Top 9 Popular Penny Stocks On Robinhood (Updated 2023)

Penny Stocks On Robinhood

In this post, we will discuss the top 9 popular penny stocks on Robinhood that are must-buy in 2023. Penny stocks don’t mean that they cost a penny. A penny stock is typically a small company’s stock that trades for less than $5 per share.

You have several options for a penny stockbroker when it comes to penny stocks. Many traders prefer to buy penny stocks through Robinhood. To place trades, the Robinhood penny stock trading app does not charge any fees. 

Also, the number of penny stocks available to Robinhood traders is limited. For those looking to create a list of penny stocks. Robinhood provides access to penny stocks that are only traded on larger exchanges. The NYSE and NASDAQ are two of these exchanges.

What is a Penny Stock?

The main question arises here is that what is penny stocks. Then the clear answer is that a penny stock is a low-priced public share of a specific company. However, these companies commonly have small capitalization, but that’s not always the case.  

In simpler words: Penny stocks represent shares traded for less than $5 per share. 

These shares are commonly traded on over-the-counter (OTC) markets compared to major exchanges such as the New York Stock Exchange (NYSE). Penny stock trading is considered a high-risk investment due to its low price and lack of liquidity.

So, let’s get started with the top 9 popular penny stocks on Robinhood. But the question that arises here is can you buy any penny stocks with the help of Robinhood? Let’s find out the answer.

Can You Buy Penny Stocks With Robinhood?

It totally depends on the penny stocks. This means that Robinhood allows you to trade penny stocks on the Nasdaq and NYSE exchanges. 

On the other hand, If you’re looking for OTCs or pink sheets, you’re out of luck. On this platform, Robinhood does not have access to OTCs. This is unfortunate because OTC stocks can fluctuate by hundreds of percentage points.

That being said, we compiled a list of penny stocks that are available on Robinhood.

The 9 Popular Penny Stocks On Robinhood in 2023

Here are the top 9 popular penny stocks on Robinhood in 2023 which are as follows:

See also  69+ No-Brainer Best Cheap Stocks For 2023 That You Should Buy

1. FingerMotion, Inc. (NASDAQ: FNGR)

First on our list of penny stocks on Robinhood is FingerMotion, Inc. (NASDAQ: FNGR). The market capitalization of this company is nearly around 297.43 million USD. 

About:

FingerMotion, Inc. provides mobile payment and recharge services in the Chinese market. It primarily generates revenue by providing these services to China Unicom and China Mobile customers. Michael Thomas Brigante and Charles Thomas McMillen founded this company on January 23, 2014. The headquarter of this company is in New York, NY.

2. Tilray Inc. (NASDAQ: TLRY)

Second on our list of the top penny stocks on Robinhood is Tilray Inc. (NASDAQ: TLRY). However, the market capitalization of this company is about 2.2 billion USD. This makes Tilray Inc. (NASDAQ: TLRY) the world’s 3511th most valuable company by market cap, according to our experts.

About:

The company was founded on January 24, 2018, and is based in Leamington, Ontario, Canada. Tilray Brands, Inc. operates in Canada, the United States, Europe, Australia, and Latin America and is a global cannabis lifestyle and consumer packaged goods company. 

The company focuses on medical cannabis research as well as the cultivation, processing, and distribution of cannabis products around the world. It sells dried cannabis as well as extracts of cannabis. .

3. SNDL Inc. (NASDAQ: SNDL)

SNDL Inc. (NASDAQ: SNDL) is third on our list of best penny stocks on Robinhood. On the other hand, the market capitalization of this company is nearly about 545.00 million USD. 

About:

SNDL, Inc. is a licensed producer that produces small-batch cannabis in cutting-edge indoor facilities. The other brands of SNDL are Top Leaf, Sundial Cannabis, Palmetto, and Grasslands. Sundial also runs the Spiritleaf retail chain. On the other hand, Stanley J. was the founder of this company.

4. Momentus Inc. (NASDAQ: MNTS)

Fourth on our list of best penny stocks on Robinhood is Momentus Inc. (NASDAQ: MNTS). The market capitalization of this company is nearly about 114.92 million USD. 

