Innovative Eyewear, Actelis Networks, and Faraday Future Intelligent Electric are the 3 Penny Stocks to watch on July 2, 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 July 1, 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.
Innovative Eyewear (NASDAQ:LUCY) – Innovative Eyewear offers the world’s first ChatGPT-powered eyewear. Its smart glasses enable users to listen to music, attend, and make calls, backed by the power of voice-assisted artificial intelligence (AI).
On July 1, LUCY had a Dollar Volume of $180.60 million, with its stock price rising 6.3%. However, LUCY shares declined by 9.2% in Monday’s after-hours trading. In the last two days, LUCY shares have zoomed over 59%. On June 27, Innovative Eyewear launched its new Eddie Bauer audio-enabled, first-ever rimless ChatGPT Smart Eyewear design in the U.S. The news sent the stock price higher.
Actelis Networks (NASDAQ:ASNS) – Actelis is a networking solutions company that enables fast, secure, and cost-effective communication for IoT (Internet of Things) and projects across cities, campuses, airports, military bases, roads, and rails. The company uses hybrid-fiber network connectivity solutions to bolster the performance of networks.
ASNS had a Dollar Volume of $165.42 million on July 1, while the stock price plunged 12.5%. On the same day, the company announced the exercise of certain outstanding Series A-2 warrants to purchase up to 999,670 shares of its stock. ASNS would raise gross proceeds of $2.25 million from the warrants.
Faraday Future Intelligent Electric (NASDAQ:FFIE) – Meme stock traders’ favorite, Faraday Future Intelligent Electric stock has been on a roller coaster ride recently. FFIE manufactures next-generation smart electric connected vehicles. On July 1, FFIE had a Dollar Volume of $100.01 million, while the share price fell by over 9%. The stock continued to decline in Monday’s after-hours trading.
The share price decline seems to be a pullback from the run-up witnessed in the past couple of days. In the past five trading days, FFIE shares exploded over 110% owing to two positive news. Firstly, the stock gained from the joint venture news between automakers Rivian (NASDAQ:RIVN) and Volkswagen (OTC:VWAGY). Secondly, the approval for continued listing from Nasdaq, subject to certain conditions, also moved the stock higher.
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.
