Cash App is the stock trading platform of choice for many investors looking to make passive income. But did you know that it lets you invest in penny stocks?
This article will explore some of the best penny stocks on Cash App platform that you may consider tracking right now.
We will also cover the risks of investing on Cash App, coupled with some tips to help you achieve success.
Best Penny Stocks on Cash App of 2024
Clean Energy Fuels Corp. (NASDAQ: CLNE)
Clean Energy Fuels Corp. is a leading provider of renewable natural gas (RNG) and conventional natural gas as an alternative fuel for vehicle fleets in the United States and Canada.
The company focuses on promoting the use of cleaner fuels to reduce greenhouse gas emissions and dependence on petroleum-based fuels.
Clean Energy Fuels’ commitment to sustainability and the increasing movement for environmentally friendly fuel options could position it for long-term success.
As more companies and municipalities seek to lower their carbon footprints, Clean Energy Fuels’ role in providing RNG might expand, potentially leading to increased adoption and market share.
Adaptive Biotechnologies Corporation (NASDAQ: ADPT)
Adaptive Biotechnologies Corporation is a company focused on developing immune-driven medicine, harnessing the power of the adaptive immune system to transform how diseases are detected and treated.
The company leverages immune sequencing and advanced bioinformatics to understand the immune response at an unprecedented level.
Adaptive’s technology could revolutionize the fields of diagnostics and therapeutics by providing more precise and personalized treatment options.
As the healthcare industry increasingly moves toward personalized medicine, Adaptive Biotechnologies stands to benefit from its innovative approach and potential to improve patient outcomes.
iQIYI, Inc. (NASDAQ: IQ)
iQIYI, Inc., is an innovative market-leading online entertainment service in China. Often referred to as the “Netflix of China,” iQIYI provides a wide range of content, including TV shows, movies, and original programming.
The company combines user-generated content with professionally produced content, catering to a broad audience on its platform.
With the rise of digital streaming and increasing consumer trends toward online entertainment, iQIYI could continue to grow its subscriber base and expand its content offerings.
The company’s strategic focus on high-quality, original content and technological innovation may support its long-term growth prospects.
Popular Cash App Penny Stocks
Nokia Oyj (NYSE: NOK)
Nokia Oyj is a multinational telecommunications, information technology, and consumer electronics company headquartered in Finland.
Nokia has a long history of innovation in the telecommunications industry and is a key player in the development and deployment of 5G technology.
The company provides a wide range of products and services, including network infrastructure, technology services, and software.
As the world continues to adopt 5G technology, Nokia’s expertise and extensive portfolio could position it as a significant player in the market.
The company’s ongoing investments in research and development might support its ability to deliver cutting-edge solutions and maintain its competitive edge.
Lumen Technologies, Inc. (NYSE: LUMN)
Lumen Technologies, Inc., is a technology and communications company that provides a broad array of services, including network services, cloud solutions, and security services.
Lumen’s extensive fiber network and advanced technology infrastructure support the digital transformation of businesses and governments.
The increasing demand for high-speed internet and cloud services could drive growth for Lumen Technologies.
The company’s focus on delivering reliable and scalable solutions to meet the evolving needs of its customers has the potential to enhance its market position and support its long-term growth targets.
Cheapest Stock on Cash App
Ginkgo Bioworks Holdings, Inc. (NYSE: DNA)
Ginkgo Bioworks Holdings, Inc., is a biotechnology company specializing in the development of custom organisms for various applications.
It uses advanced technology to design and engineer microbes for clients in diverse industries, including pharmaceuticals, agriculture, and industrial chemicals.
The company’s innovative approach to biotechnology and synthetic biology could drive significant growth as it continues to expand its capabilities and customer base.
Ginkgo enables the creation of custom organisms through a combination of biological engineering and automation, making it a potential leader in the synthetic biology market.
Traders interested in the biotechnology sector might find Ginkgo Bioworks an intriguing option due to its pioneering technology and potential for future growth.
What Are Penny Stocks?
Penny stocks are companies with a share price of less than $5 each. Due to their relatively low price, these stocks often appeal to investors seeking to enter the stock market at a lower cost.
However, it’s important to approach penny stocks with caution, as they come with unique risks and volatility.
Characteristics of Penny Stocks
Penny stocks are classified by a few specific attributes:
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Low Price – Typically, penny stocks are priced under $5 per share.
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High Volatility – These stocks are known for their price fluctuations and can experience significant swings in value.
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Low Liquidity – Penny stocks often have lower trading volumes, which can make it difficult to buy or sell large quantities without affecting the stock price.
Risks and Rewards
Even more so than when considering regular securities, investors should weigh risks against rewards before purchasing penny stocks.
