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Trending Penny Stocks on the Move in 2024

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Written by Timothy Sykes
Reviewed by Friedrich Odermann Fact-checked by Ed Weinberg
Updated 5/17/2024 21 min read

Trending penny stocks are on the move by definition. Their fast price movements — a.k.a. volatility — are the reason I trade these sketchy stocks. If you understand the patterns they tend to follow, you can capitalize on their price swings.

Now that we’re a few months into 2024, it seems that the market might be stabilizing. When traders aren’t scared, they’re greedy… which is good news for penny stocks. Like NFTs, they thrive on speculation.

Which hot penny stocks should you keep an eye on in 2024? Read on to find out!

What Are Penny Stocks?

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Penny stocks are stocks traded at $5 or less, often connected to companies with small market caps. You can find these cheap stocks on major exchanges like the New York Stock Exchange (NYSE) and Nasdaq, as well as the over-the-counter (OTC) markets.

Penny stocks are considered risky by most traders, and your penny stock access will differ between brokers like Chase and Interactive Brokers. Some brokers won’t allow you much or any access to OTC penny stocks, which are considered the most risky of all.

Don’t misunderstand — most penny stocks are sketchy and unstable. Hedge funds and major investors tend to steer clear of them for exactly this reason. Because major players don’t trade penny stocks, there’s less of a chance of Wall Street thumbing the scales.

While you may not get big gains from penny stock trades, you can grow a small account quickly — and small gains add up.

Because they’re volatile and unpredictable, penny stocks call for disciplined trading and study. If you’re new to penny stocks, pay careful attention to the next sections…

Risks of Trading Penny Stocks

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Trading penny stocks is risky business. To manage these risks, you need to know about them first. Here are some of the most common risks when trading penny stocks:

Penny Stocks Are Unpredictable

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Penny stock price moves are hard to predict. Combine this with their often low liquidity, and you can chock up big losses easily.

I teach my students to hedge against these issues through good analysis and strong discipline. One of my favorite penny stock strategies is panic dip buying — I plan for small gains and cut losses quickly if the trade goes against me. It doesn’t always work, but going for panic dip buys can be a great way to grow small accounts.

Many Penny Stocks Collapse

99% of all penny stocks will eventually collapse thanks to bad business decisions, slow growth, and the fact that they are outright scams. Losing money is part of trading — it’s mitigating these losses that is key to a good strategy.

Penny Stocks Are Fraught With Fraud

Financial and securities regulators have issued warning after warning about penny stock scams for good reason. The penny stock market is a breeding ground for market manipulators, unscrupulous companies, and scammers.

Keep in mind that most penny stock news and social media posts are attempts to pump the stock. You can trade these pumps for a profit — just never believe their promises.

How to Know When a Penny Stock Has Momentum

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If you want to know when a penny stock has momentum, put it into a watchlist and observe its movements. A watchlist contains all your preferred penny stocks, allowing you to keep tabs on them simultaneously instead of flipping through multiple pages.

Subscribe to my NO-COST weekly stock watchlist here.

Here are the characteristics of the penny stocks I like to trade:

Exhibits Unusual Daily Trading Volume

Stocks with high daily trading volume tend to be more volatile, creating more trading opportunities.

High-volume stocks are also easier to sell. That comes in handy when you reach your trading plan goals or risk.

Is a Low-Float Stock

Low-float stocks, for our purposes, are those with under 10 million shares publicly traded. Because there’s a limited number of stocks, even a small amount of buying pressure can result in big price swings and short squeezes.

Has a Tradeable Chart Pattern

Watchlist-worthy stocks usually have a history of tradeable chart patterns.

To study these patterns, you can chart along with the pros on my YouTube picks.

It also helps to have a top-level stock screener app like StocksToTrade.

I helped design StocksToTrade to match my trading needs, and its stock screener is no exception. It lets you search by:

  • Percent gain over the previous trading day
  • 52-week highs
  • Volume
  • Sector
  • Float

There’s much more to every aspect of this pro-level trading platform. Sign up for a 14-day trial of StocksToTrade to see how it changes the way you trade — only $7!

