5 Best New Penny Stocks to Buy Now

1. Expensify, Inc. (NASDAQ:EXFY)

Number of Hedge Fund Holders: 25

Expense management software company Expensify, Inc. (NASDAQ:EXFY) tops our list of the best new penny stocks to buy now. Expensify, Inc. (NASDAQ:EXFY) went public in 2021. As of the end of the first quarter of 2023, 25 hedge funds in Insider Monkey’s database of 943 funds reported owning stakes in Expensify, Inc. (NASDAQ:EXFY). The most significant stakeholder of Expensify, Inc. (NASDAQ:EXFY) during this period was Ali Motamed’s Invenomic Capital Management which owns a $12 million stake in the company.

Here is what Baron Fintech Fund has to say about Expensify, Inc. (NASDAQ:EXFY) in its Q2 2022 investor letter:

“Shares of Expensify, Inc., an expense management software provider for businesses, contributed to performance. The company reported strong quarterly earnings, expressed confidence in the business outlook, and initiated a share repurchase authorization. High-growth software stocks have recently been out of favor, but we retain long-term conviction in Expensify due to its large addressable market, rapid pace of innovation, and impressive combination of growth and profitability.”

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