4 Tech Penny Stocks on Robinhood For Your June Watchlist
Penny stocks can be unpredictable. This volatility is due to low prices and a high degree of speculation. What does this mean for you as an investor interested in trading penny stocks? First, it means that it can at times be a riskier investment. By not behaving like most stocks, stocks under $5 can have a mind of their own.
It’s not uncommon for a price to fluctuate dramatically during intraday trading. On the bright side, this provides an opportunity for potential gains through both swing trading and long-term holding. However, prior research and experience are important tools one needs to be successful.
This year there is a lot of excitement surrounding the stock market. Because of the coronavirus, new tech advancements, and the recent spike in cryptocurrency values, many new investors have joined the market. Investing used to be exclusive to those with the know-how to utilize complicated trading platforms. However, because of new brokerages like Robinhood, it is as easy as downloading an app on your phone.
Why Robinhood is Popular for Traders
Robinhood has become a hit for multiple reasons. It offers commission-free trades, meaning that one can buy and sell a stock without paying extra transaction fees. Robinhood also offers margin trading as well as level II data for those who are willing to pay for it. Margin trading is not for everyone, but it provides the opportunity to have access to more capital than without it.
Penny stocks on Robinhood are another added benefit to the platform. There is no minimum amount required to start investing. This means that small-time investors can easily start trading.
When looking at penny stocks on the app, it not only provides users with analyst opinions but also gives a summary of what the company is and its recent earnings. This is great to start, but further investigation should always occur.
With immediate transactions and three day-trades allowed as with most brokerages, Robinhood has advanced trading forever. While there are some downsides such as reports of halting trades and slow execution times, Robinhood is a great way to get into trading. With that in mind, here are four Robinhood penny stocks for your June watchlist.
4 Robinhood Penny Stocks That Belong On Your Watchlist
- GTT Communications Inc. (NYSE: GTT)
- Ebang International Holdings Inc. (NASDAQ: EBON)
- Sonim Technologies Inc. (NASDAQ: SONM)
- Sphere 3D Corp. (NASDAQ: ANY)
1. GTT Communications Inc. (NYSE: GTT)
GTT Communications is a company that provides cloud networking services to a worldwide pool of clients. Its broad portfolio includes other global services such as private networking, internet, optical transport, and software-defined wide-area networking. GTT’s headquarters are located in Tysons, Virginia, which gives it great access to the U.S. tech marketplace.
Its range of services also includes operations as a Tier 1 IP network. This allows it to provide transport and infrastructure services. GTT’s business model also includes SD-WAN, managed services, and voice and video services. As an all-around tech company, GTT is still expanding and finding its placement in the industry.
In the past seven days, GTT stock has shot up by over 140% which has caught the attention of many investors. As this penny stock continues to see potential in the coming months, is it worth looking into?
2. Ebang International Holdings Inc. (NASDAQ: EBON)
Another company in the technology sector is Ebang International Holdings. This penny stock operates in blockchain technology, providing shareholders the opportunity to invest in the future of crypto. As an emerging technology, blockchain is making large waves in the digital currency market. Due to high speculation, price volatility is usually quite high with blockchain penny stocks.
Currently, the research and development team at Ebang International is working with the ASIC chip. This is standard in the majority of blockchain operations occurring in China. Along with this, EBON engages directly with bitcoin data mining. Its commitment to continuing to strengthen its technological innovations allows it to remain competitive in the global crypto market.
By manufacturing bitcoin mining machines, EBON stands in a favorable position for the increase in digital currency interest. As many know, mining bitcoin involves expensive and complicated hardware and software. But, we have seen a large benefit for the companies that are involved in crypto mining. With this in mind, do you see EBON as a penny stock to add to your watchlist?
3. Sonim Technologies Inc. (NASDAQ: SONM)
Another technology company making waves in recent weeks is Sonim Technologies. It is a leader in the market of mobility solutions for task workers. It provides ultra-rugged mobile phones, barcode scanners, and a large variety of other industrial-grade accessories. This promotes not only worker productivity but communication and safety.
Recently, Robert Tirva, the CFO, was announced as the new COO of SONM. The committee also swapped positions on the board around when Tom Wilkinson, the CEO in 2019, decided to depart. Now, the board of directors holds an optimistic outlook on the future of the company with Robert at the helm.
“Leveraging Mike, Sue, and Ken’s experience and considerable talents is paramount to returning the company to a strong market position and creating long-term shareholder value. We now have the right skills and leadership to support this objective going forward.”John Kneuer, Chairman of the Board of Directors at Sonim Technologies Inc.
This could be a big opportunity for the company as leadership changes can result in new and better business practices. With this in mind, SONM stock could be worth keeping an eye on.
4. Sphere 3D Corp. (NASDAQ: ANY)
In the world of penny stocks, mergers and acquisitions can occur quite frequently. When these happen, share prices tend to move either up or down dependent on investor sentiment and speculation.
This is currently the case with Sphere 3D Corp, which recently announced a merger with Gryphon Digital Mining, Inc. For some context, ANY includes a large portfolio of brands such as HVE ConneXions, UCX ConneXions, and SnapServer. These all operate to help ANY’s clientele reach their respective IT goals.
Gryphon Digital Mining before the merger was a privately held company specializing in bitcoin mining with renewable energy. This is a large deal to investors because crypto mining has historically been unsustainable. Typically, this is a high-energy consumption process that utilizes fossil fuels for its power. Through the use of renewable energy to mine crypto, this merger comes at a great time for ANY stock.
“Gryphon’s future focus on mining using 100% renewable energy will set the bar for mining companies of the future. We have been engineering GPU-based converged systems for many years and are excited to leverage our experience to enhance the performance of Gryphon’s operations. We believe the merger of the two companies provides an excellent opportunity to create meaningful value for our shareholders.”Peter Tassiopoulos, CEO of Sphere 3D Corp.
Considering its new placement in the crypto mining industry, and the fact that it is renewable based, will ANY stock be on your list of penny stocks?
Are Tech Penny Stocks Right For You?
Finding the best tech penny stocks can be challenging. But, with the right research at hand and a commitment to learning, it can be much easier than previously imagined. With tech, things move very fast.
For this reason, it is best to stay as up-to-date as possible with all that is going on. Considering the vast demand for tech products right now, hopefully, things can continue on an upward trajectory. With this in mind, are tech penny stocks right for you?