3 Robinhood Penny Stocks For Your August Watchlist
Today, both penny stocks and blue chips climbed as a new month set in, and fears of the new Covid wave subsided. While the Delta variant is still surging, investors seem confident in the direction of the economy right now. Today’s moves with penny stocks were overshadowed by a larger tech gain.
Big-name blue chips like TSLA stock and AAPL stock, pushed higher on the market positivity while penny stocks also saw decent gains across the board. But as is the case over the past year and a half, a lot is riding on what occurs with the pandemic in the coming weeks. With Delta variant-related cases leading to all-time daily case highs in certain states, some investors remain cautious about the future.
In addition to this, penny stocks on Robinhood are getting a boost following the HOOD IPO that occurred only a few days ago. As always, traders should keep up to date with all the latest news. This will help to put you ahead of any unexpected price fluctuations in your portfolio. With all of this in mind, let’s take a look at three Robinhood penny stocks to watch right now.
3 Robinhood Penny Stocks to Watch Right Now
- Bit Digital Inc. (NASDAQ: BTBT)
- Cinedigm Corp. (NASDAQ: CIDM)
- Infinity Pharmaceuticals Inc. (NASDAQ: INFI)
Bit Digital Inc. (NASDAQ: BTBT)
Cryptocurrency has taken over the news many times in the past six months or so. Its impressive gains and integration into established financial markets have increased investor confidence in crypto as an asset. In addition, this has paved the way for penny stocks such as Bit Digital to succeed.
For some context, BTBT is a crypto mining company based out of New York that specializes in mining Bitcoin. While there are thousands of cryptocurrencies out there, Bitcoin remains the most prominent, the oldest, and the most valuable. As of right now, it currently has one of the largest fleets of bitcoin miners in the US, which is helping to bring bullish attention to BTBT. Recently BTBT was chosen to be a panel speaker at the Sequire’s Blockchain Conference.
“There are not many US-listed miners with our scale, so I enjoyed the opportunity to engage with a respected peer. Fred and I had an engaging discussion, that also highlighted some of Bit Digital’s strengths, particularly our leadership in sustainability. We’d like to thank Ibrahim Al-Husseini, a leading figure in environmental stewardship, for moderating and for posing thoughtful questions.”CEO of Bit Digital, Bryan Bullett
Conferences like these are important for investors to glance at as they allow for insight into the company’s present and future. It’s worth noting that shares of BTBT stock are sitting at around $10 which makes it no longer a penny stock at over $5 per share. In the past month, shares have shot up by around 84%. And even more intriguing is that since July 23rd, shares have shot up by over 150%, which is quite substantial. With the crypto mining industry continuing to rise in popularity, BTBT stock could be worth keeping an eye on.
Cinedigm Corp. (NASDAQ: CIDM)
The entertainment industry is another area of the stock market that is seeing a lot of potential right now. Because of the impact of Covid, the value of the digital entertainment industry has skyrocketed in the past year and a half. And due to its broad reach, Cinedigm is a large player in the entertainment industry and one that could be worth watching. The company states that it has become one of the leaders in the transformation of the digital entertainment sector in the past few years.
Its work entertains hundreds of millions of users globally and it focuses on the premium content market. CIDM not only operates in the streaming market, but also offers its technology services to some of the largest tech, media, and retail companies in the world.
One of the interesting aspects for investors to consider is its proprietary software, which manages and services over-the-top (OTT) channels. This platform, known as The Matchpoint Platform Suite, is comprised of three components that together, provide high value for Cinedigm’s customers. Operating hand-in-hand, it can provide full-stack solutions for OTT as well as scaling for video distribution.
As stated previously, because of the pandemic, the demand for entertainment has skyrocketed in the past few months, which could help to explain CIDM’s over 40% gain since early July. Considering all of this and Cinedigm’s role in the industry, is CIDM stock worth adding to your watchlist right now?
Infinity Pharmaceuticals Inc. (NASDAQ: INFI)
One of the larger gainers of the day so far is INFI stock, pushing up by around 40% by midday. In the past five days, that number jumps to over 80%, which is quite a large gain. Today’s spike comes after analysts at JP Morgan announced an upgrade on their price target for INFI stock.
The analysts added an overweight rating and a $6 price target for Infinity Pharmaceuticals stock as well. While analyst ratings are important, they often will result in short-term spikes like the one we witnessed today. And to understand further what INFI does, let’s take a closer look at the company.
Infinity Pharmaceuticals is a biopharmaceutical company working on a variety of cancer treatments. Its flagship compound, eganelisib, is a first-in-class candidate in multiple studies right now. In addition to this, it is evaluating a checkpoint inhibitor-free, novel combination regimen of eganelisib in combination with etrumadenant in patients suffering from Triple Negative Breast Cancer (TNBC).
Last week, the company announced updated data from the Phase 2 portion of its MARIO-275 trial in TNBC. In the study, over 86% of patients achieved tumor reduction and more than 84% achieved a disease control rate. This is highly promising and could be another factor aiding in INFI’s recent bullish momentum. So, with all of this in mind, is INFI stock worth adding to your watchlist in August?
Which Robinhood Penny Stocks Are You Watching?
With Robinhood continuing to push up in popularity, many investors are turning to the platform to buy penny stocks. And while not all penny stocks are worth it, with the right research in hand, investors can find the ones that are. Considering all of this, which Robinhood penny stocks are you watching in August 2021?