Best Penny Stocks on Robinhood to Watch Right Now
With penny stocks on Robinhood becoming more popular than ever, investors are looking for the best small-caps to buy. One thing to consider is that Robinhood penny stocks tend to be extremely volatile. This is due to both the nature of Robinhood and the retail traders that use the platform. It’s worth noting that the term penny stocks simply means any stock that is trading under $5 a share. Before picking any penny stocks for your watchlist, it’s best to understand what type of trader you are.
On one hand, we have short-term or swing traders. These are investors that look for short-term speculative gains. With penny stocks, this is the most common strategy due to the large fluctuations that small-caps see regularly.
On the other hand, we have longer-term traders. These are investors that look for undervalued companies that may outperform in the long term. While these two strategies are by no means the only ones available, they tend to be a good outline of how to trade penny stocks. With all of this considered, here are eight penny stocks on Robinhood that you should know about right now.
3 Robinhood Penny Stocks to Watch in July 2021
- 1847 Goedeker Inc. (NYSE: GOED)
- 9 Meters Biopharma Inc. (NASDAQ: NMTR)
- Exela Technologies Inc. (NASDAQ: XELA)
1847 Goedeker Inc. (NYSE: GOED)
1847 Goedeker Inc. Is a penny stock that we have been covering for quite some time now. As a company, GOED is a leader in the e-commerce industry. This includes items such as household appliances, home goods as well as furniture. Additionally, it works alongside household names such as LG, Bosch, and Samsung in order to provide top-quality products. Products like these have skyrocketed in demand during the pandemic. This is due to more people being at home, and therefore, more people ordering home-related products.
Up by around 9% at EOD, Goedeker made a sizable announcement yesterday during pre-market trading. It announced that it had signed into a definitive agreement to acquire a large Florida-based luxury appliance retailer. This should help the company to move further into the home-appliance market and additionally, into Florida.
“The premium and luxury brands this transaction brings to the Company, as well as their longstanding, strong relationships with customers, were what led us to this acquisition. Consistent with our long-term strategy, this transaction serves as a stepping stone for our company to expand its reach in the Florida and southeastern U.S. markets, and change the way Americans purchase appliances across the country.”Doug Moore, the CEO of Goedekers
Given all this and GOED’s role in the retail market right now, this could be a good penny stock to keep on the watchlist for the upcoming months. And, with the retail market showing strong signs of growth right now, GOED could be worth adding to your list of penny stocks to watch.
9 Meters Biopharma Inc. (NASDAQ: NMTR)
9 Meters Biopharma Inc. is a leading biotech penny stock that has shot up by over 100% in the past twelve months. The company is specifically focused on gastroenterological needs and owns a slew of proprietary products. Its main product offering, vurolenatide, is a long-acting GLP-1 agonist. Currently, it’s moving into its Phase 2 trial for short bowel syndrome (SBS). This is a common syndrome that affects millions in the U.S. alone, and for that reason, could present a sizable market opportunity for NMTR stock.
Another one of NMTR’s staple products is larazotide. This drug is its Phase 3 trial and is being evaluated for symptom improvement in non-responsive celiac disease. Only a day ago, 9 Meters announced that it would present at the William Blair Biotech Focus Conference on July 14th. While this may not seem like a big deal, conferences like these are always important for investors to consider. This is because they allow for a unique insight into what a company is doing, and how it can move forward.
With this presentation only a few days away, investors may want to keep a close eye on NMTR stock. Additionally, increasing Covid cases in the past few weeks have put an even larger emphasis on biotech penny stocks. So, if we combine all of these factors, NMTR stock could be worth watching in the coming months.
Exela Technologies Inc. (NASDAQ: XELA)
XELA stock is one of the best performing penny stocks of the week and has made tremendous strides in that time frame. Over the past five days, shares of XELA stock have shot up by around 45%, indicating solid bullish sentiment. In the past month, that number jumps to north of 73%, which again, shows just why Exela Technologies is so popular right now.
One thing to keep in mind is that XELA stock is frequently mentioned on Reddit and other social media sites. This has led many to believe that it could become the next big trending penny stock to watch. For some context, Exela is a provider of global business solution process automation software. It works with over 4,000 customers across 50 countries around the world.
On June 30th, the company announced a sizable $85 million capital raise from a total $150 million at-the-market equity offering. This should give the company plenty of funds to take on future endeavors. While it is a trending penny stock, it’s worth noting that XELA stock is highly volatile. Despite this, it remains popular with all types of investors and most retail traders. So, if large fluctuations are what you’re after, XELA stock could be a good option for your watchlist.
5 More Penny Stocks to Watch on Robinhood
- ENGlobal Corp. (NASDAQ: ENG)
- Gaucho Group Holdings Inc. (NASDAQ: VINO)
- Abeona Therapeutics Inc. (NASDAQ: ABEO)
- Globalstar Inc. (NYSE: GSAT)
- B2Gold Corp. (NYSE: BTG)
Which Robinhood Penny Stocks Are You Watching?
Finding the best penny stocks to buy on Robinhood can be challenging. With hundreds of options out there, your choice should involve research and a thorough understanding of what type of trader you are.
[Read More] 8 Top Tech Penny Stocks to Watch in July 2021
While it may seem difficult at first, there are plenty of resources online to help create a penny stocks watchlist that rivals even the top traders. Considering all of this, which Robinhood penny stocks are you watching right now?