Comtech Telecommunications, Mustang Bio, and Reliance Global Group are the 3 Penny Stocks to watch on June 20, 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 19, 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.
Comtech Telecommunications (NASDAQ:CMTL) – Comtech provides next-gen telecommunication solutions. It operates through two reportable segments: Satellite & Space Communications and Terrestrial & Wireless Networks. On June 19, CMTL had a Dollar Volume of $372.10 million, while the share price skyrocketed over 87%.
Comtech shares have been on an upswing since the company posted its Q3 FY24 results and announced a new $222 million credit facility. Comtech plans to use the proceeds to retire the existing credit facility and for working capital purposes. On June 18, before the markets opened, CMTL posted better-than-expected adjusted earnings per share (EPS) of $0.20 while net sales of $128.08 million missed the consensus.
Mustang Bio, Inc. (NASDAQ:MBIO) – Mustang Bio is a clinical-stage biopharmaceutical company with a focus on developing treatments for hematologic cancers, glioblastoma, and rare genetic diseases. Mustang Bio develops CAR-T immunotherapies and gene therapies for multiple diseases.
MBIO had a Dollar Volume of $248.16 million on June 19, while its stock price gained 13.4%. Shares have been on an ongoing rally since Monday after the company announced favorable efficacy and safety data from the Phase 1/2 clinical trial of its lead candidate, MB-106, for the treatment of Waldenstrom Macroglobulinemia (WM). Since June 17, MBIO shares have zoomed over 553%.
Reliance Global Group, Inc. (NASDAQ:RELI) – Reliance Global Group operates as an InsurTech company. The company’s RELI Exchange platform uses proprietary technology, including automation and artificial intelligence (AI) to empower its agency partners to operate with maximum productivity.
On June 18, the company’s management provided an update on the pending acquisition of Spetner Associates, which is expected to close in the second half of 2024. Reliance noted that Spetner has grown sporadically since it first announced the deal to cover 85,000 employee lives (from 45,000 lives earlier) in the voluntary benefit insurance segment. The acquisition is projected to double RELI’s annual revenues to roughly $28 million. Since the news, RELI shares have been on an uptrend, gaining over 76% on June 19, while the Dollar Volume stood at $154.39 million.
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.
