What Are the Best Penny Stocks on Robinhood Right Now?

Introduction

Penny stocks, also known as micro-cap stocks, are shares of small companies that trade at a low price per share. These stocks are often considered high-risk investments, but they can also offer high rewards. Robinhood, a popular trading app, offers its users the ability to trade penny stocks. In this article, we will explore some of the best penny stocks on Robinhood right now.

What are Penny Stocks?

Penny stocks are stocks of small companies that trade at a low price per share, usually under $5. These companies are often new and unproven in the market, making them high-risk investments. However, penny stocks can offer high rewards if the company becomes successful.

Best Penny Stocks on Robinhood Right Now

1. Sundial Growers Inc. (SNDL)

Sundial Growers Inc. is a cannabis company that operates in Canada. The company's stock has been performing well in recent months, with a 52-week high of $3.96 per share. Sundial Growers Inc. has been expanding its operations and recently acquired a company that produces cannabis-infused gummies.

2. Castor Maritime Inc. (CTRM)

Castor Maritime Inc. is a shipping company that operates a fleet of dry bulk carriers. The company's stock has been performing well in recent months, with a 52-week high of $2.86 per share. Castor Maritime Inc. has been expanding its fleet and recently acquired a new vessel.

3. Zomedica Corp. (ZOM)

Zomedica Corp. is a veterinary diagnostic and pharmaceutical company. The company's stock has been performing well in recent months, with a 52-week high of $2.70 per share. Zomedica Corp. recently announced a partnership with a major animal health company to develop and commercialize a new diagnostic test.

Investment Strategies for Penny Stocks

Investing in penny stocks can be risky, but there are strategies that can help minimize the risk. One strategy is to do thorough research on the company before investing. This includes researching the company's financials, management team, and industry trends. Another strategy is to diversify your portfolio by investing in multiple penny stocks, as this can help spread out the risk.

Investment Stories

One investment story that highlights the potential rewards of investing in penny stocks is the story of Monster Beverage Corporation. In 2003, Monster Beverage Corporation was a small energy drink company trading at around $1 per share. However, the company grew rapidly and by 2012, the stock was trading at over $70 per share.

Conclusion

Penny stocks can be high-risk investments, but they can also offer high rewards. Sundial Growers Inc., Castor Maritime Inc., and Zomedica Corp. are some of the best penny stocks on Robinhood right now. When investing in penny stocks, it is important to do thorough research and diversify your portfolio. The story of Monster Beverage Corporation highlights the potential rewards of investing in penny stocks.