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Potential for High Returns – The low price of a penny stock means that even small price increases can lead to substantial percentage gains.
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High Risk – Due to their speculative nature, penny stocks can be highly volatile and lead to significant losses. Investors should do market and company research and be prepared for potential volatility.
How to Avoid Risks and Other Cash App Investing Tips
Investing on Cash App should be approached with the same caution as any other platform. Here are some tips to mitigate risks:
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Only Invest What You Can Afford to Lose: Given the high volatility of penny stocks, only use funds that you can afford to lose without significant financial hardship.
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Diversifying Your Portfolio: Spread your capital investment across different sectors and asset types to manage risk better.
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Stay Informed: Keep up with the latest news and developments about the securities you own, and conduct thorough research. This will help you make informed decisions.
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Consider Market Cap: Evaluate the market cap of the stocks you’re investing in to understand the size and stability of the companies. Larger market capitalization often indicates more established companies, which may carry lower risks compared to smaller-cap stocks.
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Set Limits: Use stop-loss orders and other risk management tools to protect your investments.
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Monitor Your Investments: Regularly check the performance of your companies. Adjust your strategy as needed to optimize your chances for success.
By following these guidelines, you can better navigate the risks associated with trading penny stocks on the Cash App platform and make more informed investment decisions.
Cash App Penny Stocks: Final Thoughts
Cash App investing offers a simple and straightforward way to execute trades for penny stocks.
While other platforms might provide a broader selection of publicly traded companies, Cash App has carved out a niche for itself in the market.
Penny stock trading can be an exciting opportunity, but it’s crucial to remember the significant risks involved.
Anyone trading a penny stock should perform thorough due diligence and exercise caution. Penny stocks are inherently volatile and can lead to substantial losses if not handled carefully.
It’s important to note that stocks available on the app are not guaranteed winners simply because they are listed on the platform.
However, Cash App could feature some of the best cheap stocks available, making it worth exploring for those interested in penny stock trading.
Frequently Asked Questions
How Do I Find a List of Penny Stocks Sold on Cash App?
If you want to find a penny stock sold on Cash App, you’ll need to research company lists outside the app.
Unfortunately, you cannot sort by penny stocks on the app, which means you’ll have to know the companies ahead of time to look them up.
Once you find a company worth investing in, you can locate it in the investing tab.
Unfortunately, the app does not typically broker penny stocks that trade for less than 10 cents per share.
Some Cash App stocks may be traded for a short while if you bought them above the ten-cent mark, but probably not for long.
However, these kinds of penny stocks are available through other platforms or brokers.
Does Cash App Have All Stocks?
Cash App does not have every publicly traded stock on its app. It has around 1,600 stocks, which is on the low end. For comparison, Robinhood has about 5,000 stocks.
However, it still offers a broad selection of stocks from major exchanges like the New York Stock Exchange (NYSE) and NASDAQ, including popular penny stocks such as Nokia, Lumen Technologies, and Clean Energy Fuels Corp.
Can You Make Money With Stocks on Cash App?
You can make money investing in stocks on Cash App. However, it’s important to note that investing in a penny stock carries high risks. These stocks are highly speculative and can be very volatile.
To mitigate risk, consider investing in a diverse range of companies in different sectors, stay informed about the companies you’ve invested in, and use stop-loss orders to minimize losses.
What Are the Fees for Buying a Penny Stock on Cash App?
Cash App does not charge any fees for buying or selling shares, including penny stocks. However, there may be regulatory fees or taxes that apply to your transactions.
Always check the latest fee schedules and understand any potential costs before making stock trades.
Can You Buy Penny Stocks on the Cash App Platform?
Yes, you can buy and sell penny stocks using Cash App. While some brokers do not allow you to trade penny stocks, Cash App does.
However, finding these stocks might require a bit more effort since you need to know the company names beforehand to search for them.
Does Cash App Have NASDAQ Stocks?
Yes, Cash App allows you to trade stocks listed on NASDAQ as well as the NYSE. These major exchanges have stringent reporting requirements, which can reduce risks compared to over-the-counter (OTC) stocks.
Is It Worth Buying Stocks on Cash App?
Trading stocks on Cash App could be worth it if you don’t mind the extra effort and have a good understanding of the market.
However, if you prefer a larger selection of stocks, a brokerage like Robinhood or Webull might be more suitable.
How Does Buying $1 Stocks on Cash App Work?
Buying $1 stocks on Cash App is straightforward. If you have enough funds in your Cash App account, it will be charged first. If not, Cash App will charge your linked card or bank account.
You can also purchase fractional shares, allowing you to buy fractions of high-priced stocks with as little as $1.
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