It takes time to determine the best penny stocks to buy now or in near future. Investing in a top-notch penny stock usually requires a lot of endurance on the part of its owners. There are plenty of penny stocks that will test your patience to the breaking point, for every one that soars to new heights.
Due to the fact that they’re based on sectors that aren’t well-loved, or are finally making progress toward development after a series of blunders. It may take some time to make a recovery and regain the faith of the market. A lot of effort.
Though I’ve learned that patience is nearly always rewarded, given that I’ve done my due homework and, more importantly, listened to my instincts. Here are several low-cost stock ideas that I’m very excited about at the moment. I hope you like them as much as I do… and that you’ll see results sooner rather than later, too!
Stocks like Apple Inc. (AAPL) and Advanced Micro Devices Inc. (NASDAQ:AMD) are among the finest in the fast-growing sector right now, as are Tesla Inc. (TSLA) and Alibaba Holding Limited (BABA). Many penny stock alternatives exist for people who can’t afford to invest in the more costly options. The benefit they provide is acknowledged even by hedge funds. Below, we’ll take a closer look at some of them.
Emagin Corporation (NYSE:EMAN)
Number of Hedge Fund Investors of Emagin : 6
In the wake of this year’s surge in semiconductor prices, chip stocks have risen to new highs. One such company is eMagin Corporation (NYSE:EMAN). We’ve ranked it tenth among the finest penny stocks to purchase based on hedge fund recommendations. Earnings per share increased by $0.03 in the second quarter, above market estimates. Microdisplays manufactured by the company have just won a $33 million contract from the US Department of Defense. For the three-year contract, the firm aims to boost its personnel by 10%.
The company was given a Buy rating and a $5 price objective by HC Wainwright analyst Kevin Dede earlier this year. An increase in government investment on American chip companies as part of a new strategy to battle with Asian supremacy is likely to boost eMagin Corporation (NYSE:EMAN).
Insider Monkey database hedge funds at the end of the second quarter of 2021 had $4 million invested in eMagin Corporation (NYSE:EMAN), down from $9 million invested in the previous quart
Brevan Howard, a London-based investment company, has 839,455 shares of eMagin Corporation (NYSE:EMAN) worth more than $2.9 million among the hedge funds monitored by Insider Monkey.
When it comes to eMagin Corporation (NYSE:EMAN), hedge funds are paying attention to the same things they are paying attention to for Apple Inc. (NASDAQ:AAPL), Advanced Micro Devices, Inc. (NASDAQ:AMD), Tesla, Inc. A total of 10 people work for Ideanomics (NASDAQ:IDEX)
Ideanomics, Inc. (NASDAQ:IDEX)
Number of Hedge Fund Investors of Ideanomics : 6
As fossil fuel-based alternatives fall out of favour, electric automobiles have taken the globe by storm, resulting in legislative shifts at the highest levels. Fintech solutions are being developed by Ideanomics, Inc. (NASDAQ:IDEX) to help promote the use of electric vehicles, and they’ve taken advantage of the current boom. Sales increased 606 percent year-over-year during the second quarter, beating market estimates by more than $2 million.
We’ve selected Ideanomics, Inc. (NASDAQ:IDEX) as the tenth best penny stock to invest in based on hedge fund sentiment. Roth Capital analyst Craig Irwin maintained his Buy rating and $7 price objective on the business in early June.
Six hedge funds in the Insider Monkey database owned Ideanomics, Inc. (NASDAQ: IDEX) positions worth $34 million at the end of the second quarter of 2021, down from seven funds worth $20 million in the prior quarter.
DE Shaw, an investment company situated in New York City, is the largest shareholder in Ideanomics, Inc. (NASDAQ:IDEX) among the hedge funds monitored by Insider Monkey.
Elite investors are paying attention to Ideanomics, Inc. For example, in addition to the likes of Apple Inc. and Advanced Micro Devices Inc. as well as Tesla and Alibaba Group Holding Limited as well as NVIDIA Corporation, IDEX now includes Alibaba Group Holding Limited (NYSE:BABA) (NASDAQ:NVDA).
Exela Technologies, Inc. (NASDAQ:XELA)
The number of hedge fund investors of Exela is seven.