About:

Momentus Inc. (NASDAQ: MNTS) is a commercial space company based in California that provides transportation and related services. After the market closes on June 24, the company will be added to the Russell Microcap Index.

5. Aurora Cannabis Inc. (NASDAQ: ACB)

Aurora Cannabis Inc. (NASDAQ: ACB) is fifth on our list of best penny stocks on Robinhood. On the other hand, the market capitalization of this company is nearly about 522.68 million CAD.

About:

Aurora Cannabis Inc. is a licensed cannabis producer that is based in Edmonton, Canada. It is listed as ACB on the Toronto Stock Exchange and the Nasdaq. Aurora Cannabis had eight licensed production facilities, five sales licenses, and operations in 25 countries as of late September 2018.  

It had a funded capacity of more than 625,000 kilograms of cannabis production per year, with the majority of capacity in Canada and a growing presence in international markets, particularly Denmark and Latin America.  Aurora is the world’s second-largest cannabis company by market capitalization, trailing only Canopy Growth Corporation. On October 23, 2018, the company began trading on the NYSE under the ticker ACB. 

See also  9 Of The Best Zinc Stocks to Buy Now (Updated 2023)

6. Waitr Holdings Inc. (NASDAQ: WTRH)

The sixth stock on our list of the best penny stocks on Robinhood is Waitr Holdings Inc. (NASDAQ: WTRH). The market capitalization of this company is about 27.32 million USD.

About:

Waitr Holdings Inc. (NASDAQ: WTRH) is an on-demand food ordering and delivery platform based in Lafayette, Louisiana. In 2022, the company planned to move its operations to the cloud and cut costs by hiring experienced restaurant industry expert Matthew Coy as its Chief Information Officer (CIO). 

Coy previously worked as the Vice President of Technology at Donatos Pizza and as the Director of IT at Chipotle. This is the first time the company has added a CIO to its management team. Waitr Holdings Inc. (NASDAQ: WTRH) hired Timothy Newton as its first Chief Technology Officer (CTO) in January 2022.

7. United States Antimony Corporation (NYSEAMERICAN: UAMY)

United States Antimony Corporation (NYSEAMERICAN: UAMY) is seventh on our list of best penny stocks on Robinhood. On the other hand, the market capitalization of this company is nearly about 48.29 million USD.

About: 

The United States Antimony Corporation (USAC) searches for and mines antimony, along with a few other rare earth metals. Antimony is a metal that is commonly used in batteries, and also cable sheathing, small arms, and low friction metals.

On the other hand, the average volume and P/E ratio of this company are 248.17K and 41.27, respectively.

8. Jupiter Wellness, Inc. (NASDAQ:JUPW)

Jupiter Wellness, Inc. (NASDAQ:JUPW) is eighth on our list of best penny stocks on Robinhood. On the other hand, this company’s market capitalization is nearly 14.73 million USD. 

About:

Jupiter Wellness, Inc. (NASDAQ:JUPW) is a company that focuses on the development and commercialization of cannabidiol (CBD) based therapeutics for the treatment of a range of conditions. The company’s products include creams, tinctures, and gummies designed to help with pain, anxiety, and other issues.

9. CleanSpark, Inc. (NASDAQ:CLSK)

The last penny stock on robinhood is CleanSpark, Inc. (NASDAQ:CLSK). The market capitalization of this company is nearly about 264.40 million dollars. 

About: 

CleanSpark, Inc. is a technology company specializing in energy solutions for the renewable and traditional energy markets. The company provides software services for microgrid and distributed energy resource management systems, energy storage systems, and renewable energy generation. 

CleanSpark’s patented microgrid technology is designed to help customers reduce their energy costs and improve power reliability. The company’s services include consulting, engineering, and turnkey implementation of microgrids and energy storage solutions. CleanSpark is listed on the NASDAQ stock exchange and headquartered in Salt Lake City, Utah.

Read More

Risks to Consider Before Investing in Penny Stocks

Penny stocks are low-priced shares of small companies that trade over the counter (OTC) rather than on major stock exchanges. While they may seem attractive to investors because of their low cost and potential for high returns, penny stocks are also associated with significant risks. One of the main risks of penny stocks is that they are often issued by companies that are not well-established, meaning they may lack the financial stability, management experience, and regulatory compliance that is needed to make sure long-term success.

