Penny stocks are low-priced shares that generally change hands for under $5 and are typically issued by companies that carry market values below about $300 million. Allbirds (BIRD), Immutep (IMMP), and Allied Gaming Entertainment (AGAE) are the three penny stocks to watch on April 16, according to TipRanks’ Penny Stock Screener tool.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
These names were picked because they recorded the largest dollar trading volumes at the close on Wednesday, April 15. This means that they had the highest total value of shares that changed hands, computed by multiplying the number of shares traded by the stock’s price.
- Allbirds (BIRD): Allbirds is a struggling California-based footwear company that this week announced it was transitioning toward an AI company, with plans to rebrand as NewBirdAI. On April 15, BIRD stock had a dollar volume of $4.90 billion as its shares ballooned by almost 600% following the announcement. However, the rally has started to unravel as the pivot has triggered concerns due to the company’s lack of previous experience in the field. William Blair analyst Dylan Carden described the move as a “Hail Mary” — that is, a last-ditch gamble after other options have failed.
- Immutep (IMMP): Immutep is a Sydney-based biotech company focused on developing treatments to strengthen or restore the immune system, including conditions where the body’s defense system attacks itself. On April 15, IMMP had a dollar volume of $383.22 million, as its shares surged by over 73%. This came after the company announced that it had received Orphan Drug Designation from the U.S. health watchdog for its drug candidate, Eftilagimod alfa, to treat Soft Tissue Sarcoma.
- Allied Gaming & Entertainment (AGAE): Allied is a New York-based company that provides entertainment and gaming products and services. For instance, the firm operates a gaming arena at the Luxor Hotel in Las Vegas, Nevada. On April 15, AGAE had a dollar volume of $227.02 million. Its shares soared as high as 150% on Wednesday after the company disclosed that it had settled its long-running dispute with shareholder Knighted Pastures LLC.
More about TipRanks’ Penny Stock Screener
Analysts looking to stay up-to-date with penny stocks can rely on TipRanks’ Penny Stock Screener tool, which makes it possible for investors to check out the thousands of penny stocks traded daily in the U.S. using filters such as sector, price target upside, Smart Score, analyst consensus, dollar volume, and price change.