10 Hot Penny Stocks to Buy Now

1. Butterfly Network, Inc. (NYSE:BFLY)

Price: $4.53

6-Months Performance: 391.85%

Number of Hedge Fund Holders: 26

Butterfly Network, Inc. (NYSE:BFLY) is a pioneering digital health company focused on revolutionizing medical imaging through its innovative, portable ultrasound technology. Its core offering is its Ultrasound-on-Chip technology, which powers its handheld ultrasound devices, including the second-generation Butterfly iQ+ and the third-generation Butterfly iQ3. These devices enable whole-body imaging with a single probe, making ultrasound more accessible and affordable compared to traditional systems.

On January 21, Oppenheimer raised the price target on the firm from $3.5 to $5, while keeping the Overweight rating on the stock. The firm noted that Butterfly Network, Inc. (NYSE:BFLY) is transitioning from merely selling ultrasound devices to becoming an outcomes-based disease-management service provider. This hybrid approach could create substantial revenue opportunities and allow for cross-fertilization across various healthcare settings.

The preliminary Q4 2024 results show that the revenue has grown by around 35% year-over-year. This momentum is anticipated to sustain as the company expands its product offerings and transforms its business model into a service-oriented approach. It is the best hot penny stock to buy now.

While we acknowledge the potential of Butterfly Network, Inc. (NYSE:BFLY) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BFLY but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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