These Penny Stocks On Robinhood & WeBull Gaining Attention Right Now
When you think of penny stocks on Robinhood and WeBull, are there certain names that come to mind? Believe it or not, there are more than just a handful of Robinhood penny stocks trading on the app. If you’re looking to gain access to stocks under $5, the popular apps like WeBull & Robinhood offer a good mix.
However, there are some restrictions such as limited access to most OTC penny stocks. But if you can get past that part, I think you’ll be just fine accessing thousands of other penny stocks to trade on platforms like these.
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Given the general market sentiment right now, stocks under $5 have gained in appeal. While investors try to figure out the stock market from a broad perspective, penny stocks typically trade on their own accord. What I mean by this is even if the stock market is “down,” there will likely be penny stocks that are up hundreds of percentage points. This is just one of the things attracting traders and investors to cheap shares right now.
Are there certain stocks that are more popular than others? Of course and a lot of that has to do with what’s going on with the companies and their shareholders. It’s interesting what some of the topics of discussion and speculation are on places like Facebook and Twitter. On this topic, it’s important to do your own research because hype can be something that blinds you from your overall strategy.
There can also tend to be misinformation as well. So do yourself a favor, before following someone’s trades, read company PRs, filings, and Tweets for yourself. If anything, use any rumors or chatter to your advantage. No matter the case, heading into the new week, let’s take a look at some penny stocks on Robinhood and WeBull gaining in popularity right now.
Penny Stocks On Robinhood & WeBull: Zomedica Pharmaceuticals Corp.
Zomedica Pharmaceuticals Corp. (ZOM Stock Report) has been one of the top penny stocks to watch recently. Ever since hitting 52-week lows of $0.11, ZOM stock has been in an overall uptrend. Despite jumping to highs of $0.355 on May 8th and pulling back, the penny stock is still up over 120% in general, during the course of the last few months. But why has the company gained in popularity? In my opinion, coronavirus has shed some light on it. Where most COVID stocks focus on human vaccines, Zomedica targets animals.
An update came out from the USDA in an article titled, “Confirmation of COVID-19 in Pet Dog in New York”. It specifically stated, “It appears that people with COVID-19 can spread the virus to animals during close contact.” The company’s TRUFORMA™ diagnostic device was initially designed for diagnosis of thyroid disease and can deliver results in 20 minutes or less. Attention has been building around the company ever since its April 21 update. Zomedica announced that it completed the verification of TRUFORMA™ and the first assay, Canine total T4 thyroxine.
In addition to its diagnostic device, the company has other things in its pipeline. These include ZM-020, for example. It’s a point-of-care pathogen detection platform. The first tests Zomedica expects for release with the ZM-020 diagnostic platform will focus on the rapid detection of fecal parasites, potential UTI-associated urine bacteria and crystals, and leptospirosis. If you look at data from Robintrack, you’ll see that accounts holding shares of ZOM stock have dramatically increased since the start of June. On The 1st, the accounts totaled around 25,000. As of this week, more than 50,000 accounts hold shares.
Penny Stocks On Robinhood & WeBull: Hexo Corp.
Hexo Corp. (HEXO Stock Report) is one of the more actively traded marijuana penny stocks on these platforms. With an average volume of over 17 million shares traded per day, HEXO stock continues to gain attention in the stock market. Specifically, Hexo is a consumer packaged goods cannabis company. It creates and distributes its products to serve the Canadian adult-use markets.
One of the reasons investors are watching marijuana stocks right now has to do with surging cannabis sales amid a global pandemic. MJBizDaily cites that “retail cannabis sales in Canada declined only slightly despite the COVID-19 pandemic, falling 0.6% from March’s record high to 180.1 million Canadian dollars ($132.7 million) in April.” Considering that non-cannabis retail sales actually dropped over 25% on a monthly basis, this is a big win for the marijuana sector.
Despite having dropped more than 50% since the start of 2020, interest continues to increase in the penny stock. During that same period, the number of accounts holding shares of HEXO stock has climbed from around 162,000 to over 250,000 this week. Furthermore, the pot penny stock continues to ride a slight uptrend alongside its 50-Day Moving Average.
Hexo itself has worked to streamline its business a bit. Earlier this month the company sold its Niagara facility and expects to use those proceeds to fund the expansion of its Belleville, Ontario facility. Hexo also announced a $34.5M CAD raise. Assuming this gets the company somewhat “cashed up,” analysts have also begun paying attention. BMO Capital upgraded HEXO stock to Market Perform from Underperform and set a $1.30CAD price target.
Penny Stocks On Robinhood & WeBull: AMC Entertainment
Believe it or not, the economy is reopening. Despite new record levels of coronavirus cases, states like New York and New Jersey are opening up malls again. One of the staples of any good mall is, of course, a movie theatre. There was some confusion about what the company wanted to do about face-coverings. However, AMC Entertainment (AMC Stock Report) has gained a lot more attention during the epidemic. In fact, if you look back at the penny stock when the price was above $5 a share, there were only a fraction of the total accounts holding AMC stock then compared to now.
The initial surge in interest came, coincidentally as the penny stock was hitting some of its lowest prices ever. Since mid-March, Robtrack shows a jump from around 16,000 to over 130,000 accounts holding shares of AMC stock. That’s just on one platform. Despite downrades from analysts like Credit Suisse, AMC Entertainment is gaining speculative attention ahead of proposed reopenings.
This week the company announced it will resume theatre operations at approximately 450 U.S. locations on Thursday, July 30. It plans to resume operations at approximately 150 remaining locations the following week. Adam Aron , CEO & President, AMC Theatres said, “We continue to devote extraordinary resources into our plan to operate our theatres with a hyper commitment to the safety and health of our guests and associates, notably in the United States through our new AMC Safe & Clean initiative. Our theatre general managers across the U.S. started working full time again today (6/29/2020) and are back in their theatres gearing up to get their buildings fully ready just a few weeks from now for moviegoers.”
Considering this as the case, will AMC stock set it sights back on levels above $5 for good? Leave a comment and let us know your thoughts, below.
Penny Stocks On Robinhood & WeBull: Bionano Genomics
It hasn’t been as explosive as some of the other WeBull and Robinhood penny stocks. But Bionano Genomics (BNGO Stock Report) has seen its share price steadily climb over the last few months. After hitting 52-week lows at the start of April, BNGO stock managed to bounce from $0.25 to highs of $0.6484 this month.
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In the last update we gave on Bionano, we talked about its progress with COVID-19 treatments. Specifically, how it won a patent that would cover nanonozzle device arrays, something the company could use to detect DNA sequence information. Heading into this week, Bionano is coming off of another important milestone. At the end of the week last week, the company announced that King’s College Hospital London, part of the NHS (National Health Service) in the UK, the Medical College of Wisconsin and Yonsei University Hospital, have adopted Bionano’s Saphyr system.
In response, Erik Holmlin, Ph.D., CEO of Bionano Genomics explained, “As more and more centers are bringing Saphyr into their institutions, the amount of Bionano data in the field increases substantially, which amplifies our message and expands awareness of Saphyr.”
Something else to keep in mind is Bionanao’s annual meeting. The company previously announced its date. Specific things getting voted on include a proposed reverse split of BNGO stock at a rate of 1:10 to 1:20. That has appeared to bring up a bit of concern in the market. Depending on the outcome, it could act as a catalyst for BNGO stock. That goes both negative and positive depending on the outcome. So if this is on your list of penny stocks, you may want to note that.