5 Best Debt Free Penny Stocks To Buy Now

3. AERWINS Technologies Inc. (NASDAQ:AWIN)

Number of Hedge Fund Shareholders: 6

Value of Hedge Funds’ AWIN Holdings: $39.4k

There’s been a noteworthy decline in hedge fund ownership of AERWINS Technologies Inc. (NASDAQ:AWIN) in recent quarters, as just six funds are long AWIN as of September 30, down from 17 in the middle of 2022. That’s not surprising given that AWIN topped the list of the 5 Worst Performing Tech Stocks in 2023, having lost 98.8% of its value this year.

AERWINS Technologies Inc. (NASDAQ:AWIN) went public last year through an SPAC merger and tantalized investors with its forward-thinking drone management system COSMOS and its hoverbike xTurismo. However, sales have been falling year-over-year in 2023 and AERWINS has been burning money, which is likely to force dilutive equity raises at the worst possible time (when the stock is already trading for mere pennies).

There also isn’t a clear path forward for AERWINS Technologies Inc. (NASDAQ:AWIN)’s ultra-expensive hoverbike, which is expected to retail for over $700,000,and the market has soured on just how much demand there will actually be for the product. That said, AWIN shares are dirt cheap and there still exists at least a faint glimmer of potential for the company in two intriguing fields, which could compel some investors to take a flyer on it.