Published on 24 Dec 2023 on Insider Monkey via Yahoo Finance
11 Popular Penny Stocks on Robinhood
In this article, we discuss the 11 popular penny stocks on Robinhood. If you want to skip our detailed analysis of these stocks, go directly to 5 Popular Penny Stocks on Robinhood.
Even though the United States economy has battled recession fears in the past few months, there are many reasons to be optimistic about the future of the market as inflation falls, interest rates stabilize, and investors look towards growth stocks again. The benchmark S&P 500 has returned more than 24% to investors so far this year. The NASDAQ Composite is up more than 44%. Prominent growth stocks like Tesla, Inc. (NASDAQ:TSLA), Amazon.com, Inc. (NASDAQ:AMZN), and Alphabet Inc. (NASDAQ:GOOG) are all rallying.
This heightened excitement around equities has attracted the attention of retail investors as well. Retail investors, who use digital stock trading platforms like Robinhood Markets, Inc. (NASDAQ:HOOD), have generally favored investments in growth companies that are trading for pennies on the dollar but have tremendous growth potential. Sectors such as cannabis, crypto, and biotech are all hot due to interest from Robinhoood investors. According to data maintained by FINRA, the average daily transactions in OTC Markets were over 300,000 in 2022.