In this article, we discuss the 5 best penny stocks to buy now. If you want to read about some more penny stocks, go to the 16 Best Penny Stocks to Buy Now.
5. Compugen Ltd. (NASDAQ:CGEN)
Number of Hedge Fund Holders: 13
Compugen Ltd. (NASDAQ:CGEN) is an Israeli biotech company involved in providing a predictive computational drug discovery platform.
Asthika Goonewardene at Truist gave Compugen Ltd. (NASDAQ:CGEN) stock a target price of $4 and maintained a Buy rating on the stock in a research note issued on August 23. The target price is 3.57 times higher than the closing price as of September 7. Experts believe that Compugen Ltd. (NASDAQ:CGEN) stock offers catalysts during the second half of next year following increased uncertainty generated by the recent developments from SKYSCRAPER-01 purvey. Furthermore, the discontinuation of the alliance with Bristol-Myers Squibb Company (NYSE:BMY) will give Compugen Ltd. (NASDAQ:CGEN) more strategic flexibility.
4. Clovis Oncology, Inc. (NASDAQ:CLVS)
Number of Hedge Fund Holders: 14
Clovis Oncology, Inc. (NASDAQ:CLVS) is a Boulder, Colorado-based commercial-stage biotech company founded in 2009. The company is working on developing and commercializing cancer treatments.
The Street is closely monitoring the progress of the ongoing FAP-2286, which is a leading drug candidate in Radionuclide therapy. Clovis Oncology, Inc. (NASDAQ:CLVS) also sees Rubraca as a lead candidate in the front-line maintenance treatment of ovarian cancer, and the required submissions will be made to the Food and Drug Administration (FDA) and European Medicines Agency (EMA) during Q3 2022. This development is expected to cause a jump in Clovis Oncology, Inc.’s (NASDAQ:CLVS) share price.
Overall, 14 funds held a stake in Clovis Oncology, Inc. (NASDAQ:CLVS) during Q2 2022.
3. Douglas Elliman Inc. (NYSE:DOUG)
Number of Hedge Fund Holders: 16
Douglas Elliman Inc. (NYSE:DOUG) is a New York-based multi-channel real estate company with over 7,000 agents and 113 offices across the US.
On July 26, Douglas Elliman Inc. (NYSE:DOUG) increased its presence in the state of Colorado by opening a new office in Basalt. Following this development, Douglas Elliman has four offices in Colorado now. The company is one of the biggest residential real estate brokers in the US, with a focus on luxury properties. Douglas Elliman Inc. (NYSE:DOUG) stock offers an attractive forward dividend yield of 4.2% at a time when the 10-year treasury rate is hovering around 3.2% as of September 7. Furthermore, Douglas Elliman Inc. (NYSE:DOUG) is making progress as it was involved in 21% of the real estate transactions in New York in 2022 as opposed to 19% in 2017.
Citadel Investment Group raised its stake in Douglas Elliman Inc. (NYSE:DOUG) by over 100% during the second quarter of the year.
2. Ring Energy, Inc. (NYSE:REI)
Number of Hedge Fund Holders: 18
Ring Energy, Inc. (NYSE:REI) is a Midland, Texas-based oil and gas E&P company with assets situated across New Mexico and Texas in the Permian Basin.
On August 1, John White at Roth Capital gave Ring Energy, Inc. (NYSE:REI) stock a target price of $7.50. The analyst has taken a cautious approach following the company’s recent acquisition of privately-held Stronghold Energy for $465 million. Experts think the transaction will result in a higher number of producing wells in the portfolio of Ring Energy, Inc. (NYSE:REI). These wellbores will be vertical as opposed to horizontal wellbores for its legacy assets. As a result of this acquisition, the analyst anticipates Ring Energy, Inc. (NYSE:REI) to generate healthy free cash flows as crude oil prices continue to maintain the current momentum.
Renaissance Technologies raised its stake in Ring Energy, Inc. (NYSE:REI) by 778% during Q2 2022.
1. Pitney Bowes Inc. (NYSE:PBI)
Number of Hedge Fund Holders: 20
Pitney Bowes Inc. (NYSE:PBI) is a Stamford, Connecticut-based mailing and shipping company that has the distinction of providing its services to 90% of the Fortune 500 companies.
The company known for its postage meters globally is taking its business to the next level by bringing autonomous trucks for e-commerce shipments in the Dallas, Texas, area from Q1 2023 onwards. This move is being made to save labor costs in the long run. During the initial execution phase, a safety operator will be present inside the autonomous truck. Furthermore, Pitney Bowes Inc. (NYSE:PBI) provides a stellar forward dividend yield of 7.12% as of September 7.
Of the 895 hedge funds in Insider Monkey’s database, 20 funds held a stake in Pitney Bowes Inc. (NYSE:PBI) as of Q2 2022.
You can also take a peek at Best Robotics Stocks To Invest In and Best Cheap Dividend Kings To Buy.
