best robinhood penny stocks buy

Are These Robinhood Penny Stocks on Your October Watchlist?

If you’re making a list of penny stocks to buy, Robinhood could be a great resource to use. Over the past few years, Robinhood has become a defining factor in the trajectory of the stock market. The investing platform allowed for anyone to begin investing in penny stocks or blue chips in a way that never before was possible. And as a result, billions of dollars in capital flooded into the market in a short time frame. 

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Now, we see the influence of retail traders, sparking higher volatility, and creating rallies among relatively unknown stocks. With all of this, there is a lot of momentum in the stock market to take advantage of. But, it does take having a strategy and sticking by it to make money with penny stocks. So, with all of this in mind, let’s take a look at three penny stocks on Robinhood to watch right now. 

3 Robinhood Penny Stocks to Watch Right Now 

  1. InMed Pharmaceuticals Inc. (NASDAQ: INM
  2. Ocean Power Technologies Inc. (NYSE: OPTT
  3. Cinedigm Corp. (NASDAQ: CIDM)  

InMed Pharmaceuticals inc. (NASDAQ: INM)

InMed Pharmaceuticals Inc. is a biotech company that has been trending in the market in the past few days. If you’re unfamiliar, InMed is a company that creates cannabinoid-based therapies to treat various conditions. InMed is involved in the research and development of these products. Its lead candidate is INM-755 which is a cannabinol topical cream currently in clinical trials to treat epidermolysis bullosa. It is also developing INM-088 for people with glaucoma.

On September 24th, InMed reported its full-year fiscal 2021 financial results and provided a business update. In these full-year results, the company reported a higher net loss than last year. In addition, its research and development as well as its patent expenses fell year over year because of decreased purchase of ingredients used in INM-755 clinical trials. InMed’s cash, cash equivalents, and short-term investments were $7.4 million compared to $5.8 million the previous year. This is partially the result of a November 16th public offering, and a February 16th private placement.

“In the final quarter of our of fiscal year 2021, as well as throughout the year, we made important progress in corporate development, pharmaceutical drug development and in advancing our proprietary manufacturing approach, IntegraSyn™.”

CEO of InMed, Eric A. Adams

These financial results and business updates did not cause INM stock to go up in the market. Despite this, INM stock’s volume is over 49 times higher than its average. Noting this new information, will INM make it on your list of penny stocks to watch this coming October?


Ocean Power Technologies Inc. (NYSE: OPTT)

Ocean Power Technologies Inc. is an industrial company that makes proprietary systems for generating electricity by using ocean waves. Its PB3 PowerBuoy product makes power for use in places that do not have a power grid, such as in remote locations. It also sells hybrid PowerBuoy products, payloads, and subsea battery systems. Ocean Power Technologies then provides electric power and real-time data communications for remote offshore markets.

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On September 13th, the company reported its first-quarter fiscal 2022 results. During this period, the company received an award from the U.S. Department of Energy Small Business Innovation Research to study a modular and scalable next-gen autonomous wave energy device. It also reported higher revenues of $0.3 million, compared to $0.2 million the previous year. Ocean Power Technologies was able to lower its net loss during this period of time as well.

“We made great progress during the quarter as we continue our strategic transformation from a research and development product-based company to a data and power services’ and solutions’ provider.”

The President and CEO of Ocean Power Technologies, Philipp Stratmann

Since these results were released, OPTT stock has gone from about $1.90 per share to $2.39 per share as of September 29th. And, in the past twelve months, shares of OPTT stock have shot up by over 120%, which is no small feat. Considering all of this, will OPTT make your penny stock watchlist?


Cinedigm Corp. (NASDAQ: CIDM)

Cinedigm Corp. is a penny stock we have mentioned frequently over the past few months. And, it’s worth noting that it is also a meme stock. This means that its price and volume have been driven up substantially as a result of social media and its trending nature. In the past month, shares of CIDM stock have shot up by almost 30% and in the past YTD and one-year periods by over 260% and 320% respectively.

If you’re not familiar, Cinedigm is a company that distributes movie, television, and short-form content in the U.S., Canada, and New Zealand. It owns a large library of distribution rights for digital, physical, and home and mobile entertainment platforms. It also services digital cinema assets on 12,000 domestic and foreign movie screens.

On September 9th, the company reported its first-quarter results for fiscal 2022. Cinedigm reported that its total revenues rose to $15 million, which was a 149% increase year over year. The company’s streaming revenues also skyrocketed by an impressive 181%. Ad-supported streaming channel revenues and subscription streaming channel revenues went up 301% and 88% respectively, which are both very encouraging numbers. All of this is aiding in the recent bullish momentum with CIDM stock. 

“All our streaming metrics continue to climb dramatically and we have solidified our position as a leading independent player in the streaming space with a broad and successful portfolio of targeted enthusiast channels. We intend to capitalize on all this momentum by rapidly growing the business both organically and through our already successful streaming asset acquisition roll-up strategy.”

Chairman and CEO of Cinedigm, Chris McGurk

Despite CIDM being quite volatile, it does look like it has potential as a watchlist addition. Based on this info, will CIDM make your list of penny stocks to watch?


Are These Robinhood Penny Stocks on Your Watchlist?

Finding the best penny stocks to buy on Robinhood can be challenging. But, with a favorable investment environment and sizable market momentum, making money with penny stocks can be much easier than previously imagined.

[Read More] 5 Short Squeeze Penny Stocks To Buy For Under $5 Right Now

To do so, investors should have both a thorough understanding of the stock market and a just as thorough understanding of their own investing style. With all of that in mind, are these Robinhood penny stocks on your watchlist right now?

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