In this article, we discuss the 5 popular penny stocks on Robinhood. If you want to read our detailed analysis of these stocks, go directly to the 10 Popular Penny Stocks on Robinhood.
5. Iveda Solutions, Inc. (NASDAQ:IVDA)
Stock Price as of June 10: $1.680
Iveda Solutions, Inc. (NASDAQ:IVDA) is a Mesa, Arizona-based provider of smart city digital transformation technologies that went public in April 2022.
In a note issued to investors on June 2, Allen Klee at Maxim initiated coverage on Iveda Solutions, Inc. (NASDAQ:IVDA) stock with a Buy rating and a price target of $4. The analyst highlighted that the artificial intelligence (AI) backed video surveillance provided by Iveda Solutions, Inc. (NASDAQ:IVDA) addresses the expanding markets of smart cities and the Internet of Things. Klee stated that the growth of Iveda Solutions, Inc. (NASDAQ:IVDA) would be driven by strategic partners along with a trusted history with big cities and agencies.
4. Takung Art Co., Ltd. (NYSE:TKAT)
Stock Price as of June 10: $2.040
Number of Hedge Fund Holders: 1
Takung Art Co., Ltd. (NYSE:TKAT) is a Hong Kong-based provider of an online trading platform for art collectors and investors in calligraphies, jewelry, paintings, and precious gems. Takung Art Co., Ltd. (NYSE:TKAT) is making its space in the booming Asian art industry and connecting artists with potential buyers.
Takung Art Co., Ltd. (NYSE:TKAT) is diversifying further as it launched a non-fungible tokens (NFTs) website on April 29. The website would permit art collectors and investors to trade and discover exclusive digital art items stored on the blockchain. Within a week of its launch, the website had 60 products listed and added 107 new registered users, which resulted in 40 transactions. This reflects that Takung Art Co., Ltd. (NYSE:TKAT) has a promising platform that could achieve sustainable growth if marketed efficiently.
As of Q1 2022, 1 hedge fund held a stake in Takung Art Co., Ltd. (NYSE:TKAT).
3. Phio Pharmaceuticals Corp. (NASDAQ:PHIO)
Stock Price as of June 10: $0.7380
Number of Hedge Fund Holders: 3
Phio Pharmaceuticals Corp. (NASDAQ:PHIO) is a Marlborough, Massachusetts-based biotech company focused on developing innovative cancer treatments that overcome tumor immunosuppression.
During the 2022 American Society of Oncology (ASCO) annual meeting, Phio Pharmaceuticals Corp. (NASDAQ:PHIO) presented the study outline for its Phase 1b clinical trial of a self-delivering RNAi for the treatment of advanced melanoma. During Q1 2022, Phio Pharmaceuticals Corp. (NASDAQ:PHIO) reported a loss per share of 19 cents, beating the consensus estimates of 30 cents. Phio Pharmaceuticals Corp. (NASDAQ:PHIO) finished the quarter with cash and cash equivalent of $20.5 million, which is sufficient to sustain its growth until Q2 2023.
Of the 912 hedge funds in Insider Monkey’s database, 3 funds held a stake in Phio Pharmaceuticals Corp. (NASDAQ:PHIO) as of Q1 2022.
2. Hycroft Mining Holding Corporation (NASDAQ:HYMC)
Stock Price as of June 10: $1.260
Number of Hedge Fund Holders: 12
Hycroft Mining Holding Corporation (NASDAQ:HYMC) is a precious metals development company that owns the Hycroft Mine in Northern Nevada. The company had to seize its operations in late 2021 as it struggled with high levels of debt. Hycroft Mining Holding Corporation (NASDAQ:HYMC) was facing high costs in transporting the output from its mine to offsite processing facilities.
However, Hycroft Mining Holding Corporation (NASDAQ:HYMC) was injected with $27.9 million by AMC Entertainment Holdings, Inc. (NYSE:AMC) in exchange for a 22% stake in March. The company has the opportunity to use this capital injection to build a process plant near its mining facility, which is the base problem. The firm’s recent milestones include increasing underground reserves by 50% and mill capacity by 20%. Hycroft Mining Holding Corporation (NASDAQ:HYMC) stock is up over 100% YTD.
Hycroft Mining Holding Corporation (NASDAQ:HYMC) was held by 12 hedge funds during Q1 2022, up from 11 in the preceding quarter.
1. Mullen Automotive, Inc. (NASDAQ:MULN)
Stock Price as of June 10: $1.200
Number of Hedge Fund Holders: 4
Mullen Automotive, Inc. (NASDAQ:MULN) is a California-based electric vehicle manufacturing firm. The company is involved in the car dealership business through its subsidiary CarHub. Mullen Automotive, Inc. (NASDAQ:MULN) will be added to the Russel 2000 and 3000 Indexes from June 27. The company has an electric sports-utility vehicle that provides an estimated range of 325 miles and is also developing an interactive system called Persona to prevent vehicular theft.
Mullen Automotive, Inc. (NASDAQ:MULN) has already produced show cars for the FIVE variant and has bought a manufacturing facility outside of Tunica, Mississippi, where full-scale production will take place. The company intends to do a 19-city test-drive tour during the second half of the year. Mullen Automotive, Inc. (NASDAQ:MULN) is also trying to make space in the battery industry by introducing a battery with 600 miles of range. The company intends to use this battery in the second generation of FIVE, which will be rolled out in 2025 or 2026.
Mullen Automotive, Inc. (NASDAQ:MULN) was held by 4 hedge funds as of Q1 2022.
You can also take a peek at the 10 Mid-Cap Stocks Hedge Funds Are Talking About and 10 Best Roth IRA Stocks To Buy in 2022.
