In this article, we will discuss 5 penny stocks to buy in May. To learn about similar stocks you can also go through 10 Penny Stocks To Buy in May.
5. KULR Technology Group Inc. (NYSE:KULR)
Number of Hedge Fund Holders: 4
Share Price as of May 6: $1.67
KULR Technology Group, Inc. (NYSE:KULR) develops and commercializes thermal management technologies for batteries, electronics, and other components applications in the United States. The company’s products have a variety of industrial applications including applications in lithium-ion battery energy storage, electric vehicles, 5G communication, and cloud-computing infrastructure among others.
KULR Technology Group, Inc. (NYSE:KULR) has been on investors’ radars for some time now and as of the end of Q4 2021, 4 hedge funds have stakes in the company worth $0.7 million. This is compared to 1 position in the previous quarter with stakes worth $94,000. The hedge fund sentiment for the stock is positive.
This March, KULR Technology Group, Inc. (NYSE:KULR) announced that it has won three additional contracts with the United States Department of Defense for the implementation of its carbon fiber cathode solution for high power magnetic and other covert pulse weaponry initiatives. Moreover, the company also announced scoring a battery safety contract with NASA to test its lithium-ion cells going into future battery packs designed for a series of US-led international human spaceflight programs. Rising demand for its products in 2022 is expected to drive shares of KULR Technology Group, Inc. (NYSE:KULR), making it a top-pick penny stock for May.
Citadel Investment Group upped its Q3 stakes in KULR Technology Group, Inc. (NYSE:KULR) by 133%, bringing its stakes to $0.29 million at the close of Q4 2021. Citadel Investment Group is the dominating shareholder in the company.
4. Biora Therapeutics Inc (NASDAQ:PROG)
Number of Hedge Fund Holders: 6
Share Price as of May 6: $0.88
Biora Therapeutics Inc (NASDAQ:PROG) operates as a biotechnology company and develops and commercializes molecular testing products in the United States. This March, the company announced the success of its clinical device performance study which was performed for the evaluation of its Drug Delivery System capsule. According to Bioara Therapeutics Inc (NASDAQ:PROG), the company’s DDS capsule was well-tolerated and achieved success in 10 out of 12 subjects. Moreover, the company reported a profitable fourth quarter in 2021 as presented in its earnings release on March 28, 2022. Biora Therapeuics Inc (NASDAQ:PROG) saw its quarterly revenues grow by 300% year over year which came in at $0.44 million.
Growing sales and successful projects are making Biora Therapeuics Inc (NASDAQ:PROG) gain bullish views from analysts and investors alike. This May, BTIG analyst Julian Harrison assumed coverage of Biora Therapeutics Inc (NASDAQ:PROG) with a Buy rating and a $4 price target. Harrison contends that the company transformed from primarily being a diagnostic and tools company to becoming a powerful research and development engine. The analyst views the stock to be undervalued and sees long-term upside potential for it. Biora Therapeuics Inc (NASDAQ:PROG) is one of the best penny stocks to buy in May.
By the end of the fourth quarter of 2021, Biