Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (2024)

In this post, we will discuss the top 9 popular penny stocks on Robinhood that are must-buy in 2023. Penny stocks don’t mean that they cost a penny. A penny stock is typically a small company’s stock that trades for less than $5 per share.

You have several options for a penny stockbroker when it comes to penny stocks. Many traders prefer to buy penny stocks through Robinhood. To place trades, the Robinhood penny stock trading app does not charge any fees.

Also, the number of penny stocks available to Robinhood traders is limited. For those looking to create a list of penny stocks. Robinhood provides access to penny stocks that are only traded on larger exchanges. The NYSE and NASDAQ are two of these exchanges.

What is a Penny Stock?

Table of Contents

The main question arises here is that what is penny stocks. Then the clear answer is that a penny stock is a low-priced public share of a specific company. However, these companies commonly have small capitalization, but that’s not always the case.

In simpler words: Penny stocks represent shares traded for less than $5 per share.

These shares are commonly traded on over-the-counter (OTC) markets compared to major exchanges such as the New York Stock Exchange (NYSE). Penny stock trading is considered a high-risk investment due to its low price and lack of liquidity.

So, let’s get started with the top 9 popular penny stocks on Robinhood. But the question that arises here is can you buy any penny stocks with the help of Robinhood? Let’s find out the answer.

Can You Buy Penny Stocks With Robinhood?

It totally depends on the penny stocks. This means that Robinhood allows you to trade penny stocks on the Nasdaq and NYSE exchanges.

On the other hand, If you’re looking for OTCs or pink sheets, you’re out of luck. On this platform, Robinhood does not have access to OTCs. This is unfortunate because OTC stocks can fluctuate by hundreds of percentage points.

That being said, we compiled a list of penny stocks that are available on Robinhood.

The 9 Popular Penny Stocks On Robinhood in 2023

Here are the top 9 popular penny stocks on Robinhood in 2023 which are as follows:

See also Top 7 Recession Proof Stocks For 2023 That You Love

1. FingerMotion, Inc. (NASDAQ: FNGR)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (1)

First on our list of penny stocks on Robinhood is FingerMotion, Inc. (NASDAQ: FNGR). The market capitalization of this company is nearly around 297.43 million USD.

About:

FingerMotion, Inc. provides mobile payment and recharge services in the Chinese market. It primarily generates revenue by providing these services to China Unicom and China Mobile customers. Michael Thomas Brigante and Charles Thomas McMillen founded this company on January 23, 2014. The headquarter of this company is in New York, NY.

2. Tilray Inc. (NASDAQ: TLRY)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (2)

Second on our list of the top penny stocks on Robinhood is Tilray Inc. (NASDAQ: TLRY). However, the market capitalization of this company is about 2.2 billion USD. This makes Tilray Inc. (NASDAQ: TLRY) the world’s 3511th most valuable company by market cap, according to our experts.

About:

The company was founded on January 24, 2018, and is based in Leamington, Ontario, Canada. Tilray Brands, Inc. operates in Canada, the United States, Europe, Australia, and Latin America and is a global cannabis lifestyle and consumer packaged goods company.

The company focuses on medical cannabis research as well as the cultivation, processing, and distribution of cannabis products around the world. It sells dried cannabis as well as extracts of cannabis. .

3. SNDL Inc. (NASDAQ: SNDL)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (3)

SNDL Inc. (NASDAQ: SNDL) is third on our list of best penny stocks on Robinhood. On the other hand, the market capitalization of this company is nearly about 545.00 million USD.

About:

SNDL, Inc. is a licensed producer that produces small-batch cannabis in cutting-edge indoor facilities. The other brands of SNDL are Top Leaf, Sundial Cannabis, Palmetto, and Grasslands. Sundial also runs the Spiritleaf retail chain. On the other hand, Stanley J. was the founder of this company.

4. Momentus Inc. (NASDAQ: MNTS)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (4)

Fourth on our list of best penny stocks on Robinhood is Momentus Inc. (NASDAQ: MNTS). The market capitalization of this company is nearly about 114.92 million USD.

About:

Momentus Inc. (NASDAQ: MNTS) is a commercial space company based in California that provides transportation and related services. After the market closes on June 24, the company will be added to the Russell Microcap Index.

