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.
4. Allied Esports Entertainment Inc. (NASDAQ: AESE)
Number of Hedge Fund Holders: 2
Allied Esports Entertainment Inc. (NASDAQ: AESE) is a California-based gaming company founded in 2017. It is ranked fourth on our list of 10 penny stocks Robinhood traders are buying in 2021. The stock has offered investors returns exceeding 40% year-to-date. The company aims to provide new kinds of live experiences, multiplatform content and interactive services to gaming audiences. The company also operates platforms that connect professional poker players with fans.
On May 24, Allied Esports Entertainment Inc. (NASDAQ: AESE) reported earnings results for the first quarter of 2021, posting a revenue of $0.5 million, down more than 50% compared to the revenue over the same period last year.
Back in March, Allied Esports Entertainment Inc. (NASDAQ: AESE) had revealed earnings per share of -$1.57 for the previous fiscal year, missing market expectations by $0.45. The revenue for the year was more than $3.2 million, missing market predictions by close to $20 million.
At the end of the first quarter of 2021, 2 hedge funds in the database of Insider Monkey held stakes worth $414,000 in Allied Esports Entertainment Inc. (NASDAQ: AESE), the same as in the preceding quarter worth $325,000.
3. U.S. Well Services, Inc. (NASDAQ: USWS)
Number of Hedge Fund Holders: 5
U.S. Well Services, Inc. (NASDAQ: USWS) is a Texas-based oil company founded in 2012. It is placed third on our list of 10 penny stocks Robinhood traders are buying in 2021. The company’s shares have returned more than 124% to investors year-to-date. The company mainly focuses on providing firms with hydraulic fracturing services. The oil and gas industry uses these services.
On June 2, U.S. Well Services, Inc. (NASDAQ: USWS) announced that it would be cutting more than 170 positions in the firm in the coming months. The job cuts have been expected after the firm sold off diesel-powered fracturing equipment for over $20 million in late May.
On May 17, U.S. Well Services, Inc. (NASDAQ: USWS) reported earnings results for the first three months of 2021, posting earnings per share of -$0.35, missing market predictions by $0.22. The revenue over the period was more than $76 million, down close to 32% year-on-year.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in U.S. Well Services, Inc. (NASDAQ: USWS) with 1.4 million shares worth more than $1.4 million.
2. Zosano Pharma Corporation (NASDAQ: ZSAN)
Number of Hedge Fund Holders: N/A
Zosano Pharma Corporation (NASDAQ: ZSAN) is a California-based biopharma firm founded in 2006. It is ranked second on our list of 10 penny stocks Robinhood traders are buying in 2021. The stock has offered investors returns exceeding 78% year-to-date. The company focuses on the development of drugs that treat migraines. One of the leading projects of the company is the development of a drug that uses proprietary formulation of zolmitriptan for treatment of migraine.
In quarterly earnings results, posted on May 12, Zosano Pharma Corporation (NASDAQ: ZSAN) reported earnings per share of -$0.08, in line with market predictions. The shares of the biopharma firm jumped more than 1% after the earnings were made public.
In late April, the shares of Zosano Pharma Corporation (NASDAQ: ZSAN) climbed more than 10% as the firm announced that it had government approval for a study into a new treatment for migraines that would begin in June.
Out of the hedge funds being tracked by Insider Monkey, Chicao-based investment firm Citadel Investment Group is a leading shareholder in Zosano Pharma Corporation (NASDAQ: ZSAN) with 160,724 shares worth more than $199,000.
1. Applied Genetic Technologies Corporation (NASDAQ: AGTC)
Number of Hedge Fund Holders: 13
Applied Genetic Technologies Corporation (NASDAQ: AGTC) is a Florida-based biotechnology company founded in 1999. It is placed first on our list of 10 penny stocks Robinhood traders are buying in 2021. The company’s shares have returned close to 10% to investors over the past month. The company focuses on the development of therapies for the treatment of rare diseases. The company has products in the pipeline for treatment of retinitis pigmentosa, advanced retinal disease, and central nervous system disorders, among others.
In earnings results for the first three months of 2021, posted on May 17, Applied Genetic Technologies Corporation (NASDAQ: AGTC) reported earnings per share of -$0.40, beating market estimates by $0.02.
On May 13, Applied Genetic Technologies Corporation (NASDAQ: AGTC) had announced that it would be leasing a manufacturing facility to help with expansion plans related to two drug programs.
At the end of the first quarter of 2021, 13 hedge funds in the database of Insider Monkey held stakes worth $23.4 million in Applied Genetic Technologies Corporation (NASDAQ: AGTC), up from 8 in the preceding quarter worth $19.8 million.
You can also take a peek at Billionaire Stan Druckenmiller’s Top 10 Stock Picks and Billionaire Julian Robertson On Interest Rates and His Top Stock Picks For 2021.
