3 Robinhood Penny Stocks For Your Watchlist in September
Over the past few years, finding penny stocks on Robinhood has become a favorite pastime among investors. While there are hundreds of penny stocks on Robinhood, not all of them will be winners. We have to remember that Robinhood is just a brokerage which means that it is a place to buy and sell stocks.
However, it has become something of a cult among retail traders. There are a few reason why Robinhood is such an influential player in the stock market right now. First and foremost, Robinhood was one of the first brokerages to offer no-fee trading. This meant that trading could be done by a much larger group of people.
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Second, Robinhood is extremely accessible. This meant that even more people could use the app to buy and sell penny stocks or blue chips. As a result of all of this, Robinhood is more or less responsible for the major paradigm shift we’ve seen with the stock market in the past several years. It’s worth noting that not all penny stocks are listed on the platform.
In fact, Robinhood does not allow access to the OTC market, which is where hundreds of penny stocks exist. However, the term penny stocks itself implies any stock trading under $5 per share. So within that range, there are still hundreds to choose from. With all of this in mind, let’s take a look at three penny stocks on Robinhood to watch right now.
3 Penny Stocks on Robinhood to Watch in September
Sonim Technologies Inc. (NASDAQ: SONM)
Sonim Technologies Inc. is a tech penny stock that has begun to see slight signs of a bullish turnaround during the past few days of trading. If you’re unfamiliar, this company sells ruggedized mobile phones and tablets, along with related accessories. Its products include the Sonim XP8, XP5s, RS60, and more. These products are primarily sold to wireless carriers in the U.S. and Canada. Its accessories include waterproof headphones, portable communications kits, barcode scanners, and more.
On September 14th, the company announced a reverse stock split. This one-for-ten reverse split began trading on this basis when the market opened on September 16th. Stockholders approved the amendment for the reverse stock split at its 2020 Annual Meeting.
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SONM stock will continue being traded under this ticker although it does carry a new CUSIP number. Stock splits like these are common in the market, as they allow for better liquidity and the potential for more funding. However, they can lead to share dilution which is something that investors are wary of.
In other news, Sonim recently launched its XP3 plus flip phone. This product is now available for T-Mobile customers. The XP3 device is an ultra-rugged phone that can be used in industrial markets.
“There’s a large base of frontline and field workers who need reliable, durable and simple communications, and for the last two years the XP3 rugged flip phone has met those needs to become Sonim’s highest volume product.”
CMO of Sonim, John Graff
On September 21st, shares of SONM stock shot up by a respectable 1.8% in the market. Considering this, will you add SONM to your list of penny stocks to watch?
Ideanomics Inc. (NASDAQ: IDEX)
Ideanomics Inc. is a penny stock that’s climbed by over 130% in the past twelve months. This substantial gain is reflective of the company’s business model and the industries that it works in. Ideanomics works in two different segments. On one hand, the company offers fleet operators options to adopt electric vehicles.
Through its Ideanomics Mobility segment, it engages in procurement, financing, charging, and energy management needs to adopt these commercial electric vehicles. On the other hand, its Ideanomics Capital segment provides fintech services, focusing on enhancing the efficiency, transparency, and profitability of the financial services industry.
On September 16th, the company boosted its stake in Energica Motor Company S.p.A. The company plans to launch a voluntary conditional tender offer for Energica shares. With this, the goal is to increase its investment in the company to a total of about 70%. Its main goal is to continue expanding its footprint in the EV market. Energica has had a great first half of 2021 and received a significant order, which helps to illustrate why this deal is occurring.
The Executive Chairman of Ideanomics, Shane McMahon said, “The two-wheeler electric market is poised for significant growth, and we couldn’t be more excited about the synergies between Ideanomics and Energica that will allow us to be a prime player in this space.”
Now it will be interesting to see what happens as a result of this agreement. It’s worth noting that the EV market is on fire right now. Many companies are scrambling to find their place in the industry, however, Ideanomics is already an established EV penny stock. With all of this in mind, is IDEX stock going to make your watchlist in September?
Yamana Gold Inc. (NYSE: AUY)
Yamana Gold Inc. is a precious metals producer that is based in Canada. The company currently produces gold and silver and owns several development stage and exploration properties located in the Americas. This includes operations specifically in Brazil, Chile, and Argentina. In the past few weeks, gold and mining stocks have seen greater momentum than usual. This is the result of a tense economic situation regarding the pandemic, inflation, and geopolitical issues. Because of this, some investors have turned to gold to avoid market fluctuations.
Back in August, the company repurchased an additional 1,584,500 common shares under its share repurchase program. The company has now reached a cumulative total of 3,321,276 common shares totaling around CAD 18 million. It states that it plans to be “selective and opportunistic” when it comes to repurchasing shares which is common when an announcement like this occurs.
Yamana Gold believes the market price of its common shares doesn’t represent its full value and growth prospects at the moment. Apart from this update, Yamana recently released drilling results from multiple projects that it holds interest in. It’s worth noting that the price of gold stocks usually is highly correlated with the price of gold. So, if you’re interested in AUY stock, it’s worth keeping an eye on gold itself. With so much to look at, is AUY going to make your list of penny stocks to watch?
Are These Penny Stocks on Your Watchlist Right Now?
With so many opportunities to find penny stocks to buy on Robinhood, it can be overwhelming at times. However, because there is so much momentum in the stock market right now, there is plenty of movement to take advantage of. Considering all of this, which penny stocks are on your watchlist in September 2021?