5. Aurora Cannabis Inc. (NASDAQ: ACB)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (5)

Aurora Cannabis Inc. (NASDAQ: ACB) is fifth on our list of best penny stocks on Robinhood. On the other hand, the market capitalization of this company is nearly about 522.68 million CAD.

About:

Aurora Cannabis Inc. is a licensed cannabis producer that is based in Edmonton, Canada. It is listed as ACB on the Toronto Stock Exchange and the Nasdaq. Aurora Cannabis had eight licensed production facilities, five sales licenses, and operations in 25 countries as of late September 2018.

It had a funded capacity of more than 625,000 kilograms of cannabis production per year, with the majority of capacity in Canada and a growing presence in international markets, particularly Denmark and Latin America. Aurora is the world’s second-largest cannabis company by market capitalization, trailing only Canopy Growth Corporation.On October 23, 2018, the company began trading on the NYSE under the ticker ACB.

See also 99+ Best Stocks to Buy for 2023 With Different Categories

6. Waitr Holdings Inc. (NASDAQ: WTRH)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (6)

The sixth stock on our list of the best penny stocks on Robinhood is Waitr Holdings Inc. (NASDAQ: WTRH). The market capitalization of this company is about 27.32 million USD.

About:

Waitr Holdings Inc. (NASDAQ: WTRH) is an on-demand food ordering and delivery platform based in Lafayette, Louisiana. In 2022, the company planned to move its operations to the cloud and cut costs by hiring experienced restaurant industry expert Matthew Coy as its Chief Information Officer (CIO).

Coy previously worked as the Vice President of Technology at Donatos Pizza and as the Director of IT at Chipotle. This is the first time the company has added a CIO to its management team. Waitr Holdings Inc. (NASDAQ: WTRH) hired Timothy Newton as its first Chief Technology Officer (CTO) in January 2022.

7. United States Antimony Corporation (NYSEAMERICAN: UAMY)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (7)

United States Antimony Corporation (NYSEAMERICAN: UAMY) is seventh on our list of best penny stocks on Robinhood. On the other hand, the market capitalization of this company is nearly about 48.29 million USD.

About:

The United States Antimony Corporation (USAC) searches for and mines antimony, along with a few other rare earth metals. Antimony is a metal that is commonly used in batteries, and also cable sheathing, small arms, and low friction metals.

On the other hand, the average volume and P/E ratio of this company are 248.17K and 41.27, respectively.

8. Jupiter Wellness, Inc. (NASDAQ:JUPW)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (8)

Jupiter Wellness, Inc. (NASDAQ:JUPW) is eighth on our list of best penny stocks on Robinhood. On the other hand, this company’s market capitalization is nearly 14.73 million USD.

About:

Jupiter Wellness, Inc. (NASDAQ:JUPW) is a company that focuses on the development and commercialization of cannabidiol (CBD) based therapeutics for the treatment of a range of conditions. The company’s products include creams, tinctures, and gummies designed to help with pain, anxiety, and other issues.

9. CleanSpark, Inc. (NASDAQ:CLSK)

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (9)

The last penny stock on robinhood is CleanSpark, Inc. (NASDAQ:CLSK). The market capitalization of this company is nearly about 264.40 million dollars.

About:

CleanSpark, Inc. is a technology company specializing in energy solutions for the renewable and traditional energy markets. The company provides software services for microgrid and distributed energy resource management systems, energy storage systems, and renewable energy generation.

CleanSpark’s patented microgrid technology is designed to help customers reduce their energy costs and improve power reliability. The company’s services include consulting, engineering, and turnkey implementation of microgrids and energy storage solutions. CleanSpark is listed on the NASDAQ stock exchange and headquartered in Salt Lake City, Utah.

Read More

  • Best Tech Stocks to Buy Now
  • Best Cheap Stocks To Buy Now Under $10

Risks to Consider Before Investing in Penny Stocks

Penny stocks are low-priced shares of small companies that trade over the counter (OTC) rather than on major stock exchanges. While they may seem attractive to investors because of their low cost and potential for high returns, penny stocks are also associated with significant risks. One of the main risks of penny stocks is that they are often issued by companies that are not well-established, meaning they may lack the financial stability, management experience, and regulatory compliance that is needed to make sure long-term success.

