Innovative Eyewear, OneMedNet, and Akanda Corp. are the 3 Penny Stocks to watch now, based on the 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 May 27, 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 have a 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 Inc. (NASDAQ:LUCY) – Innovative Eyewear develops and designs smart glasses powered by OpenAi’s ChatGPT. The smart glasses enable users to listen to music, attend, and make calls, all with the power of voice-assisted artificial intelligence (AI). LUCY had a Dollar Volume of $928.38 million on May 27, with its stock price skyrocketing 428.5%. However, shares fell 13.5% in after-hours trading.
Although there has been no company-specific news recently, LUCY seems to be caught in the pump-and-dump stock scheme led by a Reddit post after the company reported triple-digit growth in Q1 revenue and gave a highly optimistic outlook.
OneMedNet Corp. (NASDAQ:ONMD) – OneMedNet claims to provide extremely high-quality, insight-rich Real World Data (RWD) to life science organizations for immediate use in discovery, development, regulatory approval, and post-market surveillance. On May 27, ONMD had a Dollar Volume of $313.28 million, with the stock price surging 56.5%.
Interestingly, since May 22, ONMD stock has zoomed over 361% after the company reported a fivefold expansion of its iRWD network and platform, backed by a series of new agreements. Investors seem to be encouraged by the positive progress and potential growth opportunities for OneMedNet.
Akanda Corp. (NASDAQ:AKAN) – Akanda is one of the largest commercial-scale premium cannabis cultivators in Europe, with a massive cultivation facility in Portugal. The company is building a seed-to-patient supply chain through its network in the UK and Europe with diverse cannabis offerings. AKAN’s Dollar Volume was $160.77 million on May 27 alongside a share price rise of nearly 72%.
On May 23, Akanda’s shares underwent a 1-for-40 reverse stock split to comply with Nasdaq’s listing standards. The reverse stock split could have caused the share price surge and high volatility.
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.
