3 Penny Stocks to Watch Now, 8/13/24
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3 Penny Stocks to Watch Now, 8/13/24

Marin Software, Nauticus Robotics, and Cardlytics are the 3 Penny Stocks to watch on August 13, 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 with the highest Dollar Volume as of the close on August 12, 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.

Marin Software, Inc. (MRIN) – Marin Software is a cloud-based digital marketing company that offers AI-backed software solutions for targeted advertising. On August 12, MRIN had a Dollar Volume of $119.14 million, while its shares fell by nearly 4%. MRIN stock is down 3.3% in pre-market trading today, as of writing. The downtrend seems to be a reversal from the rally in MRIN stock last week. On August 8, Marin announced that marketers can now leverage the company’s AI-powered solutions to reach users on Reddit (RDDT) and X platforms. MRIN shares rallied nearly 40% on the news.

Nauticus Robotics (KITT) – Nauticus Robotics manufactures a highly sophisticated, ultra-sustainable fleet of marine robotics backed by intelligent software. KITT had a Dollar Volume of $55.48 million on August 12, accompanied by a share price surge of 12.7%.

There was no specific news on Nauticus Robotics yesterday. Shares have been volatile in the past couple of trading sessions. It is worth noting that the company undertook a 1-for-36 reverse stock split (consolidation) of its common shares to comply with the minimum bid price requirement of the Nasdaq Capital Market. KITT shares began trading on a split-adjusted basis on July 23. In the past month, KITT shares have lost 44.8% of their value.  

Cardlytics, Inc. (CDLX) – Cardlytics operates a digital advertising platform. The company partners with banking institutes to run their card reward programs, giving them insights into customers’ spending habits. This data is, in turn, given to advertisers for targeted marketing campaigns. On August 12, CDLX’s Dollar Volume stood at $33.74 million, while the shares declined 6.9%.

CDLX shares have been rather volatile in the past couple of trading sessions. On August 7, Cardlytics announced mixed Q2 FY24 results. Sales missed estimates, but earnings beat expectations. The company even announced an abrupt CEO change. The news was followed by a series of price target cuts by analysts, leading to a decline in share price. Interestingly, three Directors of the company leveraged the dip in the stock to buy 64,000 CDLX shares on August 12, through Informative Buy trades. Since August 7, CDLX shares have lost 49% of their value.

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.

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