Quhuo Ltd., BIO-Key International, and iLearningEngines Holdings are the 3 Penny Stocks to watch on September 12, 2024, 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 September 11, 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.
Quhuo Ltd. (QH) – China-based Quhuo Ltd. operates a tech-enabled gig economy services platform. It provides flexible employment solutions for large-scale consumer platforms, including Meituan, Ele.me, and Didi. On September 11, Quhuo had a Dollar Volume of $460.67 million, with its ADRs (American depositary receipts) jumping over 24%. There was no significant news for Quhuo yesterday. QH shares have been on a solid uptrend in the last two trading sessions, skyrocketing over 404%.
BIO-Key International (BKYI) – BIO-Key operates a technology platform that offers flexible identity and access management solutions integrated with Identity-Bound Biometrics. BKYI had a Dollar Volume of $293.12 million yesterday, accompanied by stock price gains of 15.5%.
On September 10, BIO-Key announced that it had received $500,000 in new orders from a reputed government defense ministry for BIO-key’s biometric user authentication solution pursuant to a three-year purchasing agreement. The news pushed BKYI shares higher, gaining 128.7% in the past two days.
iLearningEngines Holdings (AILE) – iLearningEngines operates an AI platform for learning, work automation, and information intelligence. AILE had a Dollar Volume of $127.38 million yesterday, while its stock price fell 13.5%.
AILE shares have lost 57.7% of their value since August 29, after a short seller report by Hindenburg accused iLearningEngines of flaws in business and reporting. However, AILE dismissed the claims stating that the short seller only seeks to make profits through its declining stock price. iLearningEngines also faces some potential class action lawsuits following Hindenburg’s report. Shares have been volatile after the company’s CEO Harish Chidambaran gave a befitting reply to the short seller report. In the past two days, AILE shares have gained over 86%.
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.
