Beneficient, Zapp Electric Vehicles, and Maxeon Solar Technologies are the 3 Penny Stocks to watch on July 9, 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.
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 8, 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.
Beneficient (NASDAQ:BENF) – Beneficient operates a platform that enables rapid, cost-effective, and customized early exit solutions for alternative investments. Beneficient’s solutions are primarily focused on mid to high-net-worth individuals and small to mid-sized institutions.
On July 8, BENF had a Dollar Volume of $224.95 million, with its stock price falling 18.8%. Beneficient stock has surged over 80% since July 5, after the company announced the termination of the SEC investigation. Also, BENF announced that it would release its delayed Q4 and full-year Fiscal 2024 results on July 9, before the market opens.
Zapp Electric Vehicles (NASDAQ:ZAPP) – Zapp Electric Vehicles Group Ltd. is a UK-based electric motorcycle manufacturer. It designs and manufactures high-performance EVs. ZAPP had a Dollar Volume of $204.92 million on July 8, with its stock price skyrocketing over 127%.
While there was no specific news on July 8, ZAPP’s shares have witnessed colossal share price appreciation since the company reported solid financial results for the six months ending March 31, 2024. The company also announced its commercial expansion into India and gave a robust business outlook for the future.
Maxeon Solar Technologies (NASDAQ:MAXN) – Singapore-based Maxeon Solar Technologies designs and manufactures photovoltaic panels. It was spun off from American solar company, SunPower (NASDAQ:SPWR) in 2020. Maxeon operates the SunPower brand in all global markets and the Maxeon brand in the U.S., Canada, and Japan.
On July 8, MAXN had a Dollar Volume of $124.97 million, while the share price gained by 12.5%. Maxeon Solar Technologies stock has been volatile in the past month, losing over 82%. During the last month, Wall Street analysts downgraded the stock to a Sell rating while also slashing their price targets, citing liquidity concerns in the future.
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.