Is a Former Runner

Former runners can run again.

The best way to see how a stock reacts to catalysts and holds up a trend is to study its past.

Frequently Appears on the News

Penny stock traders often buy or sell based on news catalysts. Penny stocks with more frequent news often have more frequent trading possibilities.

Trending Penny Stocks to Know About

My trending penny stock picks for 2024 are:

  • NASDAQ: AMST — Amesite Inc — The AI Product Launch Penny Stock
  • NASDAQ: MLEC — Moolec Science SA — The USDA Approval Fake Meat Penny Stock
  • NASDAQ: NIVF — NewGenIvf Group Ltd — The Reverse Merger Wellness Penny Stock
  • NASDAQ: EDBL — Edible Garden — The Reverse Split Agritech Penny Stock With Strong Earnings That’s Still in Delisting Danger
  • NASDAQ: MTTR — Matterport Inc — The Ex-SPAC Tech Stock That’s Being Acquired for a 207% Premium
  • AMEX: INDO — Indonesia Energy Corp Ltd — The Oil Stock Benefitting From the Oil Shock
  • NASDAQ: CGC — Canopy Growth Corp — The Legal Weed Stock With the Huge Catalyst
  • NASDAQ: PEGY — Pineapple Energy Inc — The Energy Penny Stock With the Crappy Catalyst

Before you send in your orders, take note: I have NO plans to trade these stocks unless they fit my preferred setups. This is only a watchlist.

The best traders watch more than they trade. That’s what I’m trying to model here. Pay attention to the work that goes in, not the picks that come out.

Amesite Inc (NASDAQ: AMST) — The AI Product Launch Penny Stock

My first penny stock pick is Amesite Inc (NASDAQ: AMST).

This stock has its feet in two hot sectors:

  1. The biotech industry.
  2. The AI industry.

These are probably the two hottest sectors in the stock market right now. We’ve seen individual AI and biotech spikes since early 2023.

AMST pulls momentum from both of these sectors, that’s one of the main reasons I’m excited about this stock.

Here’s the news that sent it higher:

On April 24 the company announced it successfully launched an AI app that will reportedly empower 5.2 million nurses. Share prices spiked 110% that day,

I grabbed 15% of the move with a starting stake of $14,742. My trade notes are below:

Source: Profit.ly

The reason I was able to trade this stock so early is because Breaking News alerted me to the move.

Now, this stock is still in play … But make sure you’re watching Breaking News for the next stock to start spiking.

AMST’s price action shows sideways consolidation right now … The consolidation is a hint that the price could spike higher!

On the chart below I drew a line that shows the $3 support level on AMST, every candle represents 10 minutes:

AMST chart multi-day, 10-minute candles Source: StocksToTrade

Plus, StocksToTrade shows that the float is only 1.7 million shares.

Stocks with a float below 10 million shares are considered to have a low supply. And the low supply of shares will help prices spike higher when demand increases.

AMST is still deciding whether it wants to break out …

But all of the factors point toward an explosive push upward.

Moolec Science SA (NASDAQ: MLEC) — The USDA Approval Fake Meat Penny Stock

My second penny stock pick is Moolec Science SA (NASDAQ: MLEC).

On April 22, MLEC announced USDA approval for its plant-grown animal protein.

For a few years now, there’s been a push toward more sustainable animal protein. As it turns out, the meat industry produces quite a bit of pollution. Not to mention the higher prices of grocery store meat amid sticky inflation across the entire economy. Plant grown protein could offer lower costs in the long term.

There are attractive aspects of the fake-meat industry. And for a penny stock, any government approval can act as a HUGE catalyst.

When MLEC announced the USDA news, prices spiked 130% in one day. I snagged a quick 5% before the momentum switched.

These plays can be fast!

My trade notes are below, with a starting stake of $15,405:

Source: Profit.ly

The stock dipped after the initial day of spiking. It wasn’t able to hold support like some of these multi-day runners …

But I’m still watching it because past spikers can spike again.

