3 Top Robinhood Penny Stocks For Your August Watchlist
We’ve been covering penny stocks on Robinhood heavily over the past year or so. This is the result of the sizable investor interest in them, and the major attention that Robinhood has right now.
In addition, Robinhood as a trading platform has brought millions of new investors into the market. And those investors have brought with them billions in capital. Many believe that we are living in the most democratized time for the stock market in its history, which is partly due to the effects of Robinhood overall.
While many think that penny stocks are only traded on OTC markets, the term itself simply means any stock trading under $5. Because there are hundreds of these, the options are almost limitless. However, just because a penny stock is on Robinhood, does not mean that it is worth buying.
Rather, when making a list of penny stocks to buy, investors should consider all of the factors that could be impacting its price. This includes speculation, upcoming events, financials, and more. So, with all of this in mind, let’s take a look at some of the top Robinhood penny stocks to watch right now.
3 Top Penny Stocks on Robinhood Right Now
- Amarin Corporation plc (NASDAQ: AMRN)
- Cloopen Group Holding Limited (NYSE: RAAS)
- Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Amarin Corporation plc (NASDAQ: AMRN)
Amarin Corporation plc is a biotech penny stock that develops and commercializes therapeutics to treat cardiovascular diseases. It is currently developing VASCEPA which is for treating patients with severe hypertriglyceridemia. The company also has a collaboration with Mochida Pharmaceutical Co. Ltd. to develop and commercialize different drug products. Collaboration agreements in the biotech industry are one of the main ways for companies to stay ahead. It allows for faster development times and a degree of cost-sharing.
On August 5th, the company released a business update and its second quarter and six-month financial results. The company announced that its commercial launch of VAZKEPA in Europe is on track to start in September with Germany. The company’s revenue also increased by 14% year over year in this period. This is a substantial rise in revenue, and reflects the company’s hard work in launching its main commercial product.
“Amarin enters the second half of 2021 well positioned to deliver on our goals to reignite growth of branded VASCEPA in the U.S., to successfully launch VAZKEPA in Europe, and to undertake initiatives to expand its growth in other important geographies.”The President and CEO of Amarin, Karim Mikhail
With most biotech companies, products are usually in the pipeline for quite some time before being commercialized. However, finding a company with widespread commercialization can be a major benefit. With this information in mind, will AMRN make your penny stocks watchlist in August?
Cloopen Group Holding Limited (NYSE: RAAS)
Cloopen Group Holding Limited is a tech company that provides cloud-based services. It offers communications platforms, software dev kits for voice calls and video, and more. Its products are sold to companies in the telecommunications industry, financial services businesses, and education institutions among many others.
Right now and throughout the pandemic, the demand for tech solutions has increased dramatically. This is especially true when we consider the education market, which has largely gone online in the past year and a half. In addition, the rest of its business model looks like it caters highly to pandemic-related needs, making it an interesting penny stock to watch right now.
On August 11th, Cloopen released its second-quarter financial results. The company’s revenue grew to $42.4 million, which represents a 47.9% increase year over year. In addition, the company achieved an EBITDA loss of $4.6 million, a 1.8% decrease year over year. While the EBIDTA loss is not ideal, its major revenue growth shows that the company could be on track to continue seeing long-term potential.
“We sustained strong momentum for our cloud-based Contact Center (CC) business in the second quarter, demonstrated by a 105.1% year-over-year revenue increase, driven by synergies from our EliteCRM acquisition and consistent efforts to provide customized solutions that adapt to customers’ evolving demands through one-stop customer management and cloud-based communication tools.”The CEO of Cloopen Group, Mr. Changxun Sun
Right now, there is a large emphasis on tech companies and software businesses specifically. This is the result of Covid-related market needs in combination with the always growing technology industry. So, with this recent update in mind, will RAAS make your list of penny stocks to watch?
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP)
Seanergy Maritime Holdings Corp. is an industrial stock that is performing well in the market today. If you’re unfamiliar, Seanergy is a company that focuses on seaborne transportation using its 11 Capesize vessels. These vessels have a combined carrying capacity of more than 1.9 million deadweight tons. Primarily, Seanergy transports bulk commodities such as coal and iron ore with its vessels.
On August 11th, the company announced a share repurchase plan. Seanergy now can repurchase up to $17 million of its outstanding common shares. These shares represent 10% of the company’s market cap as of August 10th.
“By using our strong balance sheet and our fleet’s robust cash-flow generating capacity to reduce the number of outstanding common shares, we can increase stockholder value, while maintaining sufficient liquidity reserves to take advantage of attractive market opportunities.”The CEO and Chairman of Seanergy, Stamatis Tsantanis
One day following the announcement, SHIP stock is up more than 4.8% in the market. The company’s volume is also much higher than its average on August 12th. This shows the power that positive announcements can have on a company’s stock price. With all of this in mind, will you add SHIP to your list of penny stocks to watch?
Which Robinhood Penny Stocks Are On Your Watchlist Right Now?
Finding the best penny stocks to buy on Robinhood can be a challenge with so many options. However, with the right research in hand, it can be much easier than previously imagined.
Considering the current market conditions and the state of the pandemic, staying up to date will always be your best friend. With all of this in mind, which Robinhood penny stocks are you watching right now?