In this article, we discuss the 5 best high volume penny stocks to buy now. If you want to read about some more high volume penny stocks, go directly to 15 Best High Volume Penny Stocks to Buy Now.
5. Arbutus Biopharma Corporation (NASDAQ:ABUS)
Number of Hedge Fund Holders: 8
Share Price as of November 3: $2.34
Volume as of November 3: 1,261,481
Arbutus Biopharma Corporation (NASDAQ:ABUS) is a biopharmaceutical company that develops novel therapeutics for chronic Hepatitis B virus (HBV) infection, SARS-CoV-2, and other coronaviruses in the United States. It is one of the best penny stocks to invest in. At the end of the second quarter of 2022, 8 hedge funds in the database of Insider Monkey held stakes worth $34.2 million in Arbutus Biopharma Corporation (NASDAQ:ABUS), compared to 10 in the previous quarter worth $29 million.
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4. HOOKIPA Pharma Inc. (NASDAQ:HOOK)
Number of Hedge Fund Holders: 9
Share Price as of November 3: $1.27
Volume as of November 3: 386,377
HOOKIPA Pharma Inc. (NASDAQ:HOOK) is a clinical-stage biopharmaceutical company that develops immunotherapeutics targeting infectious diseases and cancers based on its proprietary arenavirus platform. It is one of the top penny stocks to invest in. On October 20, HOOKIPA Pharma stated that it has partnered up with Roche, a leading provider of cancer treatments globally, to develop HB-700 for Kras mutated cancers and a second undisclosed novel arenaviral immunotherapy. HOOKIPA will receive $25 million upfront in the partnership.
On August 23, Truist analyst Asthika Goonewardene maintained a Buy rating on HOOKIPA Pharma Inc. (NASDAQ:HOOK) stock and lowered the price target to $11 from $16.
At the end of the second quarter of 2022, 9 hedge funds in the database of Insider Monkey held stakes worth $29.4 million in HOOKIPA Pharma Inc. (NASDAQ:HOOK), compared to 9 the preceding quarter worth $40.7 million.
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3. Skillz Inc. (NYSE:SKLZ)
Number of Hedge Fund Holders: 12
Share Price as of November 3: $0.96
Volume as of November 3: 13,659,600
Skillz Inc. (NYSE:SKLZ) operates a mobile games platform that connects players in fair, fun, and meaningful competition. It is one of the premier penny stocks to invest in. On August 25, Skillz declared that it has implemented a plan to further reduce its employees and also noted that Jerry Bruckheimer has exited its board. On October 20, the manufacturer of Arcade games, Play Mechanix, won the NFL’s inaugural game developer challenge which was hosted by Skillz.
On October 12, Citi analyst Jason Bazinet maintained a Neutral rating on Skillz Inc. (NYSE:SKLZ) stock and lowered the price target on Skillz to 95c from $1.50, highlighting that the company generated free cash flow despite the macroeconomic slowdown of the businesses.
At the end of the second quarter of 2022, 12 hedge funds in the database of Insider Monkey held stakes worth $53.7 million in Skillz Inc. (NYSE:SKLZ), compared to 18 in the preceding quarter worth $154.3 million.
In its Q2 2022 investor letter, Bireme Capital, an asset management firm, highlighted a few stocks and Skillz Inc. (NYSE:SKLZ) was one of them. Here is what the fund said:
“We described our short position in Skillz Inc. (NYSE:SKLZ) in Q3 2021. The business never improved, and the company looks set to lose $300m this year on just $400m of revenue according to Street estimates. The stock has fallen from $20 in the summer of last year to just $1.50 today, and we covered our short position at a profit.”
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2. Ardelyx, Inc. (NASDAQ:ARDX)
Number of Hedge Fund Holders: 16
Share Price as of November 3: $1.47
Volume as of November 3: 2,958,219
Ardelyx, Inc. (NASDAQ:ARDX) is a biopharmaceutical company that discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. It is one of the elite penny stocks to invest in. On August 18, Citi analyst Yigal Nochomovitz maintained a Buy rating on Ardelyx, Inc. (NASDAQ:ARDX) stock and lowered the price target to $10 from $12.
Among the hedge funds being tracked by Insider Monkey, Stamford-based investment firm Point72 Asset Management is a leading shareholder in Ardelyx, Inc. (NASDAQ:ARDX) with 5 million shares worth more than $2.95 million.
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1. Opendoor Technologies Inc. (NASDAQ:OPEN)
Number of Hedge Fund Holders: 39
Share Price as of November 3: $2.29
Volume as of November 3: 25,028,262
Opendoor Technologies Inc. (NASDAQ:OPEN) operates a digital platform for residential real estate in the United States. It is one of the major penny stocks to invest in. On August 4, Opendoor Technologies declared a partnership with Zillow Group, a Seattle-based real estate giant, which will allow home sellers on Zillow’s platform to request an instant cash offer from Opendoor. The transaction of purchase is facilitated by Opendoor.
On October 6, Keefe Bruyette analyst Ryan Tomasello maintained a Market Perform rating on Opendoor Technologies Inc. (NASDAQ:OPEN) stock and lowered the price target to $3.25 from $7.25, noting that the company sees low housing visibility into year-end and views consensus estimates as optimistic.
At the end of the second quarter of 2022, 39 hedge funds in the database of Insider Monkey held stakes worth $861.7 million in Opendoor Technologies Inc. (NASDAQ:OPEN), compared to 36 in the preceding quarter worth $1 billion.
In its Q4 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Opendoor Technologies Inc. (NASDAQ:OPEN) was one of them. Here is what the fund said:
“The Fund invests in secular growth and innovative businesses across all market capitalizations, with the bulk of the portfolio landing in the large-cap zone. The Fund is categorized as US Large Growth by Morningstar. As of the end of the fourth quarter, the largest market cap holding in the Fund was $2.5 trillion and the smallest was $791 million. The median market cap of the Fund was $27.5 billion.
The Fund had $1.7 billion of assets under management. The Fund had investments in 63 securities. The Fund’s top 10 positions accounted for 45.4% of net assets. Fund inflows were positive for 2021. We sold Opendoor Technologies Inc. (NASDAQ:OPEN) because we identified issues relating to our long-term theses in the company, and we decided to exit the positions to fund other purchases.”
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You can also take a peek at 10 Best Bargain Stocks To Buy Right Now and 10 Best Infrastructure Stocks To Buy Now.