Exela Technologies, Inc. Because of the post-pandemic economy’s increased spending on digital business process services, (NASDAQ:XELA) has a positive outlook from financial guru B Riley and Cantor Fitzgerald. Earlier this year, the company released Dry Sign in the United Kingdom, an electronic signature solution, after its success in the North American and Indian markets. The company’s worldwide expansion has been highlighted by the launch.
Earnings per share of Exela Technologies, Inc. (NASDAQ:XELA) exceeded market estimates in the second quarter. According to hedge funds, it ranks ninth on our list of the top penny stocks to purchase.
Hedge fund investment in Exela Technologies, Inc. (NASDAQ:XELA) decreased from eight funds to seven at the end of the second quarter of 2021, down from $10 million in the previous quarter.
Luminus Management, an investment business situated in New York City, has 1.3 million shares of Exela Technologies, Inc. (NASDAQ:XELA) valued more than $3 million.
When looking for a company to invest in, growth investors will be looking at Exela Technologies (NASDAQ:XELA) in addition to the likes of Apple Inc. and NVIDIA Corp. (NASDAQ:NVDA), along with Tesla Inc. (NASDAQ:TSLA) and Alibaba Group Holdings, Inc. (NYSE:BABA).
Outlook Therapeutics, Inc. (NASDAQ:OTLK)
The number of hedge fund investors is 7.
Outlook Therapeutics, Inc. (OTLK) (OTLK) (NASDAQ:OTLK) is the seventh best penny stock to buy, according to the opinions of hedge funds.HCW analyst Douglas Tsao reaffirmed a Buy recommendation on the company in early August and increased his price objective to $6 from $5. Lytenava and Lucentis are both therapies for visual impairment, however a recent pharmacological trial found that Lytenava had a statistically significant advantage over Lucentis. Russell 2000 Index inclusion was announced earlier this year.
Over the last year, Outlook Therapeutics, Inc. (OTLK) shares have returned more than 150 percent to investors. After the excellent findings of a late-stage bevacizumab trial were announced, the share price surged over 30 percent.
Insider Monkey’s database shows that seven hedge funds worth $2.3 million invested in Outlook Therapeutics, Inc. The number of companies worth $5.2 million or more in the second quarter of 2021 has dropped to 11 from the previous quarter’s total of $5.2 million. An OrbiMed Advisors hedge fund in New York has 5.1 million shares of Outlook Therapeutics, Inc. (OTLK) valued more than $6.7 million, according to Insider Monkey.
It’s hard to ignore the top-performing companies in the market today like Apple Corporation and Advanced Micro Devices Corporation, as well as the fast-rising Tesla Motors Inc. and Alibaba Group Holding Limited (NYSE:BABA) and NVIDIA Corporation (NASDAQ:NVDA) (NASDAQ:OTLK).
Eli Lilly & Company (NYSE:LLY) (NASDAQ:ELOX)
8 people own hedge funds.
Eloxx Pharmaceuticals, Inc. (NASDAQ:ELOX) has received Fast Track classification from the US drug authorities for a medicine it developed to treat cystic fibrosis patients. Currently, the medication is undergoing clinical trials in Phase 2. According to a regulatory filing made in June, the Swiss pharmaceutical giant Roche Holdings has a 5% ownership in the firm via a subsidiary. This shows the company’s pipeline medications have a lot of potential for growth. Hedge funds rate it as the eighth greatest penny stock to purchase, and we agree.
More than $56 million in cash and cash equivalents was revealed by Eloxx Pharmaceuticals, Inc. (NASDAQ:ELOX) in late August. The company’s activities are likely to continue far beyond the year 2023, thanks to the finances. The company gets a Buy recommendation from investment adviser Mizuho, with a price objective of $3.10 for the shares.
A total of eight hedge funds in Insider Monkey’s database had $10 million invested in Eloxx Pharmaceuticals, Inc. at the end of the second quarter of 2019. (NASDAQ:ELOX).
As with Eloxx Pharmaceuticals Inc., other top catalyst stocks include Apple Inc. Tesla (NASDAQ:TSLA), Alibaba Group Holding Limited (“BABA”), NVIDIA Corporation (“NVDA”), and Advanced Micro Devices Inc. (NASDAQ:AMD) (NASDAQ:ELOX).
