We do a lot of research with our Penny Stocks community, and earlier this month, we ran a poll. The goal was to see what traders are searching for to identify opportunities. We asked what data people like knowing about to help find stocks to put on their watch lists. Among the top two answers, “Unusually High Volume” was the most popular, with “Unusual Options Flow” coming in a close second. This tells us that, at least for Twitter, momentum and irregularity in volume are a big deal. Today, we look at a few penny stocks with high volume to see if they’re worth putting on your watch list before next week.
High Volume Penny Stocks To Watch
- AgriFORCE Growing Systems (NASDAQ: AGRI)
- Progenity Inc. (NADAQ: PROG)
- Ion Geophysical Corporation (NYSE: IO)
- Grom Social (NASDAQ: GROM)
Penny Stocks, Risk, Reward
Is the juice worth the squeeze? A saying that goes hand in hand with risk and reward. Is the volatility, higher stress trading opportunities worth the risk that comes with it? If you know how to trade penny stocks and handle wild swings. Take, for instance, JX Luxventure Limited (NASDAQ: LLL), which has become one of the most popular penny stocks this week. Shares barely traded more than 50,000 per day leading up to Tuesday’s session, then one update changed it all. LLL stock surged to $7.18 from $2 earlier in the week.
This move was great for those who caught it on the way up; a massive win. But for those who held into the following session, LLL stock dropped more than 50% from those highs. Today, LLL is back up another 50% from Wednesday’s close. The point is penny stocks with unusually high volume are incredibly volatile, and if you don’t know how to handle it, your can end up in a very confusing situation. I’ll provide additional information on trading at the end of this article. Let’s look at some of the penny stocks with high volume today.
AgriFORCE Growing Systems (NASDAQ: AGRI)
Food stocks have been red hot since the beginning of the Russia-Ukraine conflict. One of the main reasons is sanctions placed on everything from wheat to oil. On the AGRI stock chart, you’ll see that momentum and share price have built up significantly since March 10th. Not only that, but AgriFORCE has added to this with updates of its own.
The company is in expansion mode and doing so through M&A. Earlier this month, it announced a binding letter of intent to buy a young plant material supplier, Deroose Plants, for $69 million. With a deal valued larger than the company’s market cap at the time, it resonated strongly with the market. Plans for the acquisition involve strengthening AgriFORCE’s place in the tissue culture propagation and plant cultivation marketplace to support high-value crop expansion.
What’s on the horizon for the market to consider with AGRI stock? Next week the company participates in the Maxim Group Virtual Growth Conference. CEO Ingo Mueller will present at the conference between March 28th to the 30th. If AGRI is on your list of penny stocks to watch right now, keep these dates in mind.
Progenity Inc. (NADAQ: PROG)
Late last year, Progenity was one of the best penny stocks to watch as it soared from under $1 to over $6. This move didn’t happen overnight, but PROG stock made its epic move before pulling back within a little over one month. In March, the retail masses seem to have picked back up where Progenity left off as trading volumes increase.
No new updates have come up in roughly a month. However, next week is a relatively important one for the company. Progenity develops oral biotherapeutics for gastrointestinal health, and next Monday, it reports financial results and offers a corporate update for 2021. It has focused efforts on diagnostic sampling and drug delivery solutions for more precise diagnosis for more successful patient outcomes. Last month, Progenity gave a presentation at the Belgian Week of Gastroenterology related to its tofacitinib platform.
Adi Mohanty, Chief Executive Officer of Progenity, mentioned, “With this technology, we anticipate successful delivery of higher therapeutic doses directly to the mucosa while avoiding current issues with toxicity due to systemic uptake. We thank the clinical teams responsible for this independent study, particularly those at IBD Leuven and Amsterdam UMC, for their excellent work toward our shared goal of better therapeutic efficacy for IBD patients.”
Looking ahead, PROG stock could be in focus later this year. The company has not only progressed its drug delivery system performance study in its DDS capsules, but it will also present in the May Digestive Disease Week event on the 21st and 24th.
Ion Geophysical Corporation (NYSE: IO)
Even though the broader tech sector is trading lower today, that isn’t the case for all tech stocks. Ion Geophysical, a data technology company, is proof of that. With more than 1.7 million shares traded mid-morning, IO stock is pacing higher than average based on trading volumes. The company focuses on utilizing data to allow its offshore energy and maritime customers to make decisions.
While the main focus for the company has been on its debt, the market seems to have focused on a few other things. First, most energy or energy-related stocks have climbed in tandem as Russia-Ukraine headlines focus on restricted supply. Furthermore, a retail trading focus on penny stocks with high short interest has also become a more significant theme in the market.
If you’re unfamiliar, stocks with higher short interest are expected to have a higher potential of a short squeeze. When a squeeze is triggered, it’s usually followed by a significant spike in the market. This isn’t always a guarantee, but the first step is identifying high short float stocks when putting together a list of short squeeze penny stocks. Fintel.IO data shows a current short interest of 15.63% in Ion’s case. This isn’t the highest figure we’ve ever seen, but it is notable, nonetheless.
Grom Social (NASDAQ: GROM)
Shares of Grom Social are also in flight with higher than average trading volume today. The social media stock has gotten wrapped into the “alternative social platform” grouping in the stock market. Companies like Truth Social and other platforms are becoming their own niche to stand out against heavily moderated sites like Facebook and Twitter.
Grom focuses explicitly on entertainment for children under 13 years old. This week the company signed on veteran brand builder Richard Manville’s Richard Manville Studio. The plan is to guide the design of Grom’s holiday entertainment and shopping hub, Santa. com. Manville is the latest addition to the Santa outlet. Earlier this week, Grom engaged consulting services of Melanie Barlett for business strategy related to the site. She most recently served as SVP of Marketing for a division of 20th Century Fox International, Blue Sky Studios.
With this latest initiative and continued attention on alternative social media companies, GROM could be one of the penny stocks to watch.
Should You Buy Penny Stocks?
Are penny stocks worth it? That depends on you as a trader and how you approach the market. You can make a lot of money with penny stocks, and trading like you’re playing roulette doesn’t have to be a strategy to ever consider. Having the proper education and understanding of how the stock market works is essential.
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