Are These Penny Stocks on Robinhood Worth Buying This Month?
Following the HOOD IPO, penny stocks on Robinhood are once again gaining traction. While HOOD stock going public is not in itself a major catalyst for penny stocks, the momentum that it has seen since then has renewed interest in the stock market overall. In the past few months, trading has been undeniably slower than usual. This is the result of major uncertainty regarding the direction of the pandemic and the development of the Delta variant into the most transmissible strain of Covid out there.
And while many investors thought that we were making our way out of the woods, the new variant seemed to take that progress to a screeching halt. So, in August, momentum has been better so far than in previous months. However, increasing case numbers in the U.S. are bringing that uncertainty back to front and center.
So as prudent penny stocks investors, our most important job is to stay ahead and use these factors to our advantage. Because, with different events comes higher speculation and therefore more room for price movement. As a result, there is a lot of money to be made with penny stocks right now. Considering all of this, let’s take a look at three penny stocks on Robinhood for your watchlist right now.
3 Robinhood Penny Stocks to Watch Right Now
Alterity Therapeutics Ltd. (NASDAQ: ATHE)
Up by a solid 15% or so by EOD are shares of ATHE stock. In the past five days, that number jumps to over 20%, which is quite a solid gain to consider. So, why the major bullish momentum for a penny stock that was relatively unknown only a few weeks ago? Well, to understand this we have to take a closer look.
Today’s momentum alone comes from the announcement of a new U.S. patent for a group of iron chaperones that can redistribute iron in the body. This can be put to use for neurodegenerative conditions such as Alzheimer’s and Parkinson’s. The patent it was awarded is known as “Compounds for and Methods of Treating Diseases” and includes over 80 new compounds.
“As the scientific evidence implicating excess brain iron in neurodegeneration accumulates, our in-house research team continues to discover novel compounds that address this important target. The structural backbone illustrated in this new patent provides a larger foundation for small molecule drug candidates to attack this source of neuropathology.”
CEO of Alterity, David Stamler, M.D.
This major news for the company could help it to get new drugs through the various stages of the pipeline. And with over $28 million in cash as of June 30th 2021, Alterity looks well funded and could be worth adding to your watchlist.
Bit Brother Ltd. (NASDAQ: BTB)
Another decent gainer of the day is Bit Brother Ltd., pushing up by almost 10% by EOD. YTD, shares of BTB stock are down by quite a bit, however, we do see infrequent bursts with BTB on occasion. It is hard to place Bit Brother in one category as it works in both the distribution of specialty tea products and more recently, on blockchain and cryptocurrency mining.
[Read More] 3 Tech Penny Stocks To Watch In August 2021
In addition, the company added the Hunan Bit Brother Holding Ltd. subsidiary to its operations to begin developing blockchain based software and tech products. Two weeks ago, Bit Brother announced the closing of a $22.5 million registered direct offering. This includes 15 million ordinary shares at a price of $1.50 per share.
And only a few weeks before that, it announced the acquisition of the century old, Angelo’s Pizza 1697 Inc. Angelo’s Pizza is working to move into international markets such as Canada, Asia, Australia and New Zealand.
“With Bit Brother’s experience in the catering industry, and Angelo’s Pizza’s rich history, we believe this opportunity will bring growth to all parties involved. Along with our plans to expand a restaurant with decades of success to have a global reach, we will be able to continue to grow our Bitcoin payment business.”
Mr. Xianlong Wu, the CEO of Bit Brother
All of this news does seem to paint Bit Brother as a rather fragmented company. And while it does see certain short term gains, investors should consider how speculative BTB stock is before moving any further.
OneSmart International Education Group Ltd. (NYSE: ONE)
Arguably one of the largest gainers today is ONE stock, shooting up by over 65% at EOD. In the past six months, shares of ONE have declined by over 75%, which makes investors beg the question as to why it made such a large stride today.
Today, OneSmart made a sobering announcement that it received a letter from the NYSE, indicating its lack of compliance with its trading price. To be listed on the NYSE, a stock has to meet the minimum bid requirement of $1. While this doesn’t fully explain today’s gain, news can result in spikes or drops in price. This news also comes only a few week ahead of OneSmart’s planned annual meeting on August 30th of this year.
For some context, OneSmart provides after-school education services in China with a focus on technology. We have seen a lot of momentum in the ed-tech market recently, as kids go back to school. In its business model are offerings such as OneSmart VIP, HappyMath and FasTrack English. And with over 450 learning centers in China, there’s no doubting how broad of a reach OneSmart International has. Considering its speculative gain today, investors may want to do some more research before investing in ONE stock.
Which Robinhood Penny Stocks Are You Watching Right Now?
Finding the best penny stocks to buy is all about understanding where the stock market is headed. With so many factors occurring simultaneously, it can be difficult to keep up with the trajectory of certain industries.
However, if we use all of the investment tools at our disposal, making a proper penny stocks watchlist could become a profitable endeavor. Considering all of this, which Robinhood penny stocks are you watching right now?