buy penny stocks on robinhood

Are These Robinhood Penny Stocks On Your Watch List In November 2020?

You’ve probably read about penny stocks on Robinhood, Webull, TD Ameritrade, Etrade, and others. This year has been a big one for new traders entering the market. With wide eyes and hopes of making big money, we saw millions of people opening up brokerage accounts in 2020. One of the fastest-growing of the long list was Robinhood. Estimates cite that the mobile-first trading app amassed some 5 million new traders in the first 9 months of the year.

The only other firm to experience that type of growth was Charles Schwab and that was only after its acquisition was complete with TDAmeritrade. Needless to say, there are mixed experiences with the trading app. Technical glitches have plagued clients for years. There’ve even been blackouts for longer than a day. When you’re talking about day trading penny stocks, that’s a big deal no matter your account size.

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Even with this as the case, client growth remains evident and popularity of things like penny stocks has increased. Whether it’s users on places like Reddit or Facebook, for instance, if it doesn’t trade on Robinhood, there’s a chance it isn’t being discussed. For this reason, most of the penny stocks on Robinhood are ones listed on major exchanges (NYSE & NASDAQ). Keeping this in mind, whichever broker you use, are these names on your list of penny stocks to buy right now or avoid entirely?

Penny Stocks On Robinhood To Watch: Sunworks Inc.

Sunworks Inc. (SUNW Stock Report) has been a monster of a stock to watch recently. The company focuses on solar power installation. With the jump of interest we’re seeing in things like electric vehicle stocks, the attention that green energy has received is undeniable. Furthermore, with the potential of a Biden presidency, many are looking for ways to gain exposure to this space. It was one of the major initiatives spoken about on his campaign trail. Whatever the outcome might be by January of next year, speculation is helping to drive momentum.

One of the biggest points of focus for traders was the potential of a merger with The Peck Company (PECK Stock Report). However, this month, that agreement was terminated. It didn’t receive the required number of shareholder votes to push it through. Chairman and CEO of Peck, Jeffrey Peck said, “Our stockholders were in favor of the merger with Sunworks, so we are committed to finding alternative ways that we can work efficiently together and to leverage the synergies between our two companies in the coming months.”

Since the start of the month, SUNW stock has climbed from $2.82 to recent highs of $4.70.

penny stocks on robinhood to watch Sunworks Inc. (SUNW stock chart)

Penny Stocks On Robinhood To Watch: Kaixin Auto Holdings

Kaixin Auto Holdings (KXIN Stock Report) is one of the big breakout penny stocks of October. We saw shares rip from around 50 cents to highs of over $13. Like many parabolic moves, KXIN stock fell back just as quickly. Over the last few weeks, Kaixin has been quiet and the clarity around what the company is actually doing is a bit foggy. In September, the company announced in late August that it was exiting the used-car dealership business based on the impact of the pandemic.

But in October, we saw shares jump, seemingly because the company was a used-car dealership. Earlier this month the company entered into a binding term sheet with Haitaoche Limited. It also changed out its senior management. Haitaoche is a China -based e-commerce platform for imported automobiles. In addition to strengthening its imported automobile sales business, it plans to expand into electronic vehicles and other business areas.

[Read More] 5 Penny Stocks To Watch Under $1; 3 With 100%+ Price Targets

The obvious surge of interest in EV penny stocks has helped give KXIN stock a boost this week. Will this sympathy momentum persist longer than a day or is this setting up for another quick move and drop?

penny stocks on robinhood to watch Kaixin Auto Holdings (KXIN stock chart)

Penny Stocks On Robinhood To Watch: SM Energy

Shares of SM Energy (SM Stock Report) have mounted a strong recovery this month. Since November 2nd, SM stock has climbed more than 370%. The surge we’ve witnessed in certain energy penny stocks has helped boost some sympathy sentiment this month. SM Energy is a crude oil, natural gas, and NGLs company.

This month SM reaffirmed its borrowing base and further announced the an agreement for South Texas well completions. The company has gotten a lot of attention from analysts recently, which has helped build some optimism as well. Most recently, Stifel analyst Michael Scialla upgraded SM to a Buy and announced a $5 price target. MKM Partners also maintains a Buy on the stock and upped its price target to $7 earlier this month. These come just after the company posted an earnings beat for its third quarter. SM reported an EPS of ($0.05) which was much better than analyst estimates of ($0.28). The biggest question now is can energy stocks, including SM maintain this bullish trend into the rest of the winter months?

penny stocks on robinhood to watch SM Energy (SM stock chart)

Penny Stocks On Robinhood To Watch: Marathon Patent Group Inc.

Marathon Patent Group Inc. (MARA Stock Report) has become somewhat of a constant on our lists of penny stocks to watch. Considering the fact that the price of bitcoin is surging, cryptocurrency and blockchain stocks have taken flight. Marathon, in particular focuses on mining. Over the last few months, the company has announced several key milestones that aim to set it up for a big 2021.

In a corporate update this week the company highlighted its plans. “Due to the substantial progress we’ve made in the past few months scaling the business and improving our financial position, we thought it was appropriate to disclose more pertinent operational and financial metrics subsequent to publishing our third quarter 2020 results,” said Chief Executive Officer Merrick Okamoto.

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Marathon sees potential to generate $8.8 million in revenue per month and $6.7 million gross profit per month. The company also estimates that it has the potential to produce 15 to 20 Bitcoins per day at an average production cost of $3,863 per Bitcoin. Given the current state of crypto right now, will MARA stock continue surging in November?

penny stocks on robinhood to watch Marathon Patent Group Inc. (MARA stock chart)

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