In this article, we will take a look at the 5 hot penny stocks to buy. To see more such companies, go directly to 10 Hot Penny Stocks To Buy.
5. Telos Corporation (NYSE:TLS)
Number of Hedge Fund Holders: 17
Telos Corporation (NYSE:TLS) has almost doubled in value over the past one month. Most of the gains came after Telos Corporation (NYSE:TLS) posted strong Q1 results in May, crushing past analyst estimates. Adjusted EPS of the cybersecurity company in the quarter came in at -$0.04, beating estimates by $0.09. Revenue in the quarter fell about 30% year over year to $35.2 million, surpassing estimates by $3.81 million.
Out of the 943 hedge funds tracked by Insider Monkey, 17 were long Telos Corporation (NYSE:TLS) as of the end of the first quarter of 2023. The biggest stakeholder of Telos Corporation (NYSE:TLS) during this period was Mike Masters’ Masters Capital Management which had a $7.6 million stake in the company.
4. Movella Holdings Inc. (NASDAQ:MVLA)
Number of Hedge Fund Holders: 17
Digital services company Movella Holdings Inc. (NASDAQ:MVLA) shares have been on a tear recently, having gained over 50% in value over the past 30 days. In May Movella Holdings Inc. (NASDAQ:MVLA) posted its first quarter results. GAAP EPS in the period came in at $0.36, beating estimates by $0.44. Revenue in the period came in at $9.2 million, beating estimates by $0.5 million.
Movella Holdings Inc. (NASDAQ:MVLA)’s CFO Steve Smith recently bought over 61,000 shares of the company at $1.65 per share.
Insider Monkey’s database of 943 hedge funds shows that 17 hedge funds held stakes in Movella Holdings Inc. (NASDAQ:MVLA) as of the end of the first quarter.
3. Archer Aviation Inc. (NYSE:ACHR)
Number of Hedge Fund Holders: 18
eVTOL aircraft company Archer Aviation Inc. (NYSE:ACHR) ranks 3rd in our list of the hot penny stocks to buy according to hedge funds. Archer Aviation Inc. (NYSE:ACHR) shares have gained about 50% over the past one month. Recently, Reuters reported that the acting administrator of the Federal Aviation Administration Billy Nolen was in talks to join Archer Aviation Inc. (NYSE:ACHR).
18 out of the 943 hedge funds tracked by Insider Monkey were long Archer Aviation Inc. (NYSE:ACHR) as of the end of the first quarter of 2023.
2. Advantage Solutions Inc. (NASDAQ:ADV)
Number of Hedge Fund Holders: 20
Advantage Solutions Inc. (NASDAQ:ADV) provides services to retailers and brands to help them expand their sales. Advantage Solutions Inc. (NASDAQ:ADV) is up about 45% over the past one month. In the first quarter, Advantage Solutions Inc. (NASDAQ:ADV)’s GAAP EPS came in at -$0.15. Revenue in the quarter jumped about 10.4% year over year to $1.01 billion, beating estimates by $23.6 million.
Insider Monkey’s database of 943 hedge funds shows that 20 hedge funds had stakes in Advantage Solutions Inc. (NASDAQ:ADV) as of the end of the first quarter.
1. Opendoor Technologies Inc. (NASDAQ:OPEN)
Number of Hedge Fund Holders: 32
Opendoor Technologies Inc. (NASDAQ:OPEN) shares have gained about 62% over the past 30 days through June 1. Opendoor Technologies Inc. (NASDAQ:OPEN) buys and sells residential real estate. Opendoor Technologies Inc. (NASDAQ:OPEN) recently posted its first quarter of 2023 results. GAAP EPS in the period came in at -$0.16, beating estimates by $0.44. Revenue in the quarter fell about 40% year over year to $3.1 billion, still beating estimates by $360 million. For the second quarter of 2023, Opendoor Technologies Inc. (NASDAQ:OPEN) expects its revenue to come in the range of $1.75 billion to $1.85 billion, while the consensus estimate for this metric was $2.28 billion.
As of the end of the first quarter of 2023, 32 hedge funds had stakes in Opendoor Technologies Inc. (NASDAQ:OPEN). The biggest stakeholder of Opendoor Technologies Inc. (NASDAQ:OPEN) was Daniel Patrick Gibson’s Sylebra Capital Management which owns a $59 million stake in the company.
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