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15 Hot Penny Stocks On the Move

Published on February 22, 2024 at 12:58 pm by Fahad Saleem in Hedge Funds, News

In this article, we will take a detailed look at the 15 Hot Penny Stock On the Move. For a quick overview of such stocks, read our article 5 Hot Penny Stock On the Move.

Strong inflation data from January and the Fed’s indications that it would take its time before initiating rate cuts threw cold water on investors’ hopes of getting rid of uncertainties. But more and more economists and analysts are starting to believe the US economy might dodge recession altogether.

UBS and Goldman Sachs recently increased their 2024 targets for the S&P 500. A Wall Street Journal report cited Brian Rose, senior U.S. economist at UBS Global Wealth Management, who said that “it’s still looking good” based on a “very big picture perspective.” Rose was sharing his views on the latest reports on inflation, economic growth and the labor market.

Market Experts Believe There Will be No Recession

Another hope comes from Jan Hatzius, Goldman Sachs’ chief economist, who has a history of making prescient calls about the US economy in the past. Hatzius held a contrarian opinion before the 2007-2008 financial crisis and warned that mortgage defaults could lead to a recession. A latest report by Wall Street Journal said Hatzius’s opinion is given a lot of importance in Washington and Wall Street. The Journal also said Fed Chair Jerome Powell has met Hatzius “several times.” So what does Jan Hatzius think about the US economy’s future? Hatzius believes the US economy would be able to avoid a recession and tame inflation without high unemployment. He thinks the jobs market would cool down due to reduced vacancies instead of massive layoffs.

Given the economy’s resilience and expectations that the US won’t see a recession, it’s time to see which risky equities with high upside potential are making moves.

Photo by Adam Nowakowski on Unsplash

Methodology

For this article we used a stock screener to identify penny stocks (trading under $5) that have gained significantly over the past few weeks and have average daily volume of over 500,000. From these stocks we picked the penny stocks with the highest share price gains over the past few weeks.

15. Rigetti Computing Inc (NASDAQ:RGTI)

Stock Performance Over the Past One Month: +48%

Rigetti Computing Inc (NASDAQ:RGTI) makes quantum ICs used in quantum computing. The stock has gained about 48% over the past one month.

Insider Monkey’s database shows that 11 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Rigetti Computing Inc (NASDAQ:RGTI). The most notable stake in Rigetti Computing Inc (NASDAQ:RGTI) is owned by Israel Englander’s Millennium Management which owns a $5 million stake in Rigetti Computing Inc (NASDAQ:RGTI).

14. MicroAlgo Inc (NASDAQ:MLGO)

Stock Performance Over the Past One Month: +26%

MicroAlgo Inc (NASDAQ:MLGO) ranks 14th in our list of the hot penny stocks on the move. MicroAlgo Inc (NASDAQ:MLGO) provides central processing algorithm solutions to customers in the internet and chips industries.

13. Lexicon Pharmaceuticals Inc (NASDAQ:LXRX)

Stock Performance Over the Past One Month: +75%

Lexicon Pharmaceuticals Inc (NASDAQ:LXRX) ranks 13th in our list of the hottest penny stocks on the move as of February 16.

The stock has gained about 75% over the past one month.

Near the end of 2023 Lexicon Pharmaceuticals Inc (NASDAQ:LXRX) signed an open market sale agreement to sell its common stock, having an aggregate sales price of up to $75 million.

A total of 12 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Lexicon Pharmaceuticals Inc (NASDAQ:LXRX). The biggest stake in Lexicon Pharmaceuticals Inc (NASDAQ:LXRX) is owned by Mark Lampert’s Biotechnology Value Fund / BVF Inc which owns a $22 million stake in Lexicon Pharmaceuticals Inc (NASDAQ:LXRX).

12. Inspira Technologies Oxy BHN Ltd (NASDAQ:IINN)

Stock Performance Over the Past One Month: +45%

Inspira Technologies Oxy BHN Ltd (NASDAQ:IINN) shares have gained about 45% over the past one month as the company said it received a US patent for its orbiting blood oxygenation delivery system.

As of the end of the third quarter of 2023, seven hedge funds had stakes in Inspira Technologies Oxy BHN Ltd (NASDAQ:IINN).

11. Hyliion Holdings Corp (NYSE:HYLN)

Stock Performance Over the Past One Month: +28%

Hyliion Holdings Corp (NYSE:HYLN) is on the move after the company posted Q4 results and gave an update on its planned closure of electric powertrain operations.

Hyliion Holdings Corp’s (NYSE:HYLN) CEO Thomas Healy talked about Hyliion’s long-term plans:

“For 2024, we expect to begin paid deployments with customers. However, the exact timing of payment may be subject to customers’ acceptance of the generator, including meeting certain performance requirements. For 2025, we expect to generate revenue in the low double-digit million in sales from the KARNO generator, and we’ve already begun building a backlog of customers who we expect will purchase these units. Lastly, I’d like to share some operational updates on Hyliion so that you can have a greater understanding on how we are shaping the organization post this transition.

Our headquarters will remain in Texas at our existing Cedar Park facility in the outskirts of Austin. Long term, our plan will be to utilize this 120,000 square foot facility for manufacturing and assembly of the KARNO generator as we move into production. We also have a significant presence in Cincinnati, Ohio, which is where most of the engineering development and testing of the generator is taking place. We now have around 100 people in the company with a little over half of the team in Austin and the remainder in Cincinnati.”

Read the entire Q4 earnings call here.

