Novo Integrated Sciences, Innovative Eyewear, and XChange TEC 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.
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 3, 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.
Novo Integrated Sciences, Inc. (NASDAQ:NVOS) – Novo Integrated Sciences operates through wholly-owned subsidiaries in the U.S. and Canada in the healthcare domain. Its team of medical practitioners provides assessment, diagnosis, treatment, and primary prevention for a wide array of orthopedic, musculoskeletal, sports injury, and neurological conditions. NVOS had a Dollar Volume of $325.80 million on June 3, while the stock price spiked by 18.1%. However, shares were down 8.9% in Tuesday’s pre-market trading at the time of writing.
On May 31, NVOS’ board of directors approved a share buyback program for up to $5 million of the company’s shares. The news sent the stock higher. NVOS stock has gained nearly 175% since Friday.
Innovative Eyewear (NASDAQ:LUCY) – Innovative Eyewear manufactures smart glasses, powered by OpenAi’s ChatGPT. The smart glasses enable users to listen to music, attend, and make calls, all with the power of voice-assisted artificial intelligence (AI). LUCY had a Dollar Volume of $78.72 million on June 3, with its stock price dropping 2.8%. Shares are continuing their descent in pre-market trading today, down 0.36% as of the last check.
Earlier this month, the company reported a triple-digit increase in its Q1 revenue and guided positively for the rest of the year.
XChange TEC. Inc. (NASDAQ:XHG) – XChange Tec. Inc. operates an online apartment rental business in China. On May 21, FLJ Group Ltd. changed its name to XChange Tec. after undergoing governance restructuring. FLJ stock was delisted and XHG shares started trading on the Nasdaq. On May 31, XHG stock skyrocketed 94.2% to reach an all-time high of $1.35, with shares witnessing heavy trading volumes. On June 3, XHG’s Dollar Volume stood at $33.50 million while shares rose 9.9%. However, in Tuesday’s pre-market trading, shares are down 1.02% as of the last check.
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.
