3 of the Best Stocks on Robinhood in October 2020
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3 of the Best Stocks on Robinhood in October 2020

These three Robinhood stocks show several positive indications in both the short and long-term future.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

On several occasions in the past, we’ve talked about different stocks that are worth considering. More than a few of those are outperforming the market. Investors stand a good chance of earning profit in a time when markets are below their true valuations.

The process of buying and selling stocks hasbecome easier with intuitive, modern-day apps like Robinhood. Finding the right stocks however, remains a challenge.

Robinhood Has Made Buying Stocks Easier

Without a doubt, Robinhood’s stock trading app is very popular among the younger generations of today. This has given a new swathe of investors the opportunity to put funds in several stocks with strong potential, though with some disadvantages. Whereas previously, investors would have to go through a more tedious processes to trade, today it’s possible with a few clicks.

With that in mind, we’ve put together three of the best stocks on Robinhood for the month of October. All of these stocks have at least some indications that show room for growth.

3 Top Stocks on Robinhood in October 2020

1. Pfizer, Inc. (NASDAQ:PFE)

Image courtesy of Nasdaq.

Pfizer is a multinational pharmaceutical company and one of the biggest of its kind. The company manufactures several medicines and vaccines, including the likes of Lipitor, Lyrica, and Viagra.

Pfizer is attempting to create a scalable COVID-19 vaccine. It has been in the news lately for this effort, saying that it could be ready by late November. Doing so would boost the company’s decent 2020 performance, all things considered. Deals with the US and Europe could boost Pfizer’s business if it manages to get the vaccine out by then.

  • In its Q2 2020 report, financial guidance for revenues went up by $0.1 Billion to $48.6 to $50.6 Billion.
  • 12% operational growth from Biopharma in Q1 2020 from good performance in key drugs.
  • 2020 performance has been good overall, despite the pandemic’s effects.

2. PayPal Holdings, Inc. (NASDAQ:PYPL)

Image courtesy of Nasdaq.

PayPal is an online payments platform that is widely used across the world. An alternative to banking transfer means, PayPal has grown considerably in the past ten years. It is ranked 182 in a Fortune 500 list of the largest US companies by revenue. It is also well known for having Elon Musk and Peter Thiel as two of its co-founders.

PayPal has been making changes to its platform to keep up with fintech developments. Most notably, the introduction of cryptocurrency payments is all but confirmed, though no date has been offered.

  • PayPal’s quarterly earnings for Q2 2020 was its best-ever reported financial figures.
  • It reported a revenue of $5.26 billion, a 25% increase from the same period last year.
  • Free cash flow was reported to be $2.19 billion, up by 112% from the same period last year.
  • Q2 2020 also saw a 25% growth in adjusted earnings per share

3. Amazon.com, Inc. (NASDAQ:AMZN)

Image courtesy of Nasdaq.

Amazon needs little introduction, with a valuation of over $1 trillion. The platform has a presence in virtually almost every country. Little more needs to be said about the world’s most valuable brand.

Even as one of the top companies, the stock has room to grow, given the explosion of online sales. This is only expected to continue through the holiday season. Online shopping, in general, is likely to become the de-facto method of operating in the future. This is largely because of the cost avoidance in not requiring physical stores.

Besides its online shopping service, Amazon has other large revenue-generating streams, most notably its AWS cloud service. Apps like Robinhood helps you buy fractional shares of Amazon — meaning you don’t have to shell out the entire $3,272 for it.

  • Revenue grew by 40% to $88.9 billion as reported in its Q2 2020 report, with a net income of $5.2 billion.
  • Subscriptions and international sales grew by 29% and 38% respectively.
  • Grocery pickup locations have tripled in number.
  • Amazon has also partnered with Goldman Sachs to offer credit lines to merchants.

Final Thoughts

All the stocks mentioned here are market giants with a strong track record. Going forward, they still have a lot to offer, being the dominant players in their space.

With both good financial figures and positive developments scheduled for the last quarter, the signs are optimistic for the share prices. With the U.S. presidential elections set to impact the stock market, some may be better off playing it safe with the market giants above.

📈 Ready to start trading stocks? Check out the top stock apps to get started.

What are your top choices for stocks on Robinhood this month? Have any thoughts of your own? Let us know in the comments below.

Disclosure: Tim Fries has no positions in any of the stocks mentioned, and has no plans to initiate any positions within the 72 hours following the publishing of this article. This article expresses the opinions of Tim Fries. Tokenist Media LLC has no position in any of the stocks mentioned, and does not plan to initiate any positions within 72 hours of the publishing of this article. Please consult our website policy for more information.

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