Momentus, WW International, and Faraday Future Intelligent Electric are the 3 Penny Stocks to watch on October 10, 2024, 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.
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 October 9, 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.
Momentus (MNTS) – Momentus is an American commercial space company, offering in-space infrastructure services such as in-space transportation, hosted payloads, and in-orbit services. On October 9, MNTS had a Dollar Volume of $516.59 million, with its stock price skyrocketing by 155.4%.
Yesterday, Momentus announced that it was selected by NASA (National Aeronautics and Space Administration) to provide launch services, helping it to broaden access to space by delivering satellites like Class D, CubeSats, and higher risk-tolerant payloads to a variety of orbits. Shares jumped in reaction to this news.
WW International (WW) – WW International, formerly known as Weight Watchers, is a tech platform that offers weight loss and maintenance, fitness, and mindset services. WW had a Dollar Volume of $263.15 million yesterday, while its stock price surged by 37.9%.
WW International released its Q2 FY24 results yesterday. Revenues came in at $202 million, with subscription revenues reporting a 5% year-over-year decline. Subscribers fell 6% year-over-year to 3.8 million. However, gross margins reached a record high of 67.9%. Further, on October 8, WW announced the inclusion of GLP-1 (compounded semaglutide) into its offerings, which broadens access to clinical weight management interventions. Shares might have rallied on these two news.
Faraday Future Intelligent Electric (FFIE) – Faraday Future Intelligent Electric designs and manufactures next-generation smart electric connected vehicles. FFIE’s Dollar Volume stood at $68.53 million yesterday, accompanied by a stock price spike of 5.2%.
FFIE announced the receipt of a gift of nearly 10% of global IP commercialization company Grow Fandor’s total shares. These shares were initially held by YT Jia, founder and Chief Product User Ecosystem Officer of FFIE. Shares jumped in reaction to the news.
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.
Read More: 3 Penny Stocks to Watch Now, 10/10/24