6 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. This low-fee approach makes it a popular app for buying and selling stocks, and there are some intriguing penny stocks on Cash App to invest in.

While you might not be able to find a traditionally cheap stock on Cash App, there are still plenty of low-cost options for investors on a budget. Let’s look at some of the cheapest stock on Cash App to add to take a flyer on for your portfolio.

What Is a Penny Stock?

Contrary to the name, a penny stock isn’t a stock that trades for just one penny. “Penny stock” typically refers to publicly traded stocks with share prices under $5 and market capitalizations under $300 million.

Cash App penny stocks aren’t typically listed on its app, instead listing stocks with $5 minimum share prices over the last 52 weeks and $300 million market caps or higher.

However, some stocks originally listed on Cash App have fallen in price to become penny stocks 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 six of the best penny stocks 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-deepwater 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 33.86% losses this year and is down 35.38% and 12.86% over one and five years, respectively.

You can trade Transocean for about $4.20 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. This caused the stock to continue dropping, bringing it to penny-stock territory. While the stock is hovering just about $2 per share, it could pop if iQIYI replicates its success with another hit TV series release shortly.

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.

The company still has a market cap of over $1 billion and share prices are up over 7% in 2024. This stock is volatile, but if recently approved pharmaceutical plays (in partnership with Pfizer) do well, the stock could pop. The current price hovers around $1.60 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 and has continued to fall. ChargePoint 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 falling 51.71% in 2024 alone. But analysts are cautiously optimistic, offering a consensus rating of “hold,” with a 94% 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 just before the hype of tech stocks in 2021 and has tumbled over 54% in share price. However, as it grows, its market share is marching toward profitability. Shares are currently priced at $4.99 as of Nov. 18, 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 flying high during its IPO in 2021. Unfortunately, it tanked to under $5 per share and now trades for about $2.

Lucid has yet to get anywhere near rival vehicle production numbers, but continues to plug along and is on pace to produce over 9,000 cars in 2024. While Lucid has a long way to go to take off and challenge rivals like Tesla, it recently received a $1.5 billion private investment from The 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.

A Word of Caution on Trading Penny Stocks

Penny stocks are famous for their volatility — and that volatility can reward investors handsomely. Cash App 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 poor track records. However, just because the stock is the cheapest stock on Cash App, it doesn’t mean it can’t get cheaper. For example, if a company continually burns through cash and fails to drive demand for its product or service, investors sell out of the stock, thus driving the price lower.

As publicly traded entities, penny stock companies work for the shareholders. As such, they may make more risky moves 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 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 selling company assets.

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 Nov. 21, 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.

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