10 Most Popular AI Penny Stocks to Buy Under $5

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1. Evolv Technologies Holdings Inc. (NASDAQ:EVLV)

Share Price as of March 24: $3.07

Number of Hedge Fund Holders: 19

Evolv Technologies Holdings Inc. (NASDAQ:EVLV) offers AI-based weapons detection solutions, primarily through its Evolv Express system. This is designed for touchless security screening to identify firearms, explosives, and knives. It also provides Evolv Insights, which is an analytics platform that delivers data on visitor flow and system performance.

The company’s touchless screening technology has speeds up to 10 times faster than traditional methods and potential cost savings of up to 70%. The system also provides analytics on visitor flow and security performance. The company targets a broad market, which includes education, healthcare, entertainment, government, and industry. This represents a potential $20 billion annual market.

In Q3 2024, the company surpassed 2 billion screenings and added 465 new subscriptions. It expanded its reach to over 1,100 schools and 400 hospital buildings and gained 3 new professional sports stadium clients and 3 additional Fortune 500 customers. Later in Q4, the company deployed over 6,000 Evolv Express units internationally, which activated 470 new multi-year subscriptions, and added nearly 60 new customers.

As we acknowledge the growth potential of Evolv Technologies Holdings Inc. (NASDAQ:EVLV), our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EVLV 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 30 Best Stocks to Buy Now According to Billionaires.

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