QualigenTherapeutics, TOYO Co. Ltd., and Maxeon Solar Technologies are the 3 Penny Stocks to watch on July 16, 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 July 15, 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.
Qualigen Therapeutics (QLGN) – Qualigen Therapeutics is a clinical-stage therapeutics company focused on developing treatments for adult and pediatric cancer. Currently, the company has two active programs in the pipeline for investigating the treatment of Q4-targeted and advanced solid tumors.
On July 15, QLGN had a Dollar Volume of $182.38 million, while its stock price slumped by 10.9% and continued the descent in after-hours trading. There is no specific news for the decline on July 15. However, the share price fall seems to be a reversal from Friday’s rally. On July 12, Qualigen announced that it had secured $2 million in funding by issuing senior notes to an investor with a maturity date of July 8, 2025. QLGN stock skyrocketed by over 111% on Friday’s close.
TOYO Co. Ltd. (TOYO) – Japan-based TOYO manufactures and supplies solar photovoltaic products. TOYO shares made their public market debut on July 2, 2024, following a SPAC (special purpose acquisition company) merger with Blue World Acquisition.
TOYO had a Dollar Volume of $153.50 million on July 15, with its stock price rising by 5.9%. Indeed, TOYO shares have been largely volatile owing to its recent listing, which is common for newly listed companies. On July 12, TOYO shares spiked over 106% in intraday trading, marking a fresh 52-week high of $3.20.
Maxeon Solar Technologies (MAXN) – Singapore-based Maxeon Solar Technologies designs and manufactures photovoltaic panels. It was spun off from an American solar company, SunPower (SPWR), in 2020. Maxeon operates the SunPower brand in all global markets and the Maxeon brand in the U.S., Canada, and Japan.
On July 15, MAXN had a Dollar Volume of $67.81 million, with its share price sliding by 4.4%. While there was no specific news on July 15, MAXN shares have been witnessing solid share price volatility in the past month, losing over 80%. The company has been struggling with liquidity issues as well as declining revenues amid sluggish demand for solar panels. In the past year, MAXN shares have declined by over 99%.
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.
