Dollar volume, which is calculated by multiplying the share price by the number of shares traded, is an indicator of a stock’s liquidity. Generally, a high dollar volume is viewed as a positive sign as it suggests easy buying and selling of a stock. Thus, using the TipRanks Stock Screener tool, we have shortlisted three stocks with a dollar volume of over $700 million and more than 10% upside potential projected by analysts – CrowdStrike (NASDAQ:CRWD), PDD Holdings (NASDAQ:PDD), and ServiceNow (NYSE:NOW).
Let’s take a closer look at these three stocks.
CrowdStrike Holdings, Inc.
CRWD is a cybersecurity technology company that offers cloud-based endpoint protection solutions and threat intelligence services. High demand for the company’s integrated cybersecurity solutions and efforts to introduce new products bode well for long-term growth. As of the close on May 15, 2024, CrowdStrike had a Dollar Volume of $971.73 million, with its stock price up 4.12%.
On TipRanks, CrowdStrike has a Strong Buy consensus rating based on 36 Buys and one Hold rating. The analysts’ average price target on CRWD stock of $398 implies 16% upside potential from current levels. Over the past six months, shares of the company have gained 68%.
PDD Holdings
PDD is a Chinese e-commerce platform provider. The increasing demand for the company’s cross-border marketplace, Temu, and its expanding overall user base reflect PDD’s potential for growth. PDD’s Dollar Volume was $911.74 million on May 15, with shares rising by nearly 2%.
Overall, Wall Street is optimistic about the stock. The stock has a Strong Buy consensus rating based on 11 Buys and one Hold. The analysts’ average price target on PDD stock of $182.78 implies a 29.36% upside potential from current levels. Shares of the company have gained 25% over the last six months.
ServiceNow, Inc.
NOW is a cloud-based platform that offers digital workflow solutions for enterprises to streamline their business processes and improve productivity. Investments in the artificial intelligence (AI) space and the introduction of new solutions are expected to drive the stock higher. On May 15, ServiceNow had a Dollar Volume of $793.17 million and closed 5.4% higher.
ServiceNow has received 28 Buy and two Hold recommendations for a Strong Buy consensus rating. The analysts’ average price target on NOW stock of $866.27 suggests an upside potential of 13.9%. Shares of the company have gained 16.6% over the past six months.
Concluding Thoughts
Liquid stocks facilitate quick and efficient trading. Investors looking for this flexibility could consider the above stocks – CRWD, PDD, and NOW – with high Dollar Volume as of the last trading day. Also, bullish analysts’ sentiment is a positive factor.
