Best Penny Stocks on Robinhood
Due to its growing popularity, many novice investors are beginning to buy penny stocks on Robinhood. The California-based company provides a quick and easy platform that is perfect for day traders.
The mobile application itself has caught the attention of millennials. In fact, 40% of Robinhood’s 18 million users are between the ages of 19 and 34.
Popular Penny Stocks on Robinhood
Penny stocks are a staple for many investors on Robinhood and for good reason. However, many young investors aren’t familiar with these types of stocks.
What is a penny stock? It’s a small company’s stock that typically trades for less than $5 a share. These stocks are sometimes referred to as nanocap stocks, microcap stocks or OTC stocks.
Penny stocks on Robinhood are even more appetizing to its users, mainly because of its demographics. Younger, more inexperienced investors are typically trading with less money. Therefore, they are more likely to have an interest in penny stocks at first.
This is actually a great way to learn more about day trading and the market overall. There’s also an opportunity to bring in huge returns.
Below is a list of the top five penny stocks on Robinhood to watch in 2020. From education companies to the booming marijuana industry, there are loads of penny stocks that have great growth potential in the near future.
4. Polar Power
Polar Power (Nasdaq: POLA) designs and manufactures power and cooling systems for targeted market applications in various fields. This includes the military, telecommunications, renewable energy, marine, automotive and oil field applications. The company was founded in Washington state in 1979 and is now located in California.
Polar Power stock is currently trading at $7.10. However, this is more of a long-term play. It’s 52-week high is $5.25 and I wouldn’t be surprised to see the current price creep closer to that number again. According to Nasdaq, Polar Power had earnings per share (EPS) growth of 106% over the last reported quarter.
3. Barnes & Noble Education
Barnes & Noble Education (NYSE: BNED) is a popular brand-name penny stock on Robinhood. Since 2015, the education sector of Barnes & Noble has seen substantial growth while acquiring LoudCloud, MBS, Promoversity, Student Brands and Paper Rater. The company also launched Bartleby, which internally develops direct-to-student digital solutions.
Barnes & Noble Education stock now sits around $8 per share. Yet this stock is intriguing for many reasons. In December, the company announced it would be reviewing its “strategic options” going forward. This could mean a new acquisition is in the works or a possible merger. Keep watch on this penny stock throughout the year.
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