In this article, we will take a look at the 5 best quality penny stocks to buy. To see more such companies, go directly to 12 Best Quality Penny Stocks to Buy.
5. Chimerix, Inc. (NASDAQ:CMRX)
Number of Hedge Fund Holders: 13
Chimerix, Inc. (NASDAQ:CMRX) is working on treatments for fatal diseases. Chimerix, Inc. (NASDAQ:CMRX) is also featured on our list of the best rated penny stocks to buy since analysts believe the stock has a strong upside potential from the current levels. In May, Baird started covering Chimerix, Inc. (NASDAQ:CMRX) with an Outperform rating and gave a $7 price target to the stock.
As of the end of the first quarter of 2023, 13 hedge funds in Insider Monkey’s database had stakes in Chimerix, Inc. (NASDAQ:CMRX). The biggest hedge fund stakeholder of Chimerix, Inc. (NASDAQ:CMRX) was David Rosen’s Rubric Capital Management which owns a $9.24 million stake in the company.
4. Puma Biotechnology, Inc. (NASDAQ:PBYI)
Number of Hedge Fund Holders: 14
California-based Puma Biotechnology, Inc. (NASDAQ:PBYI) shares have gained about 23% year to date through July 30. In May Puma Biotechnology, Inc. (NASDAQ:PBYI) posted Q1 results. Adjusted EPS in the quarter came in at $0.09. Revenue in the period jumped 15.5% year over year to $52.8 million.
Out of the 943 hedge funds tracked by Insider Monkey, 14 hedge funds held stakes in Puma Biotechnology, Inc. (NASDAQ:PBYI). The biggest hedge fund stakeholder of Puma Biotechnology, Inc. (NASDAQ:PBYI) was Kamran Moghtaderi’s Eversept Partners which had a $6 million stake in the company.
3. Ambev S.A. (NYSE:ABEV)
Number of Hedge Fund Holders: 14
Shares of Brazilian brewing company Ambev S.A. (NYSE:ABEV) have gained about 21% year to date. Ambev S.A. (NYSE:ABEV) was recently upgraded by BofA to Buy from Neutral. BofA also upped its price target to 17.50 reais from 16.40 reais as the firm believes the current valuation is the stock is discounted.
Insider Monkey’s database of 943 hedge funds shows that 14 hedge funds held stakes in Ambev S.A. (NYSE:ABEV) as of the end of the first quarter. The most notable hedge fund stakeholder of Ambev S.A. (NYSE:ABEV) was First Eagle Investment Management of Jean-Marie Eveillard which owns an $877 million stake in the company.
Ariel Global Fund made the following comment about Ambev S.A. (NYSE:ABEV) in its Q1 2023 investor letter:
“Also during the quarter, we initiated a new position in Brazil-based brewing company, Ambev S.A. (NYSE:ABEV) in the quarter. The company produces, distributes and sells beer, carbonated soft drinks and other non-alcoholic and non-carbonated beverages across the Americas. Ambev appointed a new executive leadership team in 2020 focused on transforming the company’s culture and operations. Following several consecutive years of margin contraction, we expect 2023 to be a turning point and believe Ambev’s commercial strategy will help improve the sales mix resulting in market share, revenue and earnings growth. In addition, we like the net cash balance sheet and high free cashflow generation of the business.”
2. Entravision Communications Corporation (NYSE:EVC)
Number of Hedge Fund Holders: 16
California-based media company Entravision Communications Corp (NYSE:EVC) owns several TV and radio stations. Entravision Communications Corp (NYSE:EVC) primarily targets Spanish-speaking community. Entravision Communications Corp (NYSE:EVC) in June appointed Michael Christenson as CEO.
As of the end of the first quarter of 2023 16 hedge funds in Insider Monkey’s database of 943 hedge funds held stakes in Entravision Communications Corp (NYSE:EVC). The most notable hedge fund stakeholder of Entravision Communications Corp (NYSE:EVC) was Chuck Royce’s Royce & Associates which owns a $14 million stake in the company.
1. OraSure Technologies, Inc. (NASDAQ:OSUR)
Number of Hedge Fund Holders: 21
Pennsylvania-based medical devices company OraSure Technologies, Inc. (NASDAQ:OSUR) ranks 1st in our list of the best quality penny stocks to buy. In June OraSure Technologies, Inc. (NASDAQ:OSUR) jumped after the company’s Chief Financial Officer Kenneth McGrath disclosed that he bought a stake worth $500,000 in the company
As of the end of the first quarter of 2023, 21 hedge funds tracked by Insider Monkey had stakes in OraSure Technologies, Inc. (NASDAQ:OSUR). The biggest stakeholder of OraSure Technologies, Inc. (NASDAQ:OSUR) was J. Carlo Cannell’s Cannell Capital which owns a $4.8 million stake in the company.
You can also take a peek at 20 Best Burger Chains in the US and 10 Oversold Blue Chip Stocks To Buy.
