In this article, we will discuss the 5 best penny stocks to buy and hold according to Reddit. If you want to read our discussion on the earnings potential of penny stocks, go directly to 10 Best Penny Stocks to Buy and Hold According to Reddit.
5. Agile Therapeutics, Inc. (NASDAQ:AGRX)
Number of Hedge Fund Holders: 6
Stock Price as of July 29: $0.520
Agile Therapeutics, Inc. (NASDAQ:AGRX) is a New Jersey-based healthcare company focused on catering to the unmet demands of women by offering them various contraceptive options.
Agile Therapeutics, Inc. (NASDAQ:AGRX) is the manufacturer of Twirla, which is a birth control patch for women. On July 26, Naz Rahman at Maxim upgraded Agile Therapeutics, Inc. (NASDAQ:AGRX) stock from a Hold to a Buy rating with a price target of $1. The analyst highlighted the austerity measures adopted by the company’s management and securing the $24 million equity funding as the reasons for the upgrade. These actions will aid Agile Therapeutics, Inc. (NASDAQ:AGRX) in preserving its liquidity until Q1 2023. Rahman also thinks that these measures will provide the company with an opportunity to focus on the commercialization of Twirla.
Furthermore, on July 8, US President Joe Biden signed an Executive Order to protect access to reproductive healthcare services for women after the US Supreme Court overturned the constitutional right to abortion on June 24.
Perceptive Advisors held over 21 million shares in Agile Therapeutics, Inc. (NASDAQ:AGRX) at the end of Q1 2022.
4. Vinco Ventures, Inc. (NASDAQ:BBIG)
Number of Hedge Fund Holders: 9
Stock Price as of July 29: $0.784
Vinco Ventures, Inc. (NASDAQ:BBIG) is a New York-based company that owns Lomotif. Lomotif is a short video-sharing social networking platform similar to TikTok. The application has been downloaded by 225 million users and has a user base of 40 million active users in India as of July 2022.
On the Apple App Store, the application has received an average rating of 4.6 from 310,000 users. Meanwhile, TikTok’s average rating stands at 4.8 by 12.8 million users. Vinco Ventures, Inc. (NASDAQ:BBIG) is working on improving the Lomotif platform by adding unique features.
The stock price of Vinco Ventures, Inc. (NASDAQ:BBIG) is currently hovering around a 52-week low after the company was forced to sack co-CEO Ted Farnsworth following his appointment three days ago. Mr. Farnsworth was fired alongside co-CEO Lisa King and Chief Security Officer Erik Noble on the allegation that this group was going for a hostile takeover of the company. Redditors are seeing this as an attractive entry point in the stock. Vinco Ventures, Inc.’s (NASDAQ:BBIG) recent deal with 7digital Group and the regulatory pressures on TikTok is being seen as long-term growth catalysts for the stock.
3. Surgalign Holdings, Inc. (NASDAQ:SRGA)
Number of Hedge Fund Holders: 9
Stock Price as of July 29: $3.220
Surgalign Holdings, Inc. (NASDAQ:SRGA) is a Deerfield, Illinois-based corporation that is focused on digital health. The company is working on developing artificial technology in the healthcare segment.
Surgalign Holdings, Inc. (NASDAQ:SRGA) sells its products in the US and 50 other countries around the world. The AI element of the healthcare sector is expected to compound annually by 38.1% and reach a market size of $194.4 billion by 2030. The company’s HOLO Portal surgical guidance system has received 510(k) approval from the FDA. The HOLO Portal surgical guidance system helps in improving surgical planning and improves the visualization of the anatomy along with the overall workflow. These developments have led the investors to be bullish on Surgalign Holdings, Inc.’s (NASDAQ:SRGA) future prospects.
Surgalign Holdings, Inc. (NASDAQ:SRGA) was held by 9 hedge funds at the end of Q1 2022.
2. Clover Health Investments, Corp. (NASDAQ:CLOV)
Number of Hedge Fund Holders: 14
Stock Price as of July 29: $2.760
Clover Health Investments, Corp. (NASDAQ:CLOV) is a Franklin, Tennessee-based healthcare technology company that is involved in providing Medicare Advantage Plans for senior citizens across eight states in the US.
The US population aged above 65 is expected to double to 95 million in the next 40 years. The elderly will be representative of 23% of the total population as opposed to 16% currently. The total addressable market (TAM) of the Medicare universe is expected to increase to $1.25 trillion. Meanwhile, the Medicare Advantage Plans industry is expected to grow to $590 billion by 2025. Redditors think Clover Health Investments, Corp. (NASDAQ:CLOV) is recruiting a strong team to gain more credibility. The company has brought ex-CFO of Sortera Health Scott Leffler as their new CFO. Mr. Leffler has been instrumental in getting Sortera on the public market and pushing it to cross the $1 billion sales level.
Two Sigma Advisors increased its investment in Clover Health Investments, Corp. (NASDAQ:CLOV) by 9% during Q1 2022.
1. FuelCell Energy, Inc. (NASDAQ:FCEL)
Number of Hedge Fund Holders: 16
Stock Price as of July 29: $3.570
FuelCell Energy, Inc. (NASDAQ:FCEL) is a Danbury, Connecticut-based designer, manufacturer, operator, and service provider of fuel cells.
FuelCell Energy, Inc. (NASDAQ:FCEL) can become a beneficiary of the $369 billion energy and climate change bill presented by Senator Joe Manchin and majority Leader Chuck Schumer on July 27. This is the biggest climate change investment approved by Congress in history. The bill aims to bring carbon emissions to 60% of the current level by the end of this decade. According to Bronson Fleig at Truist, the bill will act as a catalyst for stocks in the alternative energy universe. Around $27 billion will be diverted toward the research and development of clean energy alternatives. A company like FuelCell Energy, Inc. (NASDAQ:FCEL) can capitalize on the $10 billion investment tax credit aimed toward manufacturing clean energy products.
D E Shaw was the leading hedge investor in FuelCell Energy, Inc. (NASDAQ:FCEL), with a cumulative stake worth over $23.5 million as of Q1 2022.
You can also take a peek at the 10 Best Stocks For Inflation According to Redditors and 7 Energy Stocks to Buy Now According to Billionaire Leon Cooperman.
