5 Penny Stocks Robinhood Traders are Buying in 2021

In this article, we discuss the 5 penny stocks Robinhood traders are buying in 2021. If you want to read our detailed analysis of these stocks, go directly to the 10 Penny Stocks Robinhood Traders are Buying in 2021.

5. Ideanomics, Inc. (NASDAQ: IDEX)

Number of Hedge Fund Holders: 7    

Ideanomics, Inc. (NASDAQ: IDEX) is a New York-based fintech company founded in 2004. It is placed fifth on our list of 10 penny stocks Robinhood traders are buying in 2021. The company’s shares have offered investors returns exceeding 175% over the course of the past year. The firm mainly concentrates on providing financing solutions for electric vehicles in order to encourage their adoption across the United States. The company markets services to commercial fleet operators. 

On June 11, Ideanomics, Inc. (NASDAQ: IDEX) announced that it acquired a company named US Hybrid that made and sold electric powertrain components and fuel cell engines. The shares of the company were up 3% in premarket trading that day.  

On May 17, Ideanomics, Inc. (NASDAQ: IDEX) had posted earnings results for the first three months of 2021, reporting earnings per share of $0.00, beating market predictions by $0.03. The revenue for the first quarter was over $32 million, beating market estimates by $7.7 million.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Ideanomics, Inc. (NASDAQ: IDEX) with 4.8 million shares worth more than $14 million.