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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AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on May 1, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on May 2, 2024 at by Insider Monkey Staff

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