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4 Overvalued Robinhood Stocks to Avoid in October By StockNews

by Mike Robinson

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© Reuters. Four Overvalued Robinhood Stocks You Should Avoid In October

Many stocks listed on Robinhood (NASDAQ) are not well-known and should be avoided. Carnival Corporation (NYSE:) and Carnival Corporation (CCL) are some of the most dangerous stocks listed on Robinhood100. Connect Power (NASDAQ:), Aurora Cannabis(NASDAQ:), Zomedica (ZOM), given growth and valuation concerns. Robinhood Markets , Inc.’s (HOOD) platform — known for pioneering commission-free stock trading with no account minimums — witnessed a big surge in first-time users joining its platform amid the COVID-19 pandemic. The platform’s mobile app is easy to use and has features like fractional trading that appealed more to Generation Z and Millennials.

However, according to JPMorgan Chase & Co. (NYSE:) analysts, HOOD’s metrics of active users and app downloads plunged during the third quarter, worse than expected. Many investors were angry when trading was temporarily stopped in certain meme stocks. Stocks traded on this platform are the most sought-after, but not all are right bets.

Carnival Corporation & plc (CCL), Plug Power Inc. (PLUG), Aurora Cannabis Inc. (ACB), and Zomedica Corp. (ZOM) are some of the most-traded stocks on the HOOD platform. They are however significantly overvalued given their current prices. It might be wise to get rid of them as soon as possible.

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