See also 13+ Best Undervalued Stocks As Per 2023 (Watchlist)

Another risk of penny stocks is their lack of liquidity. Since penny stocks trade on OTC markets, they often have low trading volumes, making it difficult for investors to buy or sell shares quickly. This can result in significant price volatility, with small fluctuations in demand causing large price swings. Additionally, the low trading volume can make penny stocks more open to price manipulation, as untrustworthy traders may attempt to inflate or deflate the stock price for their gain.

Finally, penny stocks are also prone to fraud and scams. The lack of regulation and oversight on OTC markets makes it easier for hackers to manipulate penny stocks for profit. For example, some companies may issue false or misleading information about their financial performance, while others may engage in “pump and dump” schemes, where they promote a stock to drive up demand and then sell their shares at a profit, leaving other investors with worthless stock. Therefore, investors should exercise caution and conduct thorough research before investing in penny stocks. Below are some risks to consider before investing in penny stocks:

1. Limited track record

Low-cost stocks are typically issued by companies with a limited financial history, making it difficult to get the stock.

2. Absence of transparency

Penny stocks that trade on the OTC Link market are not required to provide the Securities and Exchange Commission (SEC) with audited financials.

3. Lack of liquidity

However, most penny stocks trade at a lower volume, making them more difficult to buy and sell.

4. Unpredictability

Penny stocks have a reputation for volatility: they’ve been known to experience major price swings, sometimes in a single day, which can lead to massive losses.

Conclusion

This is the end of this post. In this post, we have mentioned the top 9 penny stocks on Robinhood. Robinhood’s advanced charting capabilities have recently improved, but it still lags behind competitors such as TD Ameritrade and even Webull in terms of advanced charting and analysis tools.

Note: It is also a good thing to research that particular stock before investing.

FAQs

Q1. What are the most affordable penny stocks on Robinhood?

As of 2023, some of the cheapest penny stocks on Robinhood include:

1. Color Star Technology (CSCW) worth $0.0682
2. Missfresh (MF) worth $0.0954
3. Digital Brands Group (DGBI) worth $0.096
4. Esprit Holdings (ESPGY) worth $0.20.

Q2. What are the best Pharmaceutical Penny Stocks for 2023?

Here are the top 10 best Pharmaceutical Penny Stocks for 2023, which are as follows:

1. Brickell Biotech Inc. (Nasdaq: BBI)
2. Palatin Technologies Inc. (NYSE: PTN)
3. Synthetic Biologics Inc. (NYSE: SYN)
4. Baudax Bio Inc. (Nasdaq: BXRX)
5. Idera Pharmaceuticals Inc. (Nasdaq: IDRA)
6. Pulmatrix Inc. (Nasdaq: PULM)
7. Celsion Corporation (Nasdaq: CLSN)
8. Abeona Therapeutics Inc. (Nasdaq: ABEO)
9. Advaxis Inc. (Nasdaq: ADXS)
10. Oragenics Inc. (NYSE: OGEN)

Q3. What are the best penny stocks that are under $1 on Robinhood?

Here is a list of the best penny stocks that are under $1 on Robinhood:

1. Inpixon (Nasdaq: INPX)
2. Mogu Inc. (NYSE: MOGU)
3. Borqs Technologies Inc. (Nasdaq: BRQS)
4. LAIX Inc. (NYSE: LAIX)
5. Inuvo Inc. (NYSE: INUV)
6. Cyren Ltd (Nasdaq: CYRN)
7. SuperCom Ltd. Ordinary Shares (Nasdaq: SPCB)
8. 17 Education and Technology Group Inc. (Nasdaq: YQ)

Q4. Can you make money with penny stocks?

Sure, but investing in penny stocks is a risk. In order to reduce the risk, you have to research the particular stocks in which you are interested. On the other hand, it is critical to use a good broker. Most retail investors will have a better chance of making money in the long run by investing in higher-quality stocks with larger capitalizations rather than penny stocks.