10. Jumia Technologies AG – ADR (NYSE:JMIA)

Stock Performance Over the Past One Month: +53%

African ecommerce company Jumia Technologies AG – ADR (NYSE:JMIA) stock is on the move after Jumia Technologies AG – ADR (NYSE:JMIA) posted Q4 results. Jumia Technologies AG – ADR (NYSE:JMIA) narrowed its losses significantly thanks to decreased tax provisions in some countries, a decline in advertisement and general expenses.

As of the end of the third quarter of 2023, seven hedge funds tracked by Insider Monkey had stakes in Jumia Technologies AG – ADR (NYSE:JMIA).

9. Canaan Inc – ADR (NASDAQ:CAN)

Stock Performance Over the Past One Month: +15%

Canaan Inc – ADR (NASDAQ:CAN) is a China-based company which makes hardware equipment used in bitcoin mining. The stock has gained about 15% over the past one month through February 22. Canaan Inc – ADR (NASDAQ:CAN) shares are gaining along with other crypto-related stocks after Bitcoin’s surge.

8. BioXcel Therapeutics Inc (NASDAQ:BTAI)

Stock Performance Over the Past One Month: +26%

BioXcel Therapeutics Inc (NASDAQ:BTAI) shares recently jumped after the FDA granted fast track designation to its experimental prostate cancer therapy, BXCL701.

On February 13, BioXcel Therapeutics Inc (NASDAQ:BTAI) said it terminated its proposed public offering of $60 million of shares of its common stock or, pre-funded warrants to purchase shares of its common stock.

As of the end of the third quarter of 2023, 10 hedge funds had stakes in BioXcel Therapeutics Inc (NASDAQ:BTAI).

7. D-Wave Quantum Inc (NYSE:QBTS)

Stock Performance Over the Past One Month: +144%

Canadian quantum computing company D-Wave Quantum Inc (NYSE:QBTS) shares are up about 144% over the past one month.

In November D-Wave Quantum Inc (NYSE:QBTS) posted third quarter results. GAAP EPS in the period came in at -$0.12, beating estimates by $0.05. Revenue in the quarter jumped 50% year over year to $2.56 million, missing estimates by $0.33 million.

6. SoundHound AI Inc (NASDAQ:SOUN)

Stock Performance Over the Past One Month: +99%

Sound technology company SoundHound AI Inc (NASDAQ:SOUN) ranks sixth in our list of the hot penny stocks on the move. The stock jumped a whopping 99% over the past one month. Nvidia recently revealed a $3.7 million stake in the company. SoundHound AI Inc (NASDAQ:SOUN) is behind the Houndfly platform that is used by companies to develop voice assistants.

As of the end of the third quarter of 2023, 10 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in SoundHound AI Inc (NASDAQ:SOUN).

Click to continue reading and see 5 Hot Penny Stocks on the Move.

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Disclosure. None. 15 Hot Penny Stock On the Move was initially published on Insider Monkey.

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The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on May 16, 2026 at by Inan Dogan, PhD

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

175 Teslas
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84 Googles
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And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

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Wall Street calls this $3 stock a “Melting Ice Cube.” They said the same thing about BTI before it returned 90%.

Published on May 15, 2026 at by Inan Dogan, PhD

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

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15 Hot Penny Stocks On the Move

Published on February 22, 2024 at 12:58 pm by Fahad Saleem in Hedge Funds, News

Market Experts Believe There Will be No Recession

15. Rigetti Computing Inc (NASDAQ:RGTI)

14. MicroAlgo Inc (NASDAQ:MLGO)

13. Lexicon Pharmaceuticals Inc (NASDAQ:LXRX)

12. Inspira Technologies Oxy BHN Ltd (NASDAQ:IINN)

11. Hyliion Holdings Corp (NYSE:HYLN)

10. Jumia Technologies AG – ADR (NYSE:JMIA)

9. Canaan Inc – ADR (NASDAQ:CAN)

8. BioXcel Therapeutics Inc (NASDAQ:BTAI)

7. D-Wave Quantum Inc (NYSE:QBTS)

6. SoundHound AI Inc (NASDAQ:SOUN)

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on May 16, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

Wall Street calls this $3 stock a “Melting Ice Cube.” They said the same thing about BTI before it returned 90%.

Published on May 15, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

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Hedge Funds

Retirement

Opinion

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15 Hot Penny Stocks On the Move

Published on February 22, 2024 at 12:58 pm by Fahad Saleem in Hedge Funds, News

Share

Market Experts Believe There Will be No Recession

15. Rigetti Computing Inc (NASDAQ:RGTI)

14. MicroAlgo Inc (NASDAQ:MLGO)

13. Lexicon Pharmaceuticals Inc (NASDAQ:LXRX)

12. Inspira Technologies Oxy BHN Ltd (NASDAQ:IINN)

11. Hyliion Holdings Corp (NYSE:HYLN)

10. Jumia Technologies AG – ADR (NYSE:JMIA)

9. Canaan Inc – ADR (NASDAQ:CAN)

8. BioXcel Therapeutics Inc (NASDAQ:BTAI)

7. D-Wave Quantum Inc (NYSE:QBTS)

6. SoundHound AI Inc (NASDAQ:SOUN)

Share

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Published on May 16, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up:

Wall Street calls this $3 stock a “Melting Ice Cube.” They said the same thing about BTI before it returned 90%.

Published on May 15, 2026 at by Inan Dogan, PhD

Here’s why this is a deal you can’t afford to pass up: