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16 Best Penny Stocks To Buy For 2024

Published on December 11, 2023 at 3:30 pm by Fahad Saleem in Hedge Funds, News

In this article, we will take a detailed look at the 16 Best Penny Stocks To Buy For 2024. For a quick overview of such stocks, read our article 5 Best Penny Stocks To Buy For 2024.

The stock market’s optimism wave recently saw a break after latest data showed that the US labor market remains resilient despite consistent rate hikes to curb inflation. Investors are worried that we might be in for a long period of elevated rates and high inflation. But some believe any dips in the short-term should be seen as buying opportunities. Alexandra Wilson-Elizondo, deputy chief investment officer of multi-asset solutions at Goldman Sachs Asset Management, recently said in an interview with Yahoo Finance that any declines in the market should be an opportunity for investors to buy the dip or rebalance portfolios.

Goldman Sachs expects the Fed to start cutting interest rates in the second half of 2023. While JPMorgan and Morgan Stanley have released their 2024 outlook reports which do not paint a rosy picture for 2024, there’s no shortage of bullish views on the upcoming year. For example, Bank of America, which expects the S&P 500 to touch 5,000 in 2024, believes “we are past maximum macro uncertainty” and that the market has already absorbed a lot of uncertainty and negative news.

 “Macro signals are muddled, but idiosyncratic alpha increased this year. We’re bullish not because we expect the Fed to cut, but because of what the Fed has accomplished. Companies have adapted (as they are wont to do) to higher rates and inflation,” Bank of America said.

A rebound in stocks in 2024 and 2025 is expected to trickle down to the broader market and favor small companies that have been taking a beating amid the market’s overall rotation to a few big names like  NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL).

Photo by Ruben Sukatendel on Unsplash

Methodology

For this article we scanned Insider Monkey’s database of 910 hedge funds updated as of the third quarter of 2023 and picked 16 penny stocks (stocks trading under $5) with the highest number of hedge fund investors.

16. Lumen Technologies, Inc (NYSE:LUMN)

Number of Hedge Fund Investors: 24

Communications services company Lumen Technologies, Inc (NYSE:LUMN) is one of the best penny stocks to buy according to hedge funds. A lot of insider buying activity was observed at Lumen Technologies, Inc (NYSE:LUMN) last month. Lumen Technologies, Inc’s (NYSE:LUMN) CFO Christopher Stansbury bought 500,000 shares of Lumen Technologies, Inc (NYSE:LUMN) for a transaction value of $549,450. Lumen’s CEO Kathleen Johnson also bought one million shares of Lumen Technologies, Inc (NYSE:LUMN).

As of the end of the third quarter of 2023, 24 hedge funds tracked by Insider Monkey were long Lumen Technologies, Inc (NYSE:LUMN).

Longleaf Partners Fund made the following comment about Lumen Technologies, Inc. (NYSE:LUMN) in its Q2 2023 investor letter:

“We exited second-time holding Alphabet and long-term position Lumen Technologies, Inc. (NYSE:LUMN) in the quarter. We sold our remaining position in Lumen, after reducing our position in the first quarter when it became clearer the new management team under CEO Kate Johnson would not pursue a strategic path to monetizing Lumen’s consumer business. At their first analyst day in early June, new management presented disappointingly weak financial targets and significant further spending without a clear path to revenue growth. Throughout our holding period, we saw bond market pricing holding up and supporting our case for the strength of Lumen’s balance sheet, but in the second quarter, this reversed with bond prices becoming overly distressed. We lowered our appraisal as our outlook for the company deteriorated, leading to a full exit in the quarter. Lumen represented a permanent capital loss for the Fund, a significant opportunity cost for the portfolio and a disappointing long-term mistake. Lumen has reinforced the importance of limiting overweight positions in the portfolio, being cautious of leverage and value declines, and fully re-underwriting a case – and being willing to move on – when the people and/or underlying facts change.”

15. Taboola.com Limited (NASDAQ:TBLA)

Number of Hedge Fund Investors: 24

Online ads company Taboola.com Limited (NASDAQ:TBLA) shares have gained about 16% year to date through December 9. Last month Taboola.com Limited (NASDAQ:TBLA) entered a new deal with NBCUniversal News Group. The media group will continue using Taboola.com Limited’s (NASDAQ:TBLA) products across its platforms including CNBC, MSNBC and TODAY.