As a seasoned expert in the field of stock trading and investments, it's evident that the article you provided offers insights into the world of penny stocks and their popularity on the Robinhood platform. My extensive knowledge in finance and investments allows me to analyze and provide additional context to the concepts presented in the article.

Concepts Used in the Article:

  1. Penny Stocks:

    • Penny stocks are low-priced public shares of specific companies, usually trading for less than $5 per share.
    • Commonly traded on over-the-counter (OTC) markets rather than major exchanges like NYSE or NASDAQ.
    • Considered high-risk investments due to low prices and lack of liquidity.
  2. Robinhood as a Penny Stock Broker:

    • Robinhood is a popular platform for trading penny stocks.
    • Offers a trading app for penny stocks without charging fees.
    • Provides access to penny stocks traded on larger exchanges like NYSE and NASDAQ.
  3. Top 9 Popular Penny Stocks on Robinhood in 2023:

    • Detailed information about each penny stock, including market capitalization and a brief description of the company.
    • Stocks mentioned include FingerMotion, Inc. (FNGR), Tilray Inc. (TLRY), SNDL Inc. (SNDL), Momentus Inc. (MNTS), Aurora Cannabis Inc. (ACB), Waitr Holdings Inc. (WTRH), United States Antimony Corporation (UAMY), Jupiter Wellness, Inc. (JUPW), and CleanSpark, Inc. (CLSK).
  4. Risks Associated with Penny Stocks:

    • Limited track record, absence of transparency, lack of liquidity, and unpredictability are highlighted as risks.
    • Emphasizes the importance of thorough research due to the high-risk nature of penny stocks.
  5. FAQs and Additional Information:

    • FAQs cover topics such as affordable penny stocks, pharmaceutical penny stocks, penny stocks under $1, and the potential to make money with penny stocks.
    • Lists of specific penny stocks based on affordability or industry.
  6. Conclusion:

    • Highlights the end of the post, mentioning the top 9 penny stocks on Robinhood.
    • Suggests that while Robinhood has improved its charting capabilities, it may still lag behind competitors in advanced charting and analysis tools.
    • Advises readers to research specific stocks before investing.
  7. Disclaimer on Penny Stock Investments:

    • Cautions investors about the risks associated with penny stocks, including lack of financial stability, management experience, and regulatory compliance.
    • Warns about the potential for fraud, scams, and manipulation in the penny stock market.

In conclusion, the article provides a comprehensive overview of penny stocks, their popularity on Robinhood, specific stock recommendations, associated risks, and additional information to guide potential investors. It emphasizes the importance of due diligence and research before engaging in penny stock trading.

Top 9 Popular Penny Stocks On Robinhood (Updated 2023) (2024)

FAQs

What is the best penny stock on Robinhood? ›

8 Robinhood Penny Stocks To Watch
Stock TickerCompanyPerformance (YTD)
NASDAQ: AXTIAXT Inc.+ 90.69%
NASDAQ: GOEVCanoo Inc- 29.87%
NASDAQ: NNOXNano-X Imaging Ltd+ 59.53%
NASDAQ: CXAICXApp Inc+ 386.00%
4 more rows
Apr 2, 2024

What penny stock is expected to explode in 2023? ›

penny stocks 2023
S.No.NameROCE %
1.Associated Cera.19.67
2.Growington Vent16.06
3.S. V. J. Enterp.10.06
4.Euphoria Infotec42.98
23 more rows

What is the hottest penny stock right now? ›

Most Active Penny Stocks
  • AMC3.160.24% AMC Entertainment Holdings, Inc.
  • WULF2.290.16% TeraWulf Inc.
  • PACB1.550.09% Pacific Biosciences of California, Inc.
  • TELL0.500.11% Tellurian Inc.
  • GEVO0.660.06% Gevo, Inc.
  • TWG3.731.88% Top Wealth Group Holding Limited.
  • AGBA1.250.22% AGBA Group Holding Limited.
  • EEENF0.000.00%

Which penny stock gives highest return? ›

Penny Stocks with Good Returns
S.No.Name3Yrs return %
1.Shilchar Tech.291.40
2.Shanthi Gears60.49
3.Shivalik Bimetal110.63
4.Fiem Industries59.72
23 more rows

