3 Penny Stocks To Buy On Robinhood For Under $ 4 Right Now
Robinhood Penny Stocks To Buy For Under $ 4, Are They Worth the Risk?
In this penny stocks article, we’ll take a look at a handful of names that are currently trading under $ 2. But as you can see from the title, it’s not just cheap stocks. These are penny stocks on Robinhood. The platform has become one of the most popular among retail traders. Despite the application’s many technological shortcomings, traders continue to use it for its easy access to public markets.
Why is Robinhood so popular? He was one of the first to offer free trading to retail investors. While many other brokerages have taken this low-cost or no-cost approach, the masses of retail traders have spoken. The quick way to place buy and sell orders with a minimum of technical “clumsiness” has become an appeal to new traders. In addition, the app has now extended access to pre-IPO opportunities.
The first to launch on Robinhood was the IPO of Figs Inc (NYSE: FIGS). The app offered certain accounts the option to purchase FIGS shares at the predetermined IPO price of $ 22. Considering that the NYSE listing started trading around $ 28, this seems like a successful first move for those lucky enough to buy stocks.
Penny Stocks on Robinhood
Before you start looking for penny stocks on Robinhood, there are a few things to understand. First, it is a less advanced application in technical analysis. There are graphics but very few tools to use compared to other platforms. You should also understand that not all penny stocks are accessible on Robinhood. With a few exceptions, the platform restricts access to stocks listed on the NYSE and Nasdaq only.
This means that the overcrowded sub-penny stock you read on a social media forum is unlikely to be accessible if you use Robinhood. Needless to say, there are still plenty of other penny stocks to buy. Today’s article will take a closer look at 4 that can be purchased for under $ 2 right now.
Robinhood Penny Stocks to Buy for Under $ 4: Uranium Energy Corp (NYSE: UEC)
A recent trend that we have seen emerging concerns uranium stocks. With all this focus on infrastructure and clean energy, nuclear energy has recharged itself. With money to support the development of advanced nuclear power, it makes sense for investors to seek some exposure. Uranium Energy Corp has been one of the beneficiaries of the optimism in the market.
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Since election day, the uranium stock has risen from less than $ 1 to a high of $ 3.40 in the after-hours session on June 4. While trading has been relatively limited in recent weeks, UEC stock, on the whole, has maintained its uptrend along its 50-day moving average. In fact, every time he tested this technical level, stocks managed to rebound and hit higher lows. In light of the current discussion around President Biden’s infrastructure plan, things have started to pick up steam recently.
Towards the end of May, Uranium Energy announced that it was increasing its holdings of uranium. The company acquired an additional 200,000 pounds of uranium in storage in the United States. UEC’s physical uranium initiative is fully cash funded and now includes 2.305 million pounds of uranium stored in the United States. This is a volume weighted average price of $ 30 per pound with varying delivery dates through June 2023. The company also acquired an additional 1 million shares of Uranium Royalty Corp (NASDAQ: UROY) to retain the existing strategic property of Uranium Royalty.
In light of the latest infrastructure hype, there may be something to watch out for when it comes to uranium inventories this week.
Evofem Biosciences Inc. (NASDAQ: EVFM)
Traders have had a love / hate relationship with Evofem Biosciences over the past few months. Everything from insider sales to stock offerings has driven stock prices down. However, over the past week things seem to have improved a bit, and you probably won’t find a news catalyst to pin them on. If you delve a little into the company’s documents, you will find a few things.
First off, you’ll see that Evofem has released a new investor deck via 8-K. While not a major groundbreaking event, it is something to consider in light of his latest presentation at the Jefferies Healthcare Conference. The company gave a preview last Friday starting at 10:30 a.m. EST. There were a few intermittent momentum spikes throughout the day, but nothing quite as prominent as the in-store after-sales session.
While EVFM stock closed the day at $ 0.8654, post-trade trading saw the penny stock trade much higher. At one point, stocks hit highs of $ 0.9863. At the end of the session, the biotech penny stock was at $ 0.94. What is a catalyst? In a Schedule 13, G Morgan Stanley declared a 5.1% stake in the company. With this institutional focus becoming a priority for retail traders, it will be interesting to see how the EVFM action begins the week Monday morning.
Looking further, the company raised funds to expand its marketing strategy. This includes the full marketing activities related to PhexxiÂ®, the Company’s primary female contraceptive product. Evofem also plans to deploy capital to support its ongoing EVOGUARD Phase 3 clinical trial evaluating EVO100 to prevent chlamydia and gonorrhea in women.
Acasti Pharma Inc. (NASDAQ: ACST)
Another of the biotech penny stocks that could be on the radar this week is Acasti Pharma. In fact, the last few weeks of action have seen much higher daily trading volumes compared to the start of the second quarter.
The announcement of the acquisition of the company is something that has contributed to this. Last month, Acasti announced that it had signed a definitive agreement to acquire Grace Therapeutics. This will provide Acasti with a pipeline of rare and orphan disease programs. Some programs, in particular, include Grace’s 3 clinical-stage actives which have all received orphan drug designation from the FDA.
âFollowing the merger, we anticipate that the combined company will have the necessary financial resources to fund our core programs to critical value inflection points. Our board of directors has approved the proposed transaction with Acasti, which is also supported by the shareholders of Grace, âexplained Vimal Kavuru, co-founder and president of Grace.
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After a strong movement over the past week, ACST stock is entering the new week stronger than the previous one. With retail traders following the progress of this deal, it will be interesting to see if this uptrend continues.
Which Penny Stocks are on your list right now?
It’s just a few penny stocks on Robinhood that are gaining attention right now. With another big week to come, I’m sure there will be a lot more to discuss. With small caps resurging thanks to meme stocks like BlackBerry, AMC and GameStop stocks, summer could be an exciting time for cheap stocks.