A total of 24 hedge funds tracked by Insider Monkey reported owning stakes in Taboola.com Limited (NASDAQ:TBLA). The most significant stake in Taboola.com Limited (NASDAQ:TBLA) is owned by Josh Goldberg’s G2 Investment Partners Management which owns a $17.8 million stake in Taboola.com Limited (NASDAQ:TBLA).

14. Adaptive Biotechnologies Corporation (NASDAQ:ADPT)

Number of Hedge Fund Investors: 24

Adaptive Biotechnologies Corporation (NASDAQ:ADPT) ranks 14th in our list of the best penny stocks to buy for 2024. In November Adaptive Biotechnologies Corporation (NASDAQ:ADPT) posted third quarter results. GAAP EPS in the period came in at -$0.35, missing estimates by $0.01. Revenue in the period fell 20.7% year over year to $37.92 million, missing estimates by $5.04 million.

As of the end of the third quarter of 2024, 24 hedge funds out of the 910 funds tracked by Insider Monkey reported owning stakes in Adaptive Biotechnologies Corporation (NASDAQ:ADPT).

13. Grab Holdings Limited (NASDAQ:GRAB)

Number of Hedge Fund Investors: 25

Ride-haling platform company Grab Holdings Limited (NASDAQ:GRAB) was spotted in 25 hedge fund portfolios as of the end of the third quarter of 2023. The biggest hedge fund stakeholder of Grab Holdings Limited (NASDAQ:GRAB) was Chase Coleman and Feroz Dewan’s Tiger Global Management LLC which owns a $182 million stake in Grab Holdings Limited (NASDAQ:GRAB).

In November, Grab Holdings Limited (NASDAQ:GRAB) posted third quarter results. EPS in the quarter came in at -$0.02, meeting estimates. Revenue jumped about 61% year over year to $615 million, beating estimates by $27.02 million.

Unlike  NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL), GRAB is a small company which hedge funds like.

12. Opendoor Technologies Inc (NASDAQ:OPEN)

Number of Hedge Fund Investors: 25

Real estate platform company Opendoor Technologies Inc (NASDAQ:OPEN) ranks 12th in our list of the best penny stocks to buy for 2024 according to hedge funds. The stock has gained a whopping 232% year to date through December 9. Opendoor Technologies Inc (NASDAQ:OPEN) is expected to achieve free cash flow breakeven milestone by the first half of 2024.

A total of 25 hedge funds in Insider Monkey’s database had stakes in Opendoor Technologies Inc (NASDAQ:OPEN) as of the end of the third quarter of 2023.

Last month Opendoor Technologies Inc (NASDAQ:OPEN) posted Q3 results. GAAP EPS in the quarter came in at -$0.16, beating estimates by $0.05. Revenue totaled $980 million, missing estimates by $30 million.

11. AbCellera Biologics Inc. (NASDAQ:ABCL)

Number of Hedge Fund Investors: 25

Biotech firm AbCellera Biologics Inc. (NASDAQ:ABCL) ranks 11th in our list of the best penny stocks to buy for 2024 according to hedge fund. A total of 25 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in AbCellera Biologics Inc. (NASDAQ:ABCL) as of the end of the third quarter of 2023.

The biggest stakeholder of AbCellera Biologics Inc. (NASDAQ:ABCL) was Julian Baker and Felix Baker’s Baker Bros. Advisors which owns a $96 million stake in AbCellera Biologics Inc. (NASDAQ:ABCL).

AbCellera Biologics Inc.’s (NASDAQ:ABCL) CEO Carl Hansen talked about the industry situation and future plans in Q3 earnings call:

“I think you don’t have to be a biotech analyst to see that this is a bear market for biotech and has been for some time. So what that means is that there is absolutely a slowdown in the formation of new companies and financing new companies. The companies that are out are preserving capital. They are prioritizing programs. And all of that results in a smaller ocean of opportunities for partnering. So that said, we have, for the last two years, been consistently communicating that our focus is not on deal volume. Our focus is on finding strategic partnerships where strategic means one of two things. It either means that we found a company that is bringing a unique technology such as Prelude or a company that is bringing unique target insight and biology.

