Qualigen Therapeutics, TOYO Co. Ltd., and Maxeon Solar Technologies are the top three penny stocks to watch on July 16, according to TipRanks’ Penny Stock Screener tool. Penny stocks are those that trade at or below $5 per share and have a market capitalization below $300 million.
The Penny Stock Screener tool helps investors scan stocks based on various parameters such as Sector, Price Target Upside, Smart Score, Analyst Consensus, Dollar Volume, and Price Change.
We used the tool to identify the top three penny stocks with the highest Dollar Volume as of the close on July 15, 2024. Dollar Volume is calculated by multiplying the number of shares traded on a particular day by the day’s share price. We can also consider Relative Volume and Average Volume (last 3 months) to assess the trading volumes compared to the average.
Qualigen Therapeutics (QLGN) is a clinical-stage therapeutics company focused on developing treatments for adult and pediatric cancer. On July 15, QLGN had a Dollar Volume of $182.38 million, with its stock price declining by 10.9% and continuing to drop in after-hours trading. There was no specific news for the decline on that day, but the share price fall seems to be a reversal from a rally on July 12.
TOYO Co. Ltd. (TOYO) is a Japan-based company that manufactures and supplies solar photovoltaic products. TOYO shares made their public market debut on July 2, 2024, following a SPAC merger with Blue World Acquisition. On July 15, TOYO had a Dollar Volume of $153.50 million, and its stock price rose by 5.9%.
Maxeon Solar Technologies (MAXN) is a Singapore-based company that designs and manufactures photovoltaic panels. On July 15, MAXN had a Dollar Volume of $67.81 million, with its share price declining by 4.4%. The company has been facing challenges with liquidity and declining revenues amid sluggish demand for solar panels.
For more penny stocks like these, you can use TipRanks’ Penny Stock Screener tool, which provides a list of penny stocks, their price movement, and other important data.