5 Penny Stocks To Buy For Under $1 On Robinhood
Robinhood is an interesting platform when it comes to penny stocks. Brokerages like ETrade, TD Ameritrade, Interactive Brokers, and Fidelity allow trading of all stocks under $5. But apps like Robinhood and Webull are set up differently. What I’m talking about is the accessibility of certain stocks. Many are restricted. In this case, penny stocks on Robinhood and Webull are only traded on major exchanges.
When it comes to stocks on the OTC, you’re going to be hard-pressed to find stocks to trade. There are some names that are accessible, which are also listed on the OTC. These would include the few stocks that are dually listed on foreign exchanges. However, in this article, we’re going to only be talking about stocks that are also listed on the NASDAQ and NYSE. Furthermore, we’re going to be talking about specific penny stocks under $1.
Are These Cheap Stocks Besides Ones On The OTC?
Why point out this price? If you’re a Robinhood or Webull user, for example, cheap stocks like this are more difficult to find. That’s because these major exchanges require their listings to meet certain requirements. One of these requirements is to maintain a minimum bid price. At the low end, this minimum is $1 so it makes sense as to why most penny stocks under $1 aren’t usually listed on major exchanges.
Nevertheless, traders are abuzz at the start of the week this week. There was a big move by a 60 cent stock, Signal Advance, which actually ran to highs of more than $70. It ended up being a case of mistaken identity. But it clearly demonstrated how low priced stocks can return massive gains after moving less than $1. While Signal was one of the OTC penny stocks, here’s a list of names that Robinhood traders have begun looking at. Will they be on your list to buy this week or is the risk a bit too high?
Robinhood Penny Stocks To Buy For Under $1
- Exela Technologies Inc. (NASDAQ: XELA)
- Assertio Holdings Inc. (NASDAQ: ASRT)
- Synthetic Biologics Inc. (NYSE: SYN)
- Aeterna Zentaris Inc. (NASDAQ: AEZS)
- Onconova Therapeutics Inc. (NASDAQ: ONTX)
Exela Technologies Inc.
Tech stocks have definitely been a focus for traders over the last year or so. Even after the pandemic sell-off last March, some of the top-performing names were in tech. For the most part, it had to do with the virtual nature that comes with the industry itself. Exela Technologies was no different. In fact, since last March, XELA’s stock price is up considerably.
Exela Technologies offers business process automation or BPA. Its global market in combination with its trademarked technology means that it can continue to build upon its current business model. This includes a customer base of 4,000 businesses across 50 countries. However, the focus on the company has been more on what the future holds than its prior achievements. The company even retained UBS Investment Bank to explore strategic alternatives…