholly-owned subsidiary of Iconix Brand Group, Inc., completed the sale of all of the equity interests of Starter China Limited, a wholly-owned subsidiary of Iconix China. The consideration paid was $16.0 million. The Starter China Sale includes the sale of the Starter brand in the People’s Republic of China, Hong Kong, Taiwan, and Macau.
Robinhood Penny Stocks To Buy Under $1: Northern Dynasty Minerals Ltd.
Northern Dynasty Minerals Ltd. (NAK Stock Report) has experienced a considerable level of volatility itself over the last few weeks. A lot of the focus has turned toward the undecided outcome of its Alaska Pebble Property. Namely, if the company would be granted the approvals needed in order to begin mining activities. Since the project is located in a dense area full of fisheries and wildlife, the company has had to jump through some hoops to get to where it’s been.
This month remains volatile and the recent market sell-off hasn’t helped. Yet the company remains headstrong in this initiative. At the beginning of October, Northern issued a Technical Report on the Pebble Project. The report went over the immense level of natural resources that could be extracted from this project. Specifically, Rhenium reserves were a key highlight. The metal has been considered a strategic metal by numerous arms of the U.S. Government for its use in things like jet engines and military applications. Northern said that Pebble could be one of the most significant deposits of Rhenium in the world.
Why now could be important and potentially risky to have NAK stock on your watch list is what’s slated for “the fall”. The US Army Core Of Engineers is supposed to issue its final Record of Decision on the Pebble Project. Thursday’s action appears reflective of some bullish speculation with shares trading roughly 7% higher than Wednesday’s close.
Robinhood Penny Stocks To Buy Under $1: Gevo Inc.
Shares of Gevo Inc. (GEVO Stock Report) came in just at $1 so far. The company has been on plenty of lists of epicenter penny stocks to watch this quarter. The company has also found itself among the names that are part of “ESG stocks” to watch. ESG stands for “Environmental, Social, and Governance.” The idea behind this segment supports companies that leave a positive impact on those specific areas of interest.
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Gevo is a renewable chemicals and biofuels company. It develops and commercializes alternative products to petroleum-based ones. Initial interest began when Gevo signed a deal with Trafigura. It brought Gevo “to over $1.5B of revenue in long-term contracts when added to the other contracts we have in place” according to the company. Earlier this month the company signed a joint development agreement with TOTAL Cray Valley. Gevo will help to upgrade fusel oils from ethanol production into renewable Isoamylene.
With a recent push for petroleum alternatives, GEVO stock has managed to move a bit higher this week. One thing to pay close attention to if it’s on your watch list is the trading volume and price levels. The $1 level has acted as a previous resistance and recent support for the penny stock. So it could be important for it to hold above $1 if a reversal trend is what traders are looking for.
