In this article, we will take a look at the 5 best penny stocks to buy now. To see more such companies, go directly to 15 Best Penny Stocks To Buy Now.
5. BGC Partners, Inc. (NASDAQ:BGCP)
Number of Hedge Fund Holders: 31
Financial services company BGC Partners, Inc. (NASDAQ:BGCP) has been a profitable stock for investors as it has gained about 12% year to date. Out of the 31 hedge funds having stakes in BGC Partners, Inc. (NASDAQ:BGCP), David Rosen’s Rubric Capital Management had a $104 million stake in the company.
4. Clear Channel Outdoor Holdings, Inc. (NYSE:CCO)
Number of Hedge Fund Holders: 31
Advertising company Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) shares have gained about 28% over the past six months. Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) in May announced to sell its businesses in Italy and Spain to units of French outdoor advertising firm JCDecaux for about 75.1 million euros. The move came after activist fund Legion Partners reportedly pushed Clear Channel Outdoor Holdings, Inc. (NYSE:CCO) to evaluate a sale of the entire company.
3. Opendoor Technologies Inc. (NASDAQ:OPEN)
Number of Hedge Fund Holders: 32
Latest data has pointed to rising home prices and demand, helping stocks like Opendoor Technologies Inc. (NASDAQ:OPEN). As of the end of the first quarter of 2023, 32 hedge funds in Insider Monkey’s database reported owning stakes in Opendoor Technologies Inc. (NASDAQ:OPEN). The biggest hedge fund stakeholder of Opendoor Technologies Inc. (NASDAQ:OPEN) was Daniel Patrick Gibson’s Sylebra Capital Management which owns a $59 million stake in the company.
2. Vimeo, Inc. (NASDAQ:VMEO)
Number of Hedge Fund Holders: 32
Video platform company Vimeo, Inc. (NASDAQ:VMEO) in Q1 earned $0.00 on a GAAP basis, surpassing estimates by $0.14. Revenue in the period came in at $103.6 million, beating estimates by $1.5 million.
A total of 32 hedge funds in Insider Monkey’s database of hedge funds had stakes in Vimeo, Inc. (NASDAQ:VMEO) as of the end of the first quarter. The most notable hedge fund stakeholder of Vimeo, Inc. (NASDAQ:VMEO) was Southeastern Asset Management of Mason Hawkins with a $24 million stake in the company.
Longleaf Partners Small-Cap Fund made the following comment about Vimeo, Inc. (NASDAQ:VMEO) in its Q4 2022 investor letter:
“Vimeo, Inc. (NASDAQ:VMEO) and Oscar – Digital software company Vimeo and US health insurance and software platform Oscar Health were both unduly punished this year alongside most tech-related businesses. We were too early at both companies, and our partners have not yet gone on offense to the degree we initially expected. Oscar grew too much, while Vimeo didn’t grow enough. Both still have key differentiating factors and the ability to control their own destiny, but we have been hesitant to take them back to full positions as our initial thesis has yet to play out. We are engaged with management teams at both companies to encourage proactive steps to close the value gap.”
1. Payoneer Global Inc. (NASDAQ:PAYO)
Number of Hedge Fund Holders: 37
Payoneer Global Inc. (NASDAQ:PAYO) is one of the best penny stocks to buy according to hedge funds. The payments solutions company in May posted Q1 results. GAAP EPS in the period came in at $0.02, missing estimates by $0.01. Revenue in the quarter jumped 40.2% year over year to $192.01 million, surpassing estimates by $6.4 million.
Payoneer Global Inc. (NASDAQ:PAYO) also upped its 2023 revenue guidance to the range of $810 million – $820 million versus the consensus estimate of $803.79 million.
A total of 37 hedge funds tracked by Insider Monkey had stakes in Payoneer Global Inc. (NASDAQ:PAYO) as of the end of the first quarter of 2023.
You can also take a peek at 20 Countries with the Best Education and Kim Kardashian Stock Portfolio: 8 Stocks to Consider.
