In this article, we discuss the 5 best penny stocks to buy in July. If you want to see more penny stocks to buy this month, check out 10 Best Penny Stocks to Buy in July.
5. Allbirds, Inc. (NASDAQ:BIRD)
Number of Hedge Fund Holders: 13
Share Price as of July 11: $4.8200
Allbirds, Inc. (NASDAQ:BIRD) is based in San Francisco, California, where it manufactures footwear and apparel for men and women. On June 27, Allbirds, Inc. (NASDAQ:BIRD) entered the broad-market Russell 3000 Index. The stock also rallied in late May, when it was announced that Allbirds, Inc. (NASDAQ:BIRD)’s footwear will be stocked in select Nordstrom department stores beginning in June.
On May 11, Baird analyst Mark Altschwager reiterated an ‘Outperform’ rating on Allbirds, Inc. (NASDAQ:BIRD) but lowered the price target on the shares to $10 from $17. The analyst observed that the short-term setup is difficult but that U.S demand remains very healthy and international headwinds broadly transitory, thus he likes the longer-term risk/reward.
Among the hedge funds tracked by Insider Monkey, 13 funds were long Allbirds, Inc. (NASDAQ:BIRD) in Q1 2022, up from 10 funds in the earlier quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is the biggest stakeholder of the company, with 2.5 million shares worth $15.2 million.
4. Immunic, Inc. (NASDAQ:IMUX)
Number of Hedge Fund Holders: 15
Share Price as of July 11: $3.9500
Immunic, Inc. (NASDAQ:IMUX) is a New York-based clinical stage biopharmaceutical company that develops oral immunology therapies for treating chronic inflammatory and autoimmune diseases. Immunic, Inc. (NASDAQ:IMUX) stock gained 26.2% in mid-June when data from a mid-stage trial for its lead candidate for treating multiple sclerosis, IMU-838 (vidofludimus calcium), was published in Annals of Clinical and Translational Neurology.
After Immunic, Inc. (NASDAQ:IMUX) reported that its Phase 2 CALDOSE-1 study of IMU-838 in UC didn’t meet its core endpoint, Roth Capital analyst Zegbeh Jallah suggested loading up on shares amid the pullback triggered by the news. While the data was “murkier than expected”, the analyst reminded investors of Immunic, Inc. (NASDAQ:IMUX)’s Phase 3 Multiple Sclerosis study and other 2022 catalysts, while maintaining a ‘Buy’ rating and a $64 price target on the shares.
3. Coeur Mining, Inc. (NYSE:CDE)
Number of Hedge Fund Holders: 20
Share Price as of July 11: $2.7300
Coeur Mining, Inc. (NYSE:CDE) was incorporated in 1928 and is headquartered in Chicago, Illinois. The company extracts precious metals in the United States, Canada, and Mexico. Coeur Mining, Inc. (NYSE:CDE) owns and operates gold, silver, zinc, and lead properties. The company sees FY22 silver production of 6 million to 7 million ounces, and FY22 gold production of 100,000 to 110,000 ounces.
On May 6, Canaccord analyst Dalton Baretto upgraded Coeur Mining, Inc. (NYSE:CDE) to ‘Buy’ from ‘Hold’ with a price target of $5.50 after the company’s Q1 earnings and liquidity update. According to the analyst, Coeur posted a strong quarter and moved to fortify its balance sheet ahead of a “capital-heavy” 2022 and 2023. The analyst said liquidity issues have weighed on the stock price this year. He sees the present share price as an attractive buying opportunity due to Coeur Mining, Inc. (NYSE:CDE)’s advanced liquidity profile.
According to Insider Monkey’s Q1 data, 20 hedge funds were long Coeur Mining, Inc. (NYSE:CDE) on March 31, up from 14 funds in the prior quarter. D E Shaw is the biggest stakeholder in the company, with more than 5 million shares worth $22.2 million.
2. Archer Aviation Inc. (NYSE:ACHR)
Number of Hedge Fund Holders: 28
Share Price as of July 11: $3.0100
Archer Aviation Inc. (NYSE:ACHR) is headquartered in Palo Alto, California, operating as an urban air mobility company that designs and manufactures electric vertical takeoff and landing aircrafts to transport passengers. Upon the Russell 3000 index’s reconstitution on June 27, Archer Aviation Inc. (NYSE:ACHR) was one of the additions.
JPMorgan analyst Bill Peterson on April 28 initiated coverage of Archer Aviation Inc. (NYSE:ACHR) with an ‘Overweight’ rating and a $7 price target. According to the analyst, Archer Aviation Inc. (NYSE:ACHR) is an emerging transportation company that is opting for a “pragmatic approach” to aircraft design and commercialization. With a balance sheet more robust than many peers, the company is positioned to execute on its strategy while being undervalued relative to the competition, contended the analyst.
Among the hedge funds tracked by Insider Monkey, 28 funds were bullish on Archer Aviation Inc. (NYSE:ACHR) in the first quarter of 2022, up from 26 funds in the preceding quarter. Daniel S. Och’s Sculptor Capital is the biggest stakeholder of the company, with approximately 3 million shares worth $28.60 million.
1. Aclarion, Inc. (NASDAQ:ACON)
Number of Hedge Fund Holders: N/A
Share Price as of July 11: $0.8221
Aclarion, Inc. (NASDAQ:ACON) was founded in 2008 and is based in San Mateo, California. It is a healthcare technology company that offers a software application for magnetic resonance spectroscopy (MRS) in the United States. Priced at $0.82, Aclarion, Inc. (NASDAQ:ACON) is a notable penny stock to buy.
On July 6, Maxim analyst Anthony Vendetti started coverage of Aclarion, Inc. (NASDAQ:ACON) with a ‘Buy’ rating and a $3 price target. The analyst expects Aclarion, Inc. (NASDAQ:ACON)’s target audience to be surgeons who use discogram as a diagnostic and those who do not, and work with local healthcare providers to use Nociscan as an alternative to discography. The analyst forecasts Aclarion, Inc. (NASDAQ:ACON)’s total addressable market in the U.S. to be approximately $500 million presently.
You can also take a look at 10 Oil Stocks to Sell Before the Recession Begins and 10 Best Artificial Intelligence Stocks to Invest In That Are Under $10.
