7 Best Penny Stocks On Cash App for 2024

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Cash App is a financial app that lets you easily send money to family and friends. But it also offers commission-free stock trading of thousands of stocks.

This low-fee approach makes Cash App a popular app for buying and selling stocks, and there are some penny stocks listed on the app that you can trade. These are seven penny stocks on Cash App you might consider trading in 2024.

What Is a Penny Stock?

Contrary to the name, a penny stock isn’t a stock that trades for just one penny. The term “penny stock” typically refers to publicly-traded stocks that have a share price under $5 per share, and a market capitalization under $300 million.

Cash App typically does not list penny stocks on its app. In fact, Cash App says that it aims to only list stocks that have a $5 share price minimum over the last 52 weeks and a $300 million market cap or higher. But some stocks that were originally listed on Cash App have fallen in price to become a penny stock, and are still tradable on the platform.

7 Best Penny Stocks On Cash App in 2024

You generally won’t see penny stocks on Cash App, though there are a few that are still available for trading. Here are seven of the best penny stocks available on Cash App right now.

1. Transocean Ltd. (RIG)

Transocean Ltd. provides offshore drilling services for oil and gas wells. Based in Switzerland, the company specializes in drilling in ultra-deep water and harsh environments. Transocean says its floating offshore drilling fleet has the highest specifications of any such fleet worldwide.

If you’re up for a major gamble, Transocean might be worth investigating. It’s a highly volatile stock that has seen 27.95% losses so far this year and is down 44.95% and 29.72% over one and five years, respectively. However, shares recently surged on the news that Transocean had won a $232 million contract for a job set to begin in the second quarter of 2028.

You can trade Transocean for about $4.50 on Cash App under the ticker symbol RIG.

2. iQIYI Inc. (IQ)

iQIYI Inc. is a Chinese-based entertainment company responsible for several acclaimed drama series’ and billions of views. Revenue is mostly from in-content ads and revenue per member has grown steadily over the past six quarters.

iQIYI Inc. boasted over 100 million members as recently as 2023, but has declined to release subscriber numbers recently. This caused the stock to continue dropping, bringing it to penny-stock territory. While the stock is hovering just above $2 per share, it could pop if iQIYI replicates its success with another hit TV series release in the near future.

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You can trade iQIYI Inc. stock on Cash App under the ticker symbol IQ.

3. OPKO Health Inc. (OPK)

OPKO Health Inc. is a multinational biopharmaceutical and diagnostics company. Its diagnostics arm makes up a majority of its revenues, while the pharmaceutical arm only accounts for about 25% of total revenues. It has operated at a loss for a while, and many research firms expect OPKO to continue posting losses.

But the company still has a market cap of over $1 billion, and share prices are up nearly 11% so far in 2024. This stock is wildly volatile, but if recently approved pharmaceutical plays (in partnership with Pfizer) do well, the stock could pop. The current price hovers around $1.65 per share, but could change quickly.

You can trade OPKO Health Inc. stock on Cash App under the ticker symbol OPK.

4. ChargePoint Holdings Inc. (CHPT)

ChargePoint provides EV charging solutions for customers across the EV space, including manufacturers, charging station owners — and EV drivers, who can charge up at over one million ChargePoint stations worldwide.

The company’s stock slumped hard in August, but despite a disappointing earnings report in early September, shares appear to be on the rise. The company announced on Sept. 16 that it had appointed a new chief revenue officer to oversee global sales and marketing. Still, the stock is down over one, three and five years after having fallen 39.74% in 2024 alone. But analysts are cautiously optimistic, offering a consensus rating of “hold” with a 109% upside over the coming year.

You can trade ChargePoint stock on Cash App under the ticker symbol CHPT.

5. Grab Holdings (GRAB)

Grab Holdings is an Uber-like technology app that offers ride-hailing and delivery services. It even offers financial services. This super app has cornered the market in Southeast Asia, buying up Uber’s operations in the region, as well as taxi services, grocery store chains and more. 

Grab launched during the hype of tech stocks in 2021, and has since tumbled over 67% in share price. However, as it grows, its market share is marching toward profitability. Shares are currently priced at $3.50 per share, making it a penny stock that may have some serious upside.

You can trade Grab Holdings stock on Cash App under the ticker symbol GRAB.

6. Lucid Group, Inc. (LCID)

Lucid is another massively popular electric vehicle manufacturer that was flying high during its IPO in 2021. Unfortunately, it then tanked to under $5 per share and currently trades for less than $4.

Lucid has yet to get anywhere near rival production numbers on vehicles, but continues to plug along; it’s on pace to produce over 9,000 cars in 2024. Lucid has a long way to go to really take off and challenge rivals like Tesla, it recently received a $1.5 billion private investment from Public Investment Fund, Saudi Arabia’s sovereign wealth fund. This helps build confidence in Lucid’s future potential, and the stock could continue to benefit.

You can trade Lucid Group, Inc. stock on Cash App under the ticker symbol LCID.

7. Peloton Interactive, Inc. (PTON)

Peloton Interactive, Inc. is a popular fitness and technology company that is famous for its stationary bikes. It also offers a wide range of fitness services. Peloton became world famous when lockdowns happened in 2020, and everyone wanted options to work out in their homes.

Since then, Peloton stock prices have plummeted, dropping from a high share price of $162 in 2021, to under $4.80 per share today. But Peloton is still riding along — pun intended — and has recently partnered with Google to spur interest in Peloton classes by offering them to Google Fitbit premium members. While Peloton sales are falling compared to a few years ago, there may be some upside to grabbing this stock at cheaper prices in 2024.

You can trade Peloton Interactive, Inc. stock on Cash App under the ticker symbol PTON.

A Word of Caution on Trading Penny Stocks

Penny stocks are famous for their volatility — and that volatility can reward investors handsomely. But penny stocks are a very risky investment, and you can lose a lot more money trading them than a more robust company stock or fund. 

These stocks have usually been beaten-down companies that have had a poor track record. However, just because the stock is cheap, doesn’t mean it can’t get cheaper. For example, if there’s a well-known stock that continues to burn through cash and fails to drive demand for its product or service, this can cause investors to continue selling out of the stock, thus driving the price lower.

Penny stocks are also more at risk of bankruptcy much of the time. As publicly-traded entities, penny stock companies work for the shareholders. And as such, they may make more risky moves in an attempt to boost stock prices; this can quickly lead to bankruptcy.

If a penny stock company — or any company, for that matter — files for bankruptcy, the shares of stock could drop further. Stock exchanges could delist the company completely. This makes it impossible to sell your shares. Depending on the type of shares you hold, you may not be entitled to any funds from the sale of company assets either.

All this to say — invest in penny stocks with extreme caution. There is a very real risk of losing money, including a total loss of your invested capital.

Daria Uhlig contributed to the reporting for this article.

Information is accurate as of Sept. 17, 2024. 

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.