CN Energy Group, Fangdd Network Group, and Tonix Pharma are the 3 Penny Stocks to watch on October 1, 2024, based on TipRanks’ Penny Stock Screener tool. Penny stocks are defined as stocks that trade at or below $5 per share and have a market capitalization of below $300 million.
The Penny Stock Screener helps investors scan stocks based on numerous parameters, including Sector, Price Target Upside, Smart Score, Analyst Consensus, Dollar Volume, and Price Change.
We leveraged the tool to pick the top three penny stocks with the highest Dollar Volume as of the close on September 30, 2024. Simply put, Dollar Volume is the number of shares traded on a particular day multiplied by the day’s share price. We can also look at the Relative Volume and Average Volume (last 3 months) to gauge how the trading volumes have been very high (showing high interest) compared to the average.
CN Energy Group (CNEY) – CN Energy Group manufactures high-quality wood-activated carbon, clean energy, and heat solutions. On September 30, CNEY had a Dollar Volume of $214.21 million, while its share price collapsed by 12.5%. Yesterday, the company posted mixed results for the six months ended March 31, 2024. Revenue jumped nearly 38% year-over-year. However, the company reported a higher loss per share of $1.64 compared to $0.09 in the prior-year period.
Fangdd Network Group (DUO) – China-based Fangdd Network Group is a Software-as-a-Service (SaaS) provider that operates an online real estate market place. DUO’s Dollar Volume stood at $98.09 million yesterday, with its stock price rallying over 146%. Shares moved in reaction to the Chinese central bank’s announcement of four financial policies favoring the real estate sector. These policies include adjusting existing mortgage rates, reducing the minimum down payment for second homes, extending the timeframe for the “16 Financial Measures” policy, and optimizing policies for affordable housing refinancing.
Tonix Pharma (TNXP) – Tonix is a clinical-stage biopharmaceutical company focused on developing treatments for psychiatric, pain, and addiction conditions. TNXP had a Dollar Volume of $30.31 million on September 30, while its stock price rose by 1.7%. The company announced that it participated in the “Endpoints” panel at the RECOVER Treating Long COVID – Navigating the Pathway Forward workshop yesterday.
To find more penny stocks like these, you can take a look at TipRanks’ Penny Stock Screener tool. It shows a list of all penny stocks, their price movement, and other vital data.
