Longeveron Inc., Canoo, and La Rosa Holdings Corp. are the 3 Penny Stocks to watch on June 18, 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.
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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 June 17, 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.
Longeveron Inc. (NASDAQ:LGVN) – Longeveron is a clinical-stage biotechnology company that develops cellular therapies for aging-related and life-threatening conditions. The company aims to improve the health span of patients by promoting tissue repair, organ maintenance, and immune system function from the cells sourced from the bone marrow of healthy adult donors.
On June 17, LGVN had a Dollar Volume of $312.73 million, while the share price plunged by 24.8%. Yesterday, Longeveron announced the exercise of certain existing warrants for $4.4 million in gross proceeds, effective June 18. The warrants, originally issued in April this year, represent the purchase of an aggregate of 1,697,891 shares of LGVN’s Class A common stock at an exercise price of $2.35 per share.
Longeveron intends to use the net proceeds for the clinical trials and regulatory development of its lead investigational product, Lomecel-B. Also, the proceeds will be used for gaining regulatory approvals, capex, working capital, and other general corporate requirements.
Canoo Inc. (NASDAQ:GOEV) – Canoo manufactures electric vehicles (EVs), including electric vans, multipurpose vans (MPVs), and pickup trucks. The company started delivering its first EVs in the fourth quarter of Fiscal 2023.
GOEV had a Dollar Volume of $51.82 million on June 17, while its stock price gained 10%. There was no material news on Canoo stock on Monday. Shares have been rather volatile lately. In the past month, GOEV shares have lost 27.5% of their value. Interestingly, on June 13, Canoo announced that it had entered into a definitive Pre-Paid Advance Agreement (PPA) with YA II PN, Ltd., to take $15 million in advance from the latter. In exchange for the PPA, Canoo will issue its common shares at an initial purchase price of $2.30 per share.
La Rosa Holdings Corp. (NASDAQ:LRHC) – La Rosa Holdings operates an end-to-end real estate services platform. On June 17, LRHC’s Dollar Volume stood at $47.50 million, while shares declined 11.1%. LRHC shares seem to be receding after the rally witnessed on June 14. On Friday, La Rosa Holdings submitted a request to the SEC for the withdrawal of Form S-1, which was originally filed on June 11. The withdrawal news sent LRHC shares skyrocketing over 196% in intraday trading on June 14.
As per the S-1 filing, the company had planned to issue 3.64 million of LRHC common shares and the same number of warrants exercisable for one share of its common stock at an assumed public offering price of $1.10 per unit.
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.