See also  The Best 7 EV Stocks That Could Be 10x By 2030

Another risk of penny stocks is their lack of liquidity. Since penny stocks trade on OTC markets, they often have low trading volumes, making it difficult for investors to buy or sell shares quickly. This can result in significant price volatility, with small fluctuations in demand causing large price swings. Additionally, the low trading volume can make penny stocks more open to price manipulation, as untrustworthy traders may attempt to inflate or deflate the stock price for their gain.

Finally, penny stocks are also prone to fraud and scams. The lack of regulation and oversight on OTC markets makes it easier for hackers to manipulate penny stocks for profit. For example, some companies may issue false or misleading information about their financial performance, while others may engage in “pump and dump” schemes, where they promote a stock to drive up demand and then sell their shares at a profit, leaving other investors with worthless stock. Therefore, investors should exercise caution and conduct thorough research before investing in penny stocks. Below are some risks to consider before investing in penny stocks: 

1. Limited track record 

Low-cost stocks are typically issued by companies with a limited financial history, making it difficult to get the stock.

2. Absence of transparency

Penny stocks that trade on the OTC Link market are not required to provide the Securities and Exchange Commission (SEC) with audited financials.

3. Lack of liquidity

However, most penny stocks trade at a lower volume, making them more difficult to buy and sell.

4. Unpredictability

Penny stocks have a reputation for volatility: they’ve been known to experience major price swings, sometimes in a single day, which can lead to massive losses.

Conclusion

This is the end of this post. In this post, we have mentioned the top 9 penny stocks on Robinhood. Robinhood’s advanced charting capabilities have recently improved, but it still lags behind competitors such as TD Ameritrade and even Webull in terms of advanced charting and analysis tools.

Note: It is also a good thing to research that particular stock before investing.

FAQs

Q1. What are the most affordable penny stocks on Robinhood?

As of 2023, some of the cheapest penny stocks on Robinhood include:

1. Color Star Technology (CSCW) worth $0.0682
2. Missfresh (MF) worth $0.0954
3. Digital Brands Group (DGBI) worth $0.096 
4. Esprit Holdings (ESPGY) worth $0.20.

Q2. What are the best Pharmaceutical Penny Stocks for 2023?

Here are the top 10 best Pharmaceutical Penny Stocks for 2023, which are as follows: 

1. Brickell Biotech Inc. (Nasdaq: BBI)
2. Palatin Technologies Inc. (NYSE: PTN)
3. Synthetic Biologics Inc. (NYSE: SYN)
4. Baudax Bio Inc. (Nasdaq: BXRX)
5. Idera Pharmaceuticals Inc. (Nasdaq: IDRA)
6. Pulmatrix Inc. (Nasdaq: PULM)
7. Celsion Corporation (Nasdaq: CLSN)
8. Abeona Therapeutics Inc. (Nasdaq: ABEO)
9. Advaxis Inc. (Nasdaq: ADXS)
10. Oragenics Inc. (NYSE: OGEN)

Q3. What are the best penny stocks that are under $1 on Robinhood?

Here is a list of the best penny stocks that are under $1 on Robinhood:

1. Inpixon (Nasdaq: INPX)
2. Mogu Inc. (NYSE: MOGU)
3. Borqs Technologies Inc. (Nasdaq: BRQS)
4. LAIX Inc. (NYSE: LAIX)
5. Inuvo Inc. (NYSE: INUV)
6. Cyren Ltd (Nasdaq: CYRN)
7. SuperCom Ltd. Ordinary Shares (Nasdaq: SPCB)
8. 17 Education and Technology Group Inc. (Nasdaq: YQ)

Q4. Can you make money with penny stocks?

Sure, but investing in penny stocks is a risk. In order to reduce the risk, you have to research the particular stocks in which you are interested. On the other hand, it is critical to use a good broker. Most retail investors will have a better chance of making money in the long run by investing in higher-quality stocks with larger capitalizations rather than penny stocks.