Faraday Future Intelligent Electric, Crown ElectroKinetics, and Greenwave Technology Solutions are the 3 Penny Stocks to watch now, based on the 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.
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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 that had the highest Dollar Volume as of the close on May 20, 2024. Simply put, Dollar Volume is the number of shares traded on a particular day multiplied by the day’s share price.
Faraday Future Intelligent Electric (NASDAQ:FFIE) – California-based Faraday Future Intelligent Electric company is a manufacturer of next-generation smart electric connected vehicles. FFIE had a Dollar Volume of $1.35 billion on May 20, with its stock price skyrocketing 74.8%. However, shares were trending down by 19% in pre-market trading at the time of writing.
FFIE has become the target of the recent meme stock mania, having gained 2,900% (from $0.06 to $1.80) since May 13. Faraday Future began manufacturing and selling its electric vehicles (EVs) in August 2023 and hence has very low sales and is a loss-making company. It is set to report its Q4 and full year 2023 results on May 28, after the market closes.
Crown ElectroKinetics (NASDAQ:CRKN) – Crown ElectroKinetics manufactures a pigment-based film, DynamicTint, which, when applied to a glass surface, could allow it to transition from clear and dark in seconds. On May 15, CRKN reported Q1 FY24 revenue of $0.68 million and a net loss of $4.61 million. CRKN stock is witnessing heavy short squeezing as it is also riding the current meme stock craze, with shares up 326% in the past five days. CRKN’s Dollar Volume was $296.71 million on May 20, with shares rising up by 16.4%. Even so, CRKN shares were trading down by 21.6% in Tuesday’s pre-market trading at the time of writing.
Greenwave Technology Solutions (NASDAQ:GWAV) – Virginia-based Greenwave Technology is a metal recycling company with 13 operating facilities that collect, classify, and process raw scrap metal (ferrous and nonferrous). Greenwave recently received a notice from the Nasdaq Stock Market informing the company that it has regained compliance with the requirement related to the market value of listed securities requirement under Nasdaq Listing Rules. On May 20, GWAV had a Dollar Volume of $179.38 million while shares gained only 2.5%.
Interestingly, GWAV shares plunged by over 54% in Tuesday’s pre-market trading. Greenwave Technology has also become a ploy of the recent meme stock frenzy, having surged over 287% in the past five days.
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.
