Are These On Your List Of Penny Stocks To Buy Right Now?
When it comes time to find penny stocks to buy, I’m sure price has its place in your overall approach. Some traders avoid stocks under $5 while others look for the cheapest stocks to buy now. Regardless of this, there are different risks involved no matter the cost of certain penny stocks. For this article, we’re looking at penny stocks that can be bought for less than a dollar menu item at McDonald’s.
What’s more, is that these can also be purchased on the popular trading application, Robinhood. It’s an interesting situation, the millions of traders using this app typically think cheap stocks aren’t accessible. This might have something to do with the fact that many OTC penny stocks trade far below $1; some even below $0.01. But, there are NASDAQ and NYSE penny stocks that still trade for pennies.
Can You Buy Penny Stocks Under $1 On Robinhood?
This has put a popular search out for penny stocks on Robinhood trading below $1. Some traders even search for stocks under 10 cents. For all intents and purposes, price alone carries plenty of risk. Making a long story, short, the lower the price, the less the stock needs to move in order to see gains. A 10 cent stock that jumped 5 cents equates to a shift in value of 50%.
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That same 5 cent move for a $5 stock, amounts to only 1%. I get that this is simple math but all too often, novice traders will seek out cheap stocks in lieu of quick and large gains. But they forget that penny stocks move up quickly but can also move down just the same. So if you’re looking for stocks under $1 right now, keep this in mind. This is a risk you’ll encounter even before looking at a company’s filings, news, or other facets that could impact penny stocks.
With this in mind, here’s a list of penny stocks that can be purchased for under $1 right now. Some also have analysts covering them. Even in light of this, are they really worth the risk?
Penny Stocks On Robinhood Under $1: Northern Dynasty Minerals Ltd.
Northern Dynasty Minerals Ltd. (NAK Stock Report) has come a long way this month. To this point, there’ve been more questions than answers up until this week. The biggest question mark is what would become of the company’s Pebble Project in Alaska. This week the company presents at a fall investor summit from the 16th through the 18th. Northern Dynasty is one of 75 companies and over 300 institutional and retail investors that will be present.
Additionally, some stronger momentum has built amid recent news that came out on Monday. Northern Dynasty submitted a Compensatory Mitigation Plan for the Pebble Project to the US Army Corps of Engineers. This is ahead of the 90-day deadline that expires on November 18, 2020.
“The ‘in-kind’ and ‘in-watershed’ requirement for mitigation the USACE established for Pebble clearly sets a high bar for offsetting project effects on wetlands and other aquatic features, but it’s a challenge we have embraced and believe we can achieve. Meeting the USACE’s challenging mitigation requirements provides even greater evidence that Pebble can and will co-exist with commercial, subsistence and sport fisheries in southwest Alaska,” said Ron Thiessen, Northern Dynasty President & CEO.
Right now, analysts at HC Wainwright carries a Buy rating and a price target of $3.25; 257% higher than the current trading levels.
Penny Stocks On Robinhood Under $1: Zomedica Corp.
Zomedica Corp. (ZOM Stock Report) is another one of the penny stocks on Robinhood under $1 right now. The last 2 trading sessions have been some of the most active all month as ZOM stock reached fresh November highs on Friday. Since the beginning of the month, shares have managed to climb over 75% so far.
Last week the company announced that it expects to begin commercializing its Truforma diagnostic platform next March. This is the company’s detection system for point-of-care use for veterinarians.
Stephanie Morley, President & Chief Medical Officer of Zomedica, commented: “Setting the date for the availability of TRUFORMA is the culmination of a dream for me. We set out to develop a product that could provide the accuracy of the reference lab and the convenience of point-of-care for the veterinary community.”
This week, momentum continued as HC Wainwright analysts adjusted their price target to $0.30 while also maintaining a Buy rating on the stock. While this is a lower target, it’s still nearly 170% higher than the current trading levels.
Penny Stocks On Robinhood Under $1: Cinedigm Corporation
Cinedigm Corporation (CIDM Stock Report) is one of the epicenter penny stocks to watch this week. I say epicenter stocks because Cinedigm was hit hard by the coronavirus pandemic. The company is an entertainment studio focused on content networks, distribution and even digital cinema. This week, with Moderna announcing favorable vaccine news, CIDM stock and other epicenter penny stocks have shot higher.
Earlier this month, the company announced that its Q2 fiscal 2021 Transactional Video On Demand and Ad-Based Video On Demand digital sales increased 27% year-over-year. Furthermore, viewership rose across all platforms and consumer transactions were significantly higher than in the past, Cinedigm reported.
“The driving force for the digital sales growth is the digital transactional space, with partners such as Amazon seeing 78% year-over-year growth in Q2 and 49% sequential growth within Q2 from August to September.”
After the close, the company is set to report its formal earnings. This is something to keep in mind as earnings data can trigger increased volatility depending on the results. Right now, the company is projected to report a quarterly loss at $0.06 per share on revenue of $7.05 million. Alliance Global Partners is the most recent analyst to pick up coverage on CIDM stock. The firm has a Buy rating and $2 target right now; over 175% higher than current trading levels.
Penny Stocks On Robinhood Under $1: Titan Pharmaceuticals, Inc.
Titan Pharmaceuticals, Inc. (TTNP Stock Report) is the final name on this list of penny stocks under $1. The company reported third-quarter results on Monday highlighting several key achievements from the last quarter. Titan saw a jump in earnings per share, with a loss of 5 cents per share compared to an 18 cent loss last year.
“In addition to refocusing our efforts on the ProNeura platform, our recent restructuring significantly reduced operating expenses, while our debt settlements restored our ability to fully capitalize on our IP. These, combined with the recent completion of two financings, positions Titan to execute on our new strategy.”
Dr. Marc Rubin, Executive Director
Titan has focused its efforts on restructuring the company’s growth initiatives. Namely, Titan has looked to build upon its ProNeura platform for extended drug delivery. Furthermore, the company is focusing on those impacted by the opioid epidemic via its National Institute on Drug Abuse-funded nalmefene implant development program. There are plans to file an investigational New Drug Application with the FDA in the first half of 2021.
Right now, as far as analysts are concerned, Maxim Group is the most recent to weigh in on TTNP. The firm has a Hold rating and $1 price target; over 700% higher than the current trading levels.