I would say anything under 50 million shares is low, 50 million to a couple hundred million is not all bad for a Penny play and those that have several billion shares outstanding definitely need a great deal of volume to move the pps. One of the main things to look at on Penny stocks is the volume in relation to the # of outstanding shares out there. If a play has a ton of OS shares then it will need a high level of volume to make any large moves upward.
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