Are These Robinhood Penny Stocks On Your Watch List Today?
Whether you’re looking for the best penny stocks to buy on Robinhood, Webull, or other popular platforms, your strategy matters. The last year has proven that the mob mentality can quickly take hold, leaving novice traders in the dark regarding the fundamental or technical analysis. The Reddit movement and other social catalysts have made it easier than ever to get information from “piers” in the stock market.
But as many have already found, some of these piers are focused on their own agendas than helping “the community” that has been created. Needless to say, one of the ways of developing a real strategy is observing the market and knowing what to look for. Find pockets of momentum and identify trends early.
Thanks to a pullback in tech stocks and the Nasdaq composite, the markets got off to a shaky start this week. However abrupt the early hours of the session were, things quickly pulled an about-face later in the August 16th session. By early afternoon, many tech stocks had experienced a rebound. Some, including Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT), came within striking distance of recently set, all-time highs. When we talk about identifying momentum, this is one way to do it.
Find stocks or sectors that’ve seen selling pressure but have been able to show a “V” shaped recovery. This would indicate a swift rebound and potential for a bullish continuation. With this in mind, we’ll look at a few penny stocks with tech exposure and see why traders are so fixated on them today. Then you can decide if they are the best to buy or should you avoid them entirely?
Read more: How To Buy Penny Stocks
Penny Stocks On Robinhood To Buy [or avoid]
Something else to note is this idea of ‘penny stocks on Robinhood.’ For lack of a better definition, this means the companies on this list are traded on major exchanges like the Nasdaq & NYSE:
- DatChat Inc. (NASDAQ: DATS)
- Sphere 3D Corp. (NASDAQ: ANY)
- Evolve Transition Infrastructure (NYSE: SNMP)
DatChat Inc. (NASDAQ: DATS)
If you’ve been following the wild IPO trend this year, DatChat may have been one of the companies you’ve heard of. This week, DATS stock made its debut on the Nasdaq, trading as high as $4.14. Now, on “Day 2” of the penny stock being tradeable on Robinhood and other NYSE/NASDAQ only platforms, shares continue holding levels around $3.70.
Though not much news has come about in the last few days, there are several things to account for. First and possibly most important is the company’s exposure to blockchain technology. Thanks to Dogecoin, Bitcoin, Ethereum, and other cryptocurrencies, companies in this niche are gaining attention. DatChat wraps together blockchain, cybersecurity, and social media into one platform. It offers users the ability to control chat messages and posts. Specifically, anyone with the chat app can delete messages and posts and be protected from anyone taking a screenshot of these messages before getting deleted.
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Furthermore, the company’s private social network also folds in a level of privacy. Unless allowed by another user, profiles are made private. Only those allowed to see posts and media can do so by other users. Since this is a brand new issuer, it will be interesting to see what comes next for DatChat and its blockchain-based chat platform.
Sphere 3D Corp. (NASDAQ: ANY)
Continuing with the cryptocurrency/blockchain tech trend, Sphere 3D has made a move higher on Monday. Shares of ANY stock jumped over 8% following a bounty of selling pressure over the last week. One of the big sparks recently was Sphere announced a deal to acquire rights for assignment of cryptocurrency mining assets.
This agreement with Hertford Advisors provides Sphere with “turnkey” mining solutions and, more importantly, several bitcoin mining agreements. This includes a deal directly with the manufacturer for purchasing up to 60,000 new bitcoin mining machines. As you might imagine, the news struck a chord with investors, and ANY stock jumped to some of its highest levels since 2018.
With a bullish reversal in cryptocurrencies, companies with exposure to this niche have gained added interest. In response to this latest deal, Peter Tassiopoulos, Sphere 3D’s CEO, said, “We continue to look for ways to increase shareholder value while remaining true to our commitment to ESG principles. We believe that this series of transactions could have significant revenue and cost synergies across our value chain.”
Evolve Transition Infrastructure (NYSE: SNMP)
Obviously, cryptocurrency and blockchain aren’t the only technologies in the spotlight right now. Renewable power and things like electric vehicles have begun to progress as well. The last few months have been busy ones for Evolve Transition Infrastructure. That’s because the company has been going through the final steps of solidifying a joint venture with Nuvve Holdings Corp. (NASDAQ: NVVE) and Stonepeak Partners. The JV, Levo Mobility, will utilize Nuvve’s V2G (vehicle-to-grid) technology, money from Stonepeak, and Evolve to speed up the development of electric fleets.
This coincides with Nuvve’s zero-emission school buses through V2G hubs and a newly evolving space considered Transportation-as-a-Service. Stonepeak and Evolve plan to deploy up to an aggregate $750 million capital commitment to Levo. This month the Levo JV continued to move forward with the formal completion of Levo Mobility LLC.
“We are pleased to complete the formation of Levo with our partners Stonepeak and Evolve. We believe that Levo’s capital base, expertise, and business model provide a much-needed catalyst to help convert fleets to electric and reduce harmful emissions in alignment with ambitious climate goals around the world.”Gregory Poilasne, Nuvve CEO & Chairman
Considering the uptick in EV excitement, this Levo deal could be an interesting one to follow. A lot may hinge on the success and deployment speed of Nuvve’s V2G hubs.
Tech Penny Stocks Back In Focus
Thanks to a healthy rebound in tech today, stocks in the industry are in focus. Whether it’s digital currency and blockchain, or more evolving tech like EV and everything in between, momentum is giving a sweeping boost to related stocks. Whether or not that remains the case later this week is to be seen. For now, however, tech penny stocks could be some of the top names to watch in the market today.