Barnes & Noble Education, Faraday Future Intelligent Electric, and Buzzfeed 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 22, 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 have a 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.
Barnes & Noble Education (NYSE:BNED) – Barnes & Noble Education is a leading solutions provider for the education industry. Its offerings include campus retail services and academic solutions, a digital direct-to-student learning ecosystem, and wholesale capabilities. BNED had a Dollar Volume of $350.29 million on May 22, with its stock price skyrocketing 109.22%. However, shares were trending down by 35% in pre-market trading. Since May 17, BNED shares have been on an upswing, zooming 520.9% to date.
A 9.9% stake disclosure by Scott Stewart Miller’s Greenhaven Road Investment Management and a possible recapitalization offer have triggered a surge in the stock. Moreover, the recent meme stock rally has caused the stock to spike suddenly, following an X post by one of the WallStreetBets players.
Faraday Future Intelligent Electric (NASDAQ:FFIE) – Faraday Future Intelligent Electric company manufactures next-generation smart electric connected vehicles. FFIE’s Dollar Volume was $228.63 million on May 22, with shares declining by 19.4%. The stock price decline continued even today in pre-market trading. FFIE shares have gained over 2,100% since May 13, the day that the meme stock mania hit the stock.
Interestingly, FFIE’s Q4 and the full-year Fiscal 2023 results are finally expected on May 28, and investors could be dumping the stock to avoid a potential weak performance.
Buzzfeed Inc. (NASDAQ:BZFD) – Buzzfeed is a digital media company providing internet media, news, and entertainment across pop culture, shopping, food, and news. On May 22, BZFD had a Dollar Volume of $210.30 million, while shares ended the day up 20.4%. Shares jumped on the news of a 7.7% stake by Vivek Ramaswamy, the former GOP Presidential candidate.
However, shares were trending down by 2.3% in Thursday’s pre-market trading as of the last check. The company also undertook a 1-for-4 reverse stock split effective May 6, to pump up the bid price of the shares and regain compliance with rules for continued listing on the Nasdaq.
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.