And that together with them, we have a great opportunity to make a therapeutic that we have conviction in and that we’re able to get a significant stake in that therapeutic. So that’s the first category of strategic. The second category is relationship building and setting up deeper engagements with some of the very large and well-enabled companies, companies like Regeneron, companies like Incyte. So examples from this quarter that line up with that. That means that we are looking at … [read the full earnings call transcript here]”

10. Qurate Retail, Inc (NASDAQ:QRTEA)

Number of Hedge Fund Investors: 25

Qurate Retail, Inc (NASDAQ:QRTEA) has taken a lot of beating this year, having lost about 41% year to date through December 9. This is a risky stock since there has been speculation that Qurate Retail, Inc (NASDAQ:QRTEA) could file for bankruptcy in the next 12 months. However, 25 hedge funds tracked by Insider Monkey had stakes in the retailer as of the end of the third quarter of 2023.

In November, Qurate Retail, Inc (NASDAQ:QRTEA) CAO/PFO Brian Wendling sold 20,000 shares of Qurate Retail, Inc (NASDAQ:QRTEA) for a transaction value of $17,852.

9. Nerdy, Inc (NYSE:NRDY)

Number of Hedge Fund Investors: 25

Online learning platform company Nerdy, Inc (NYSE:NRDY) ranks 9th in our list of the best penny stocks to buy for 2024 according to hedge funds. During the third quarter Nerdy, Inc’s (NYSE:NRDY) revenue increased by over 26.7% year over year to $40.3 million.

 As of the end of the third quarter of 2023, 25 hedge funds tracked by Insider Monkey were long Nerdy, Inc (NYSE:NRDY).

8. Compass Inc. (NYSE:COMP)

Number of Hedge Fund Investors: 26

Residential real estate brokerage company Compass Inc. (NYSE:COMP) is one of the top penny stocks to buy and hold according to hedge funds. Out of the 910 funds tracked by Insider Monkey 26 hedge funds had stakes in Compass Inc. (NYSE:COMP).

Deutsche Bank recently started covering Compass Inc. (NYSE:COMP) shares with a Hold rating. The bank believes Compass Inc. (NYSE:COMP) is expected to be an “equal beneficiary in a housing market recovery, premium valuation and the overhang from the Sitzer/Burnett lawsuit that could disrupt broker commissions keeps us on the sidelines for now.”

7. Altice USA, Inc. (NYSE:ATUS)

Number of Hedge Fund Investors: 26

Altice USA, Inc. (NYSE:ATUS) last month reported its third quarter results, according to which adjusted EPS in the period came in at $0.15, beating estimates by $0.08. Revenue fell 2.9% year over year to $2.32 billion, surpassing estimates by $30 million.

6. Nuvation Bio Inc. (NYSE:NUVB)

Number of Hedge Fund Investors: 26

In November Nuvation Bio Inc. (NYSE:NUVB) posted third quarter results. GAAP EPS in the period came in at -$0.09, beating estimates by $0.02.

As of the end of the third quarter of 2023, 26 hedge funds out of the 910 funds tracked by Insider Monkey had stakes in Nuvation Bio Inc. (NYSE:NUVB). Amid expectations that growth stocks will perform well in 2024 and 2025, hedge funds are piling into small companies, in addition to amassing stakes in big companies like  NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT) and Apple Inc. (NASDAQ:AAPL).

Click to continue reading and see the 5 Best Penny Stocks To Buy For 2024.

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Disclosure. None. 16 Best Penny Stocks To Buy For 2024 was initially published on Insider Monkey.

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AI, Tariffs, Nuclear Power: One Undervalued Stock Connects ALL the Dots (Before It Explodes!)

Published on June 23, 2025 at by Inan Dogan, PhD

Artificial intelligence is the greatest investment opportunity of our lifetime. The time to invest in groundbreaking AI is now, and this stock is a steal!

AI is eating the world—and the machines behind it are ravenous.

Each ChatGPT query, each model update, each robotic breakthrough consumes massive amounts of energy. In fact, AI is already pushing global power grids to the brink.

