10 Hot Penny Stocks to Buy Now

4. Microvast Holdings, Inc. (NASDAQ:MVST)

Price: $2.16

6-Months Performance: 620.00%

Number of Hedge Fund Holders: 12

Microvast Holdings, Inc. (NASDAQ:MVST) is a company that specializes in advanced battery technology. It produces batteries primarily for electric vehicles, such as buses and trucks, as well as for large energy storage systems that help manage electricity supply. The company operates in multiple regions around the world, including Europe, North America, and Asia-Pacific, providing its products to various markets.

Microvast Holdings, Inc. (NASDAQ:MVST) continues to innovate and expand its product offerings, including the introduction of new technologies like silicon-enhanced cells and overhauled lithium iron phosphate energy storage systems. They are also making progress on all-solid-state batteries. During the fiscal third quarter of 2024, the company reported a net income of $13.2 million, a notable turnaround from a loss of $26.2 million in the same quarter the previous year. Moreover, the revenue reached $101.4 million, reflecting a 27% increase year-over-year, driven by strong growth of 212% in the EMEA region. It is one of the hot penny stocks to buy now.