We’ve already seen MLEC react well to bullish news. All it takes is another bullish catalyst to get things moving.

NewGenIvf Group Ltd (NASDAQ: NIVF) — The Reverse Merger Wellness Penny Stock

My third penny stock pick is NewGenIvf Group Ltd (NASDAQ: NIVF).

On April 22, NIVF announced a reverse merger with European Wellness Investment Holdings.

For those who are unaware: A reverse merger is when a private and public company combine, thereby bringing the private company public without the need for an IPO.

Two companies combined are theoretically always more valuable than either company alone. That’s what makes this a bullish catalyst.

NIVF’s total spike as a result of the news measures 280% … so far.

I traded the momentum on day one. My notes are below, with a starting stake of $11,220:

Source: Profit.ly

I alluded that NIVF might not be done spiking …

StocksToTrade shows us that the float is only 6 million shares. Plus, the multi-day chart shows consolidation above $1.25. On the chart below every candle represents 10 minutes:

NIVF chart multi-day, 10-minute candles Source: StocksToTrade

There’s a solid breakout level around $3.

Pay attention to more support levels as the stock climbs toward a potential breakout. That’s how we plan trades on volatile runners.

Edible Garden (NASDAQ: EDBL) — The Reverse Split Agritech Penny Stock With Strong Earnings That’s Still in Delisting Danger

My fourth penny stock pick is Edible Garden (NASDAQ: EDBL).

On April 2, EDBL announced an incoming 1-for-20 reverse split.

For those who are unaware: A reverse split lowers the overall supply of shares. As a result, each individual share becomes more expensive.

Sketchy penny stocks tend to use reverse splits as a tool to inflate their share prices. See, stocks on exchanges like the Nasdaq have to adhere to certain listing requirements. One of them being a minimum share price above $1.

If the stock falls below $1, the company can always reduce the share supply to artificially push up prices. It’s a good sign for traders because we can see which stocks are willing to engage in shady activity that results in bullish volatility.

I don’t believe in the future of these stocks, I’m just riding the short term volatility.

The April 2 announcement and resulting volatility was a hint that this stock could spike again.

And sure enough, on April 17 the company spiked 170% after announcing first-quarter produce-revenue grew year-over-year by 40%. And cut-herb revenue grew by 200% within the same period.

The spike didn’t last long. Prices are on a bearish trajectory right now, back toward $1 …

Which means, it’s only a matter of time until we see EDBL try to spike the price again.

It shouldn’t be too difficult, since StocksToTrade shows the float is only 295k shares.

Matterport Inc (NASDAQ: MTTR) — The Ex-SPAC Tech Stock That’s Being Acquired for a 207% Premium

My fifth penny stock pick is Matterport Inc (NASDAQ: MTTR).

On April 22, we learned that CoStar Group Inc. (NASDAQ: CSGP) would acquire MTTR for an equivalent value of $5.50 per share.

At the time of the announcement, MTTR was trading below $2. The price spiked 180% that day but never pushed above $5 …

When there’s an announcement that includes a definitive share valuation, we have to be careful about the spike.

Whereas other catalysts might mention value added, the news from MTTR mentioned a $5.50 per share valuation. We don’t know whether the stock will run that high, but it’s an important level to keep an eye on.

Currently, the stock is consolidating under $5. A break of that level could send it to $5.50 within a single day.

On the chart below, every candle represents fifteen minutes:

MTTR chart multi-day, 15-minute candles Source: StocksToTrade

Use StocksToTrade to set a price alert on MTTR.

If it trades near the $5 level, we’ll get a notification!

Indonesia Energy Corp Ltd (AMEX: INDO) — The Oil Stock Benefitting From the Oil Shock

My sixth penny stock pick is Indonesia Energy Corp Ltd (AMEX: INDO).

We’ve seen oil stocks spike as a result of rising global tensions in Eastern Europe and the Middle East.

  • The war between Ukraine and Russia.
  • The war between Israel and Hamas.

INDO is a perfect example.

Russia invaded Ukraine in February 2022. INDO share prices spiked 1,800% as a result.

