A lot of investors use apps such as Robinhood to invest. There are several kinds of stocks on this platform. One of the most popular is penny stocks. What are penny stocks?
The definition of penny stocks has changed over the years. As of now, it is described as stocks that are able to be purchased for under $5. Initially, it was referring to the kinds of stocks that you could buy for less than a dollar and usually for significantly less than that. In general, these stocks are also known as cheapest stocks. For those who are thinking of investing on Robinhood, you may want to consider some cheapest stocks on the platform under $1 below:
1. Marathon Oil corporation (NYSE: MRO)
Marathon Oil Corporation, which is also more known as Marathon Oil in short, is the name of an American petroleum and natural gas exploration and production company. This one is headquartered in the Marathon Oil Tower located in Houston, Texas. There are a number of oil and gas stocks experiencing short term jumps in price. However, this company was not included in the list.
2. MFA Financial Inc. (NYSE: MFA)
MFA Financial, Inc. is the name of the real estate investment company. It focuses on the business of investing, on a leveraged basis, in residential mortgage assets, including residential mortgage-backed securities and residential whole loans.
3. Acasti Pharma
The next biotech penny stock under $1 is Acasti Pharma. This one focuses on biotech treatment development. In early November, its shares hit 52-week lows of $0. Since then, it has managed to climb up to $0.4177.
4. Aurora Cannabis Inc. (NYSE: ABC)
Aurora Cannabis Inc. is known as one of the most popular and cheapest penny stocks in Robinhood. White it is true that it might not be the best penny stock to purchase, it is worth purchasing. The reason is because where there is attention, there is usually momentum. This one is familiar to volatility.
5. Nokia Corporation (NYSE: NOK)
Nokia Corporation is pretty popular. This one is a multinational telecommunication, information technology, and customer electronics company that is based in Finland. Not only pretty popular, it is also one of the cheapest stocks in Robinhood. After the March sell-off, it was one of the stronger rebound stories. Sadly, everything fell apart quickly at the end of August. At the time, the stock dropped from more than $5 to under $3.50.
6. Aphria Inc. (NASDAQ: APHA)
APHA is one of the popular penny stocks on Robinhood. It refers to the stock of Aphira Inc. Aphira Inc. is the name of the company that is based in Leamington, Ontario, Canada. This one is known as an international producer and distributor of medicinal and recreational cannabis. The company makes it to the list of one of the largest cannabis companies in the world and is listed on both the Toronto Stock Exchange and NASDAQ. It operates through retail and wholesales channels in Canada and worldwide. The price of the stock is $1.
7. Check-Cap Ltd.
Check-Cap Ltd. has been doing good. Even though it hit new 52-week lows during the first week of November, its stock has managed to climb over 70% so far.
8. Oragenics Inc.
Even though Organics Inc. is not one of the companies with a price target or analyst rating, it has been doing a good job on a number of different initiatives, which have helped compound momentum in the latter part of the fourth quarter. The good news is that its stocks have climbed from around $0.38 to $0.6499 since November 20th.
9. Avinger Inc.
Avinger Inc. is the next penny stock under $1 that you can purchase on Robinhood. The company has a Buy rating on the stock along with a price target of roughly 212% higher than the current trading levels around $0.32.
10. Broadway Financial Corporation (NASDAQ: BYFC)
Broadway Financial Corporation refers to a bank holding company that is based in California. The stocks of the company have returned 74% to investors over the past 12 months. Last year, the company had a market cap of more than $114 million and posted $13 million in revenue.
11. Verb Technology company, Inc. (NASDAQ: VERB)
Over the past 12 months, Verb Technology Company, Inc. stock has offered investors returns exceeding 128%. This one is one of the cheapest stocks on Robinhood. For those who are wondering about the company, it offers software solutions. It is one of the favorite stocks of retail investors that are well-known on a Reddit forum called WallStreetBets. This one has a headquarters located in Utah.
12. Almaden Minerals (AAU)
Almaden Minerals is a Canadian mining company. This company has successfully launched its Ixtaca project in Mexico. This project is the most favorite given the current price of metals. Unfortunately, the project has currently legal issues that are delaying the company from getting a permit. The delay affects the AAU stock. Until the end of 2022 or even into the next year, do not expect a decision.
According to analysts, Almaden could earn an after-fax net present value or NPV or 5%, which works out to more than $800 million. Currently, it has a market cap of approximately $69 million. If it manages to get the important permits, the price stock of the company as well as the market cap would likely move significantly higher.
13. Great Panther Mining (GPL)
As you can guess from its name, Great Panther Mining is a mining company. This one is located in Canada. The company was trading above 90 cents a share in the early years. However, there is a delay at one of its key projects and is not expected to restart mining operations until at least the third quarter. It is clearly not the kind of news that wanted to be heard by investors in the mining industry. However, the news came out in late May. If the stocks of the company fell off to the bottom, there is a chance for them to climb up.
