Lately, we’ve been looking at tech stocks and low float stocks to get a general understanding of which companies may see growth as May gives way to June. While these areas remain easy ways to identify winners, it’s worth looking at high volume penny stocks, as well. These relatively inexpensive stocks can move suddenly, so are more volatile than other picks. Let’s take a look.
3 High Volume Penny Stocks: XpresSpa Group Inc (NASDAQ:XSPA)
XpresSpa Group is a health and wellness holding company. Its core asset, XpresSpa, is an airport-based retailer of spa services and related health and wellness products. The company is committed to providing innovative and premium spa services, as well as luxury travel products and accessories. Altogether, it provides almost one million services to customers per year at its 51 locations across the United States, the Netherlands, and the UAE.
Between mid-February 2020 and mid-March 2020, XSPA lost nearly 90% of its value. It fell from $1.18 to just $0.12 due to the COVID-19-crash, which kept flights grounded and few consumers looking for premium spa services. While it managed to slowly accumulate value over the next few months, its true redemption occurred last week.
XSPA gained 20% on Thursday, May 21, and 70% on Friday, May 22. This explosion was due to the announcement that XpresSpa signed a contract with New York’s JFK International Air Terminal to provide diagnostic testing to travelers. As JFK is the sixth busiest airport in the US, with more 60 million passengers moving through it every year, this could be a major revenue sustainer for the company.
XPSA stock is trading at $0.88 at the time of writing. It moved over 350 million shares following its JFK announcement, up from an average of 25 million.
3 High Volume Penny Stocks: HEXO Corp (TSX:HEXO) (NYSE:HEXO)
HEXO is a consumer packaged goods cannabis company that creates and distributes products for the global cannabis market. Primarily, the company serves the Canadian adult-use markets under its HEXO Cannabis and Up Cannabis brands. It also serves the medical market under the HEXO medical cannabis brand.
>> 4 Tech Penny Stock Gainers to Buy or Watch
HEXO stock fell 74% in the month between the start of the COVID-19 crash and its nadir. In a little over four weeks, it was driven from a high of $2.00 to a 52-week low of $0.52. Like XSPA, however, it saw the beginnings of a resurrection last Thursday before exploding on Friday.
Altogether, the stock jumped 62.7%, fueled by the news that HEXO closed an underwritten public offering for gross proceeds of CA$57,546,000. HEXO says it will use the funding for working capital and other general corporate purposes, which will likely include the ongoing expansion of its distribution network.
HEXO is trading at $1.09 on the TSX and $0.63 on the NYSE at the time of writing. It moved 22.33 million shares today, up from a daily average of just 3.6 million.
3 High Volume Penny Stocks: Remark Holdings Inc (NASDAQ:MARK)
Remark Holdings is a technology-focused company that develops and deploys artificial intelligence products and solutions. Its products are rolled out for a wide range of applications within the retail, financial, public safety, and office spaces. The company also owns and operates digital media properties that deliver dynamic e-commerce solutions.
Unlike the other stocks on this list, MARK did not suffer a major drop due to COVID-19. Its share price did, however, gradually decline from $0.62 at the start of 2020 to $0.38 by the end of April, representing a decline of 38%. Fortunately, at the beginning of May, things began to turn around for the AI provider.
MARK is now up 451% this month and shows no sign of losing its momentum. This surge was kicked off by the news that Remark Holdings began shipping products from its family of AI thermal solutions in the United States and Japan.
What’s more, Remark will release its quarterly earnings report on Thursday, May 29. MARK is trading at $2.46 and moved 56.3 million shares at the time of writing, more than double its average volume of 26.6 million.
Other High Volume Penny Stocks to Watch This Week
Keep your eye on Biocept Inc (NASDAQ:BIOC), Seanergy Maritime Holdings Corp (NASDAQ:SHIP), Coty Inc (NYSE:COTY), and Callon Petroleum Company (NYSE:CPE). All of those stocks, like the ones listed above, more than doubled their average volume Monday and may continue to do so throughout the week.
Featured image: DepositPhotos © rook76
