Greenland Technologies Holding, Zoomcar Holdings, and Applied DNA Sciences are the 3 Penny Stocks to watch on August 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 with the highest Dollar Volume as of the close on August 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.
Greenland Technologies Holding (GTEC) – China-based Greenland Technologies operates in the material handling industry. The company innovates and manufactures electric industrial vehicles and power systems and is one of the major transmission and drivetrain systems providers in the country. On August 19, GTEC had a Dollar Volume of $73.37 million, while shares declined by nearly 5%.
The downtrend is continuing in Tuesday’s pre-market trading, with shares down 5.6% as of the last check. The pullback seems to be a reversal from Friday’s rally when GTEC shares surged over 38% after reporting a healthy Q2 beat. Greenland Technologies posted an 89% year-over-year rise in earnings per share (EPS) of $0.34 and easily exceeded the consensus of $0.03. However, revenue of $23.02 million fell 2.3% and missed analysts’ expectations of $24 million.
Zoomcar Holdings (ZCAR) – India-based Zoomcar operates an online marketplace for self-drive car sharing, with a focus on emerging markets. ZCAR had a Dollar Volume of $61.27 million on August 19, while shares declined by 4.3%. ZCAR stock is down 7.5% in pre-market trading, as of writing.
Similar to GTEC, ZCAR shares are witnessing a pullback after a solid rally on Friday. The company reported strong Q2 results, with all important metrics showing growth. Compared to Q2 FY23, the number of bookings jumped 9%. Also, the contribution margin turned positive, with a profit of $0.5 million. The news pushed ZCAR stock up more than 63%.
Applied DNA Sciences (APDN) – Applied DNA Sciences is a biotechnology company engaged in developing and commercializing polymerase chain reaction (PCR)-based technologies to produce DNA and RNA. On August 19, APDN had a Dollar Volume of $40.06 million, while its stock price zoomed by more than 128%. In pre-market trading today, shares are down 6.2% as of the last check.
Applied DNA announced that it has submitted an application to the New York State Department of Health (NYSDOH) to expand the intended use of Linea Mpox Virus 1.0 Assay to Mpox Clade I. The news comes on the heels of WHO’s decision to declare the monkeypox virus a public health emergency of international concern (PHEIC).
If approved, APDN could provide clinical testing services in its CLEP/CLIA molecular diagnostics laboratory in Stony Brook, New York for Mpox Clade I and Clade II on samples originating in New York State and others. APDN shares have zoomed over 430% since WHO’s declaration on August 14.
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.