Wall Street is pouring hundreds of billions into artificial intelligence—training smarter chatbots, automating industries, and building the digital future. But there’s one urgent question few are asking:

Where will all of that energy come from?

AI is the most electricity-hungry technology ever invented. Each data center powering large language models like ChatGPT consumes as much energy as a small city. And it’s about to get worse.

Even Sam Altman, the founder of OpenAI, issued a stark warning:

“The future of AI depends on an energy breakthrough.”

Elon Musk was even more blunt:

“AI will run out of electricity by next year.”

As the world chases faster, smarter machines, a hidden crisis is emerging behind the scenes. Power grids are strained. Electricity prices are rising. Utilities are scrambling to expand capacity.

And that’s where the real opportunity lies…

One little-known company—almost entirely overlooked by most AI investors—could be the ultimate backdoor play. It’s not a chipmaker. It’s not a cloud platform. But it might be the most important AI stock in the US owns critical energy infrastructure assets positioned to feed the coming AI energy spike.

As demand from AI data centers explodes, this company is gearing up to profit from the most valuable commodity in the digital age: electricity.

The “Toll Booth” Operator of the AI Energy Boom

  • It owns critical nuclear energy infrastructure assets, positioning it at the heart of America’s next-generation power strategy.
  • It’s one of the only global companies capable of executing large-scale, complex EPC (engineering, procurement, and construction) projects across oil, gas, renewable fuels, and industrial infrastructure.
  • It plays a pivotal role in U.S. LNG exportation—a sector about to explode under President Trump’s renewed “America First” energy doctrine.

Trump has made it clear: Europe and U.S. allies must buy American LNG.

And our company sits in the toll booth—collecting fees on every drop exported.

But that’s not all…

As Trump’s proposed tariffs push American manufacturers to bring their operations back home, this company will be first in line to rebuild, retrofit, and reengineer those facilities.

AI. Energy. Tariffs. Onshoring. This One Company Ties It All Together.

While the world is distracted by flashy AI tickers, a few smart investors are quietly scooping up shares of the one company powering it all from behind the scenes.

AI needs energy. Energy needs infrastructure.

And infrastructure needs a builder with experience, scale, and execution.

This company has its finger in every pie—and Wall Street is just starting to notice.

Wall Street is noticing this company also because it is quietly riding all of these tailwinds—without the sky-high valuation.

While most energy and utility firms are buried under mountains of debt and coughing up hefty interest payments just to appease bondholders…

This company is completely debt-free.

In fact, it’s sitting on a war chest of cash—equal to nearly one-third of its entire market cap.

It also owns a huge equity stake in another red-hot AI play, giving investors indirect exposure to multiple AI growth engines without paying a premium.

And here’s what the smart money has started whispering…

The Hedge Fund Secret That’s Starting to Leak Out

This stock is so off-the-radar, so absurdly undervalued, that some of the most secretive hedge fund managers in the world have begun pitching it at closed-door investment summits.

They’re sharing it quietly, away from the cameras, to rooms full of ultra-wealthy clients.

Why? Because excluding cash and investments, this company is trading at less than 7 times earnings.

And that’s for a business tied to:

  • The AI infrastructure supercycle
  • The onshoring boom driven by Trump-era tariffs
  • A surge in U.S. LNG exports
  • And a unique footprint in nuclear energy—the future of clean, reliable power

You simply won’t find another AI and energy stock this cheap… with this much upside.

This isn’t a hype stock. It’s not riding on hope.

It’s delivering real cash flows, owns critical infrastructure, and holds stakes in other major growth stories.

This is your chance to get in before the rockets take off!

Disruption is the New Name of the Game: Let’s face it, complacency breeds stagnation.

AI is the ultimate disruptor, and it’s shaking the foundations of traditional industries.

The companies that embrace AI will thrive, while the dinosaurs clinging to outdated methods will be left in the dust.

As an investor, you want to be on the side of the winners, and AI is the winning ticket.

The Talent Pool is Overflowing: The world’s brightest minds are flocking to AI.

From computer scientists to mathematicians, the next generation of innovators is pouring its energy into this field.

This influx of talent guarantees a constant stream of groundbreaking ideas and rapid advancements.

By investing in AI, you’re essentially backing the future.

The future is powered by artificial intelligence, and the time to invest is NOW.

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