10 Hot Penny Stocks to Buy Now

3. Vuzix Corporation (NASDAQ:VUZI)

Price: $3.78

6-Months Performance: 329.55%

Number of Hedge Fund Holders: 13

Vuzix Corporation (NASDAQ:VUZI) designs and makes smart glasses and augmented reality devices. It specializes in wearable technology, particularly smart glasses that allow users to see digital information overlaid on the real world.

The company recently signed a distribution agreement with Evantek Pte Ltd, a system integrator based in Singapore. This partnership is aimed at expanding Vuzix Corporation’s (NASDAQ:VUZI) presence in the Asia Pacific market. It has received and shipped an initial stocking order for its M400 smart glasses to Evantek, marking the start of their collaboration. In addition, during the fiscal third quarter of 2024, the company announced securing a $20 million investment from Quanta Computer, with the first tranche of $10 million already delivered. This funding is intended to support the development and scaling of next-generation AI smart glasses, enhancing Vuzix’s capabilities in the original equipment manufacturer market. It is one of the hot penny stocks to buy now.