3 Penny Stocks to Watch Now, 7/4/24

Roadzen Inc., Ocean Power Technologies, and Versus Systems are the 3 Penny Stocks to watch on July 4, 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 that had the highest Dollar Volume as of the close on July 3, 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. Roadzen Inc. (NASDAQ:RDZN) – Roadzen is an “insurtech” company that offers auto insurance solutions. The company helps assess damages, underwrite, process claims, and improve driver safety. Roadzen uses the power of AI (artificial intelligence) to deliver seamless insurance services to its customers. On July 3, RDZN had a Dollar Volume of $318.61 million, with its stock price falling 6.8%. While there was no specific news on July 3, Roadzen’s share trading volumes have been high since the company announced its Fiscal 2024 results on July 1. Roadzen’s revenues jumped 245% to $46.7 million in its first full year as a publicly traded company. Moreover, the company announced that on June 28, after the market closed, RDZN shares were included in the Russell 2000, Russell 3000, and Russell Microcap indexes. On July 2 and 3, RDZN shares zoomed over 69.7%. Ocean Power Technologies (NYSEAmerican:OPTT) – Ocean Power Technologies offers innovative and cost-effective maritime solutions and services backed by AI. OPTT’s solutions enable safer and more productive ocean operations for defense and security, oil and gas, science and research, and offshore wind markets. OPTT had a Dollar Volume of $316.86 million on July 3, while the stock price plunged by over 22.7%, and also continued the downtrend in after-hours trading. Yesterday’s share price decline seems to be a correction after OPTT shares rallied on July 2. On Wednesday, Ocean Power Technologies announced a strategic partnership with UAE-based Unique Group to deliver OPTT’s WAM-V (Wave Adaptive Modular Vehicle) unmanned surface vehicles (USVs). These USVs are deployed for commercial, scientific, or defense-related maritime applications. Following the news, OPTT shares skyrocketed over 82% on July 2. Versus Systems Inc. (NASDAQ:VS) – Canada-based Versus operates an interactive media platform that enables content creators and brands to add games and real-world rewards to their content. Its patented earned rewards system helps brands, content companies, broadcasters, app developers, and audiences to engage more effectively. On July 3, VS had a Dollar Volume of $111.95 million, while the share price gained by 9.5%. VS shares spiked on July 1 after the company named a new interim CEO and announced its strategic restructuring plans. The appointment follows a series of resignations by the company’s CEO and Director, CFO, Chairman, and two independent directors. Since July 1, VS shares have exploded over 61%. 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. Disclosure