robinhood penny stocks to buy under $1 right now

Robinhood has become one of the popular platforms used by retail traders. A popular group of stocks that has remained attractive is the ones trading for under $5. Whether you call them “penny stocks” or simply “cheap stocks,” the term is secondary to why they’ve gained so much attention.

In the stock market today, Robinhood (NASDAQ: HOOD) stocks specifically have come into focus. These are shares of companies that trade on the Nasdaq and New York Stock Exchange. Unlike other brokerage platforms, Robinhood limits access to certain issuers, including those traded on the Over The Counter exchange (OTC).

So when we talk about “cheap Robinhood stocks” in this article, it’s simply referring to NYSE and NASDAQ stocks under $5. With that basis, we look at a handful of cheap Robinhood stocks to watch that are also turning heads right now.

5 Penny Stocks To Buy According To Insider Bets Up To $5.3 Million

Robinhood Stocks To Watch

Troika Media Group (TRKA)

Contrary to popular opinion, there are plenty of NYSE and Nasdaq stocks under $1. While they face certain risks, like delisting if certain minimums aren’t met, it comes secondary to the fact that they are still tradeable on platforms like Robinhood for the time being. Troika Media is one of these companies and has been on the radar for a good portion of 2023. TRKA stock has climbed from under $0.15 to highs of roughly $0.30.

Last month, the two companies entered a further limited waiver of certain events of default under an original March 2022 finance agreement. There are currently “good faith” negotiations between the companies to amend the deal and mitigate events of default. According to the amended filing, the Limited Waiver expires this month if it isn’t terminated sooner by Blue Torch. The two have continued pushing the expiration date forward, with the latest being February 10th.

Considering the timing, it could be something helping to spark speculation in the stock market for TRKA stock since no further updates have been posted thus far. In addition, a new 13G filing shows Kevin James VanBeek and Andrea Lynn VanBeek taking sizeable stakes in the company. TRKA stock has also found itself on the list of short-squeeze stocks under $5 since outlets like Fintel show a short float percentage of around 30%.

Sorrento Therapeutics (SRNE)

penny stocks to watch right now Sorrento Therapeutics SRNE stock

Another one of the Robinhood stocks under $1 to watch this week was Sorrento Therapeutics. The newly-minted, sub-$1 stock dipped to this level after bankruptcy news hit the PR wires. In the interim, Sorrento said that its majority-owned subsidiary, Scilex, would operate as usual.

Scielex is focused on commercializing non-opioid pain management products to treat acute and chronic pain. Earlier this month, it acquired rights to an acute treatment for migraine in the US and Canada, Elyxyb. The plan is to market and distribute the treatment via its distribution network to national and regional wholesalers and pharmacies.

Penny Stocks To Buy? 5 With Big News To Watch This Week

This week Sorrento received court approval for “First Day” employee wages and cash management motions. Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented, “We are pleased to have received approvals from the Court for these two motions, which will ensure Sorrento has the ability to continue normal business operations, including the payment of employee wages and benefits, as we move forward—continuing our important work of developing new and innovative therapies for patients struggling with cancer, intractable pain, infectious disease, and more.”

SRNE may also be on the list of short-interest stocks to watch. According to Fintel, the short float sits around 14%.

Nogin Inc. (NOGN)

Shares of Nogin Inc. surged during post-market trading on Thursday and into Friday’s premarket session. The enterprise eCommerce technology company released headlines this week that sparked this recent jump. Nogin inked a deal with Seychelles Imports, a footwear brand company. According to the transaction details, Nogin’s commerce solutions will be plugged into Seychelles’ platform.

“Seychelles is a brand that blends fashion and function like few ever have, with a ground-up focus on comfort using designs that are created by women, for women,” said Jeffrey Goldstein, VP of Business Development at Nogin, Inc. “We’re grateful for the opportunity to partner with a leader like Sari who has a powerful story to tell, and brands like Seychelles and BC Footwear that stand for values we believe in at Nogin.”

This is the first major update from the company following a string of news regarding new board appointments and the naming of a new CEO in January.

Vallon Pharmaceuticals, Inc. (VLON)

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Public filings come in handy when looking for potential catalysts. Vallon Pharmaceuticals is an example, and recent SEC statements have come into focus. The company filed an amended S4 registration statement earlier this month.

In it, Vallon outlined its proposed merger with GRI Bio Inc. so that shareholders could be well-informed for the upcoming vote. Following its plan of searching for strategic alternatives in mid-2022, the company found an option in a merger with GRI.

The background to this can be found in updates from December. Vallon detailed the plan for the merger, explaining that the focus will be on advancing GRI’s pipeline of NKT cell regulators for treating inflammatory, fibrotic, and autoimmune diseases. Since this deal is expected to close this quarter, speculation on its timing has begun to build.

List Of Cheap Robinhood Stocks To Watch

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