Phoenix Motor Inc., Beneficient, and Spirit Airlines are the 3 Penny Stocks to watch on October 8, 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 October 7, 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.
Phoenix Motor Inc. (PEV) – Phoenix Motor manufactures medium and heavy-duty drive systems, trucks, shuttles, school buses, and transit buses. On October 7, PEV had a Dollar Volume of $244.41 million, while its stock price fell by 1.9%.
On October 3, Phoenix Motor reported its Q1 FY24 results, wherein revenues skyrocketed 429% year-over-year, while the company reported a healthy profit compared to a loss in the prior-year quarter. The stock price fall seems to be a pullback from the earnings-related rally. Despite yesterday’s decline, PEV shares have gained over 200% since October 4.
Beneficient (BENF) – Beneficient helps investors easily exit their alternative asset investments by providing on-demand, in-depth investment analytics to make well-informed decisions. BENF had a Dollar Volume of $204.70 million yesterday, accompanied by a stock price plunge of 14.8%.
On October 4, Beneficient announced the completion of a transaction that resulted in increasing the permanent equity of the company by approximately $126 million. Shares have been volatile since the announcement, gaining over 35% since October 4.
Spirit Airlines (SAVE) – Spirit Airlines is one of America’s ultra-low-cost domestic air carriers. SAVE had a Dollar Volume of $62.36 million on October 7, with its stock price rising by 10.1%. SAVE stock has been volatile ever since the company announced its intent to file for Chapter 11 Bankruptcy protection on October 3. Spirit Airlines is in active discussions with its bondholders and other creditors to restructure billions of dollars in debt that is soon to become due.
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.
