Today millions of investors use other apps like Robinhood to trade Stock. They are in search of real and cheap penny stocks to buy for investing money. Have you heard about the term Penny stocks? These are shares of small companies that help trade for less money than the shares of the large companies. Despite the term “penny share” it can be used for any stocks less than $1. The Penny stocks also appear attractive to many investors as they are known for higher-than-average volatility. The volatility of the stock means how often and by what magnitude the stocks rise and fall in value during the normal trading day.

The Penny stocks are called micro-cap stocks, small-cap stocks, or OTC stocks. If you want to buy Penny stocks here are the best ten best Penny stocks on Robinhood.

Can you buy penny stocks on Robinhood?

It all depends on the type of penny stocks on Robinhood that you want to buy. You will be able to access the stocks on Nasdaq or NYSE exchanges on the platform. But if you are looking for OTCs or pink sheets then Robinhood is not for you. Robinhood is an American financial service located in Menlo Park, California. It is known for its commission-free trades of stocks, cryptocurrencies via a mobile app, and exchange-traded funds. It is also a FINRA-regulated broker-dealer and registered under U.S. Securities and Exchange Commission.

The company derives its revenue from three main sources. One is interest earned on customers’ cash balances, the second is margin lending, and the third is selling order information to high-frequency traders. As of this year, Robinhood has 31 million users and about 1.6 million people waiting for its cryptocurrency wallet. Therefore, penny stocks on Robinhood are a popular thing.

The founders of this platform are Vladimir Tenev and Baiju Bhatt. They started it in 2013 to “provide everyone with access to the financial markets, not just the wealthy”. This is the main mission of the company. The services offered by the company are Stockbroker and Electronic trading platforms. Have a look at the best penny stocks on Robinhood.

1. Aphria Inc.

Aphria Inc. is from Leamington, Ontario. It is an international producer and distributor of medicinal and recreational cannabis. It starts at the price of 1$. The company works as retail and wholesale in Canada. As it is the largest cannabis company in the world it is listed on both Toronto Stock Exchange and NASDAQ.

Further, it is one of the popular Penny Stocks in Robinhood. It learned to weather the storms of the industry better than the other companies.

Also read: Best Robinhood Alternatives to Look in 2022

2. Nokia Corporation

Nokia Corporation is a Finnish multinational telecommunication and consumer electronics company. It also has the cheapest stocks in Robinhood. The company has one of the best rebound stories. The penny stock dropped from $5 to below $3.50. It is one of the most popular penny stocks on Robinhood. It may be because there are only a few stocks under $1-$5 involved with 5G.

In 2007 Nokia had a market capitalization of about €110 billion. Then by 2012, it fell to €6.28 billion. Then by 2015, it increased to €26.07 billion. In 2020 the Nokia market cap is 21.76 billion.

3. Aurora Cannabis Inc.

It is one of the cheapest as well as popular penny stocks on Robinhood. This is the best penny stock to buy. But it is no stranger to volatility. It expects higher-end revenue. Here are some details about the company. Aurora Cannabis Inc. is a Canadian licensed cannabis producer. Its headquarters is in Edmonton. The company trades on Toronto Stock Exchange and Nasdaq as ACB. Also, it started to trade on the NYSE on October 23, 2018, by using the ticker ACB.

4. Marathon Oil Corporation

Marathon Oil Corporation is an American petroleum and natural gas exploration. It is headquartered in the Marathon Oil Tower in Houston, Texas. The oil and gas stocks are experiencing jumps in price. The MRO stock is tested and is above $3.70-$3.80 area. So the sector is not all bad news. In October the company reinstated its base dividend. They are also able to decrease the company debt by $100 million. In the future, the investors can see if their efforts are paying off or not. MOP has the cheapest stock on Robinhood which starts under 1$.

5. MFA Financial Inc.

MFA Financial, Inc. is a real estate company. It works in the business of investing, residential mortgage assets, leveraged basis, and more. You can find penny stocks of    MFA Financial Inc. in Robinhood. The stock has a clear and consistent recovery and only experiences little volatility. Although it did not see a daily swing, it has bounced back by more than 780% since March.

6. Acasti Pharma

One of the Biotech penny stocks under 1$ is Acasti Pharma. It focuses on biotech treatment development. Recently the shares hit 52-week lows of $0.171. Since then the shares were able to climb to highs. The products belonging to the pipeline are CaPre.  It is therapeutic on phase 3 trials to treat hypertriglyceridemia. The company also engaged Oppenheimer & Co.

The major reason for this decision is to undertake a strategic review of the company.  Its purpose is to explore strategic alternatives to increase shareholder value. It also contains potential mergers, acquisitions, and others. Some of the products like Acasti and/or CaPre, its omega 3 product are involved.

7. Check-Cap Lt.

Check-Cap Ltd. is a strong performer in the penny stocks in Robinhood. Once it hit new 52-week lows but it managed to increase over 70%. The last trading sessions are higher than the average trading volumes. It helped to keep up the momentum. The CHEK stocks are pushing higher after the earnings. The EPS was up year after year. On the other hand, the check-cap showed a big process in the business development initiatives.

The company also released an Investigational Device Exemption application to the FDA. It served as an important study for the C-Scan platform. It is a type of screening test to find out polyps before they become colorectal cancer. The firm set a $1.50 price target which is 265% higher than current trading levels in the stock market.

8. Oragenics Inc.

Oragenics Inc. is executing its work on different initiatives. It has helped in the compound momentum during the fourth quarter. Since November 2oth OGEN stock has increased to $0.38 to highs. It is quite an increase in just a few weeks. Recently the company also closed a deal of $6 million public offerings that offer the company the capital it requires. It can expand its preclinical developments. Now Oragenics Inc. is working on the vaccines of SARS-CoV-2, Terra CoV-2, and on lantibiotics program.

9. Avinger Inc.

Avinger Inc. is one of the Penny Stocks in Robinhood under $1. So it is easy to buy it. The firm has a buy rating on the stock and contains a price target of 212% higher. It is higher than the trading levels. At the beginning of December, the company got the extension from an exchange that gives them until May of next year to reach $1.

But one of the things the company is trying to perform is a potential reverse stock split of 1:5. It goes up to 1:20. It comes as a vote at the company’s shareholder meeting on December 10th.

10. Hexo Corp

When looking at marijuana Penny stocks on Robinhood, the sector catalyst is a rising tide. It can lift all the ships. In Robinhood, the Penny stocks from this company are available for under 1$ to buy. But many are not rating the Hexo Corp high. The BMO Capital Markets analysts use the Market Perform rating on the penny stock. Further, the firm also put a $1.30 target. It is fifty percent higher than the current trading level.

These are the ten best penny stocks on Robinhood. Make use of the stocks and increase your revenue.

Also read: How Does The Price of Oil Impact Stocks and Cryptocurrencies?

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