5 Best NASDAQ Penny Stocks to Buy

In this article, we discuss 5 best NASDAQ penny stocks to buy. If you want to read our detailed analysis of the stock market and returns of NASDAQ, go directly to read 12 Best NASDAQ Penny Stocks to Buy. 

5. bluebird bio, Inc. (NASDAQ:BLUE)

Number of Hedge Fund Holders: 20
Share Price as of July 2: $3.29

bluebird bio, Inc. (NASDAQ:BLUE) is an American biotech company that develops gene therapies for genetic disorders. The company recently announced that the U.S. Food and Drug Administration (FDA) granted priority review to its Biologics License Application (BLA) for the gene therapy called lovo-cel, which is intended for patients with sickle cell disease (SCD). The FDA’s priority review designation recognizes the importance and urgency of this therapy for individuals with SCD.

bluebird bio, Inc. (NASDAQ:BLUE) reported strong results in the first quarter of 2023. The company generated revenue of $2.38 million, which showed a 22.1% growth from the same period last year. It ended the quarter with $364 million available in cash and cash equivalents.

At the end of Q1 2023, 20 hedge funds in Insider Monkey’s database reported having stakes in bluebird bio, Inc. (NASDAQ:BLUE), the same as in the previous quarter. These stakes have a collective value of over $84.8 million.

4. Advantage Solutions Inc. (NASDAQ:ADV)

Number of Hedge Fund Holders: 20
Share Price as of July 2: $2.34

Advantage Solutions Inc. (NASDAQ:ADV) is next on our list of the best penny stocks listed on NASDAQ. The California-based media company generated $1.01 billion in revenues in the first quarter of 2023, up 10.4% from the prior-year period. At the end of March, it had roughly $150 million available in its cash and cash equivalents.

As of the close of Q1 2023, 20 hedge funds tracked by Insider Monkey owned investments in Advantage Solutions Inc. (NASDAQ:ADV), compared with 22 in the previous quarter. The total stake value of these funds is over $55.4 million.

3. Aurora Innovation, Inc. (NASDAQ:AUR)

Number of Hedge Fund Holders: 21
Share Price as of July 2: $2.94

Aurora Innovation, Inc. (NASDAQ:AUR) is an American self-driving vehicle tech company, which aims to create advanced technologies that enable vehicles to operate safely and efficiently without human intervention. By leveraging artificial intelligence, machine learning, and sensor technology, the company aims to revolutionize transportation and contribute to the development of autonomous vehicles. It is among the best penny stocks on our list.

At the end of March 31, Aurora Innovation, Inc. (NASDAQ:AUR) was a part of 21 hedge fund portfolios, up from 18 a quarter earlier, as per Insider Monkey’s database. The total value of stakes owned by these funds is over $13.2 million.

2. Sirius XM Holdings Inc. (NASDAQ:SIRI)

Number of Hedge Fund Holders: 24
Share Price as of July 2: $4.53

Sirius XM Holdings Inc. (NASDAQ:SIRI) ranks second on our list of the best penny stocks. The broadcasting corporation provides satellite radio and online radio services throughout the US. As of March 31, the company had over 34 million subscribers and over 150 million listeners. It is also a dividend payer and currently pays a quarterly dividend of $0.0242 per share and has a dividend yield of 2.14%, as of July 2.

According to Insider Monkey’s database of Q1 2023, 24 hedge funds owned stakes in Sirius XM Holdings Inc. (NASDAQ:SIRI), with a total value of over $113.6 million. With over 12.3 million shares, Zimmer Partners was the company’s leading stakeholder in Q1.

1. Opendoor Technologies Inc. (NASDAQ:OPEN)

Number of Hedge Fund Holders: 32
Share Price as of July 2: $4.02

Opendoor Technologies Inc. (NASDAQ:OPEN) tops our list of the best penny stocks listed on NASDAQ. The California-based company buys and sells residential real estate and makes cash offers on homes through an online process. In the first quarter of 2023, the company reported revenue of $3.1 billion, which beat analysts’ estimates by $360 million. For the second quarter, it expects its revenue to fall between $1.75 billion to $1.85 billion versus a consensus of $2.28 billion.

At the end of Q1 2023, 23 hedge funds in Insider Monkey’s database reported having stakes in Opendoor Technologies Inc. (NASDAQ:OPEN), worth collectively over $165.7 million.

You can also take a look at 15 Best Large-Cap Value Stocks To Buy and 12 Most Undervalued Retail Stocks to Buy

Follow Insider Monkey on Twitter