What are the 10 best penny stocks to buy? ›

Overview of Top 10 Fundamentally Strong Penny Stocks in 2024 in India
  1. Vikas Ecotech Ltd. ...
  2. Comfort Intech Ltd. ...
  3. Rajnandini Metal Ltd. ...
  4. G G Engineering Ltd. ...
  5. Indian Infotech & Software Ltd. ...
  6. Genpharmasec Ltd. ...
  7. Accuracy Shipping Ltd. ...
  8. Goyal Aluminiums Ltd.
Mar 26, 2024

What is the best penny stock to invest in 2023? ›

Fastest Growing Penny Stocks
Price ($)Market Cap ($M)
Inhibikase Therapeutics Inc.(IKT)0.875.4
PAVmed Inc.(PAVM)0.2226.3
Lucid Diagnostics Inc.(LUCD)1.3158.5
Dec 1, 2023

What is the best penny stock to buy right now? ›

Penny Stock Screener
NamePrice1 Month %
SPCB SuperCom$0.34+143.90%
DYNT Dynatronics$0.52-14.35%
PRZO ParaZero Technologies Ltd.$0.83+22.89%
BTBT Bit Digital$1.79-17.65%
26 more rows

Which coin will boom in 2023? ›

Top 10 Cryptos To Invest in December 2023
  • Bitcoin.
  • Ethereum.
  • Ripple.
  • Solana.
  • Cardano.
  • Dogecoin.
  • Chainlink.
  • Avalanche.
Dec 1, 2023

Which penny stock is best to buy tomorrow? ›

Debt Free Penny Stocks
Company NameLTP% Change
Brightcom Group14.950.34
Manali Petrochemicals77.51.51
Dish TV India17.5-1.13
Morepen Laboratories49.055.26
1 more row

What are red hot penny shares? ›

"Red hot penny stocks" - perhaps the most common example - is used by tipsters to indicate they have identified cheap stocks which they believe will very shortly increase dramatically in value.

What are good cheap stocks to invest in? ›

9 Best Cheap Stocks to Buy Under $10
StockImplied upside from March 15 close
Arcadium Lithium PLC (ALTM)76.2%
Telecom Italia SPA (OTC: TIIAY)51.5%
Crescent Point Energy Corp. (CPG)4.5%
iQiyi Inc. (IQ)62.5%
5 more rows
Mar 18, 2024

Which stock gives highest return in 1 month? ›

Nifty 50 stocks with 1-month high return
Stock NameSub-Sector1M Return (%)
Adani Enterprises LtdCommodities Trading27.14
Adani Ports and Special Economic Zone LtdPorts25.25
Bharat Petroleum Corporation LtdOil & Gas – Refining & Marketing22.19
Hero MotoCorp LtdTwo Wheelers18.34
6 more rows
Apr 4, 2024

Which penny stock gives highest dividend? ›

Best Highest Dividend Paying Penny Stocks in India
  • Taparia Tools Ltd. Castings, Forgings & Fastners.
  • M Lakhamsi Industries Ltd. Trading.
  • Comfort Intech Ltd. Alcoholic Beverages.
  • Vivanta Industries Ltd. Miscellaneous.
  • Family Care Hospitals Ltd. Healthcare.
Mar 23, 2024

How do you pick winning penny stocks? ›

Study the underlying company

Too often penny stock traders are making their picks based on technical signals and forget about the underlying company. Look for solid earnings patterns and companies making new highs that are paired with strong fundamentals.

What's the best penny stock to buy right now? ›

Penny Stock Screener
NamePriceAnalyst Price Target
DYNT Dynatronics$0.52$4.00 (670.71% Upside)
PRZO ParaZero Technologies Ltd.$0.83
BTBT Bit Digital$1.79$5.17 (188.83% Upside)
DFLI Dragonfly Energy Holdings Corp$0.52$0.90 (72.78% Upside)
26 more rows

What is the best stock to buy in Robinhood? ›

Some of the best stocks to buy on Robinhood for beginners include Microsoft Corporation (NASDAQ:MSFT), Apple Inc. (NASDAQ:AAPL), and The Walt Disney Company (NYSE:DIS). A closer look at the business of these firms demonstrates their competitive edge.

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