Fast forward to April 12, 2024, we learned of an incoming offensive against Israel from Iran. It signaled an escalation of the war in the Middle East. And INDO share prices spiked 140% in response.

The chart below shows consolidation above $4 after INDO’s most recent spike. Every candle represents 15 minutes:

INDO chart multi-day, 15-minute candles Source: StocksToTrade

Unfortunately, the conflicts overseas don’t show any signs of cooling.

As traders, it’s our job to take advantage of volatile price action caused by hot catalysts. Keep an eye on this oil runner as the world continues to navigate dangerous war-time catalysts.

Canopy Growth Corp (NASDAQ: CGC) — The Legal Weed Stock With the Huge Catalyst

My seventh penny stock pick is Canopy Growth Corp (NASDAQ: CGC).

The weed sector comes and goes. It’s never been the strongest batch of runners, but we have to respect CGC’s price action. The stock already spiked 231% between March and April.

This price action isn’t random.

There’s been a lot of talk about marijuana legalization recently. Both in the U.S. and worldwide:

  • POTUS Biden and VPOTUS Harris both recently expressed an interest in reforming the U.S. approach toward marijuana.
  • Germany decriminalized marijuana.

But CGC is also running thanks to a catalyst that was announced on March 14.

  • There was news of a potential acquisition. The vote deadline for the acquisition was April 10. On April 15 we learned of a successful shareholder vote to endorse the acquisition.

I snagged a profit on March 22 thanks to the potential acquisition news. The price started running before we even learned of a successful vote.

Take a look at my trade notes below, with a starting stake of $21,420:

Source: Profit.ly

And now that the acquisition is successful, there’s a chance the price pushes even higher.

Below, a multi-month chart of the run shows support at $6. Every candle represents one trading day:

CGC chart multi-month, 1-day candles Source: StocksToTrade

This stock is in play as long as it stays above $6!

Pineapple Energy Inc (NASDAQ: PEGY) — The Energy Penny Stock With the Crappy Catalyst

My eighth penny stock pick is Pineapple Energy Inc (NASDAQ: PEGY).

The most recent spike on this stock wasn’t very good … but now we know that the company wants to inflate its price.

That can lead to great trade opportunities in the future!

On April 25 during after hours, this company commented on the Environmental Protection Agency’s announcement of $7 billion worth of awards within the Solar for All program.

PEGY didn’t win any of the cash. Instead, the company merely applauded the financial allocation and the general policy. Price launched 80% the next day but closed in the red.

I’m hoping to see a better catalyst from PEGY. One that shows more value added.

The recent volatility is a good sign!

I’m excited to watch this stock over the next few weeks …

Final Thoughts

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There’s no immediate way to know which penny stocks will have momentum in 2024, and you won’t go far by copying somebody else’s penny stock picks. The best way to identify which stocks will have momentum is to be a self-sufficient trader and analyze stocks yourself before trading.

If you want to learn more about trading penny stocks, join my Trading Challenge! I share the things I’ve learned during my 20-plus years as a penny stock trader to help you become self-sufficient, safe, and smart traders.

It’s okay to make mistakes in your trading journey. Part of learning to be a smart trader is understanding which strategies work for you, becoming more disciplined, and learning to curate your list of penny stocks. Treat this like a marathon instead of a sprint — perseverance is the key to becoming a great trader.

Which stocks are you watching in 2024? Let me know in the comments!

Penny Stocks on the Move FAQs

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What are the fastest-growing penny stocks?

The fastest growing penny stocks are usually also the fastest in collapsing. That’s why studying chart patterns and going for small gains is the safest way to trade!

What are the top-moving penny stocks?

The top moving penny stocks have the most volatility. This is what matters in penny stock trading — identifying stocks that make big price moves. This way you can safely take “the meat of the move” without getting too risky.

Can you get rich trading penny stocks?

You can get rich trading penny stocks — but if this is your only goal you’ll probably blow up your account. The penny stock traders I’ve seen find success pay attention to the work, not the results.

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”