Trivago N.V. (NASDAQ:TRVG) – Hotel Booking
There are 10 people who own hedge funds.
Shares of Trivago (NASDAQ:TRVG) have risen by 79 percent in the last year, a sign that the tourist sector is recovering from a brutal 2020. Firm’s hotel and lodging search platform accounted for the majority of the company’s second quarter revenue of €95 million. Hedgies have named it the sixth best penny stock to invest in on our list of the top 11. The stock’s strong booking patterns suggest that it has potential to rise.
Trivago N.V. (NASDAQ:TRVG) stock was reaffirmed as a Buy by Mizuho with a $3.60 price objective in early August. As a result of James Lee’s analysis, COVID’s management projected a positive outcome from its recuperation.
A subsidiary of Denison Mines Corporation (DNN)
Uranium stocks performed well in 2021. Even if uranium prices have plummeted for a decade, some investors believe that nuclear power is the greatest and most sustainable alternative to fossil fuels. Their gamble has paid off handsomely so far.
Just a glance at Denison Mines Corp. (DNNfinancials )’s shows a strong balance sheet, a projected 33% rise in earnings next year, and an increase in sales of over 58% in the most recent quarter. The stock has four “Very Bullish” and two “Bullish” ratings from Wall Street and Bay Street, respectively.
Talkspace, Inc (TALK)
When it comes to speculative stocks, you should know that… Many individuals just do not have the financial resources to seek professional assistance for concerns related to mental health or addiction. That cognitive behavioural treatment (CBT) doesn’t have to be expensive is the premise of Talkspace, Inc. (TALK).
As a result, the corporation lost $70.40 million in the third quarter of 2021, a massive loss. Low barriers to entry mean that there’s a lot of competition, and that competition is fierce.
Sesen Bio Inc. (NASDAQ:SESN)
The number of hedge fund investors: 10
Since the beginning of the year, Sesen Bio, Inc. (NASDAQ:SESN) has had an up and down year. The business’s share price plummeted in August when the FDA in the United States rejected Vicineum, a cancer treatment therapy created by the firm and ranked fifth on our list of the 11 best penny companies to buy according to hedge funds. An emergency reorganisation was unveiled in September to reduce staff and undertake cost-saving measures in the wake of the defeat. As a consequence, the stock price rose by almost 26%.
At the conclusion of the second quarter of 2021, Sesen Bio, Inc. (NASDAQ:SESN) had more than $150 million in cash and cash equivalents. Due to its popularity among Reddit users, the stock has seen its trading volume soar.
Tellurian Inc. is a technology company (NASDAQ:TELL)
Investors in Hedge Funds: 17
One of the few non-growth penny companies in the hedge fund portfolio is Tellurian Inc. (NASDAQ:TELL). The company’s sales in the second quarter exceeded market estimates by more than 10 million. The year-over-year quarterly revenue increased by 300% throughout this time period. According to hedge funds, the company comes in at number four on our list of the top 11 best penny stocks to purchase right now. Two recent LNG deals with Shell and Total Energies are growth drivers for the company in the long run.
The stock of Tellurian Inc. (NASDAQ:TELL) has rewarded investors more than 295% in the last year. The stock has a Buy recommendation from B Riley analyst Liam Burke, who expects it to reach $8 in the near future. Burke anticipates that the company will reap the benefits of the expanding LNG industry in the months to come.
Amneal Pharmaceutics, Inc. (NYSE:AMRX)
Pharmaceutical firm based in New Jersey.
Investors in Hedge Funds: 17
Hedge funds rank Amneal Pharmaceuticals, Inc. (NYSE:AMRX) third among the best penny stock investments. IPX-203, a treatment for Parkinson’s patients, had favourable findings from a late-stage study at the end of August, causing the company’s stock price to rise by more than 18%. The company has a strong drug pipeline, but it also has a healthy bottom line. In the second quarter, sales rose by 15% year over year, exceeding expectations by about $12 million.
When the FDA approved Amneal Pharmaceuticals’ (NYSE:AMRX) generic version of TobraDex in July, the medicine was prescribed to patients with steroid-responsive eye diseases. The company’s stock price has increased by 30% during the previous three months.