MicroAlgo, Nauticus Robotics, and Faraday Future Intelligent Electric are the 3 Penny Stocks to watch on June 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.
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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 June 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.
MicroAlgo Inc. (NASDAQ:MLGO) – MicroAlgo is a Chinese company registered in the Cayman Islands. The company’s solutions help customers by integrating central processing algorithms with software and/or hardware, thus enhancing end-user satisfaction while also saving costs and reducing power consumption. On June 12, MLGO had a Dollar Volume of $71.61 million, while the share price spiked by 11.7%. However, shares are trending down 3.9% in pre-market trading at the time of writing.
Shares of MicroAlgo have been rather volatile lately after news of the company jointly establishing a Micro-Consciousness Quantum Research Center with WiMi Hologram Cloud (NASDAQ:WIMI) hit the market. Since June 4, MLGO shares have skyrocketed over 180%.
Nauticus Robotics (NASDAQ:KITT) – Nauticus Robotics manufactures a highly sophisticated, ultra-sustainable fleet of marine robotics, backed by intelligent software. KITT had a Dollar Volume of $54.77 million on June 12, while its stock price plunged over 28%.
KITT shares continued their descent in Thursday’s pre-market trading, down 8.8% as of the last check. Without any important news update, KITT shares jumped over 78% in intraday trading on June 11 but started declining on June 12.
Faraday Future Intelligent Electric (NASDAQ:FFIE) – One of the meme stock traders’ latest fetish, Faraday Future Intelligent Electric company manufactures next-generation smart electric connected vehicles. On June 12, FFIE’s Dollar Volume stood at $47.05 million, while shares ended the day down 6.8%.
However, FFIE shares are gaining momentum this morning, with the stock price up 2.8% in pre-market trading. On June 12, FFIE delivered its FF 91 2.0 EV to the first retail investor user, making a resumption of the Start of Delivery Second Phase (SOD2). While this development is positive, the fact that only one auto was delivered may have impacted investor’s confidence. Additionally, on June 9, FFIE announced the immediate resignation of one of its board members, citing personal reasons. In the past month, FFIE shares have zoomed over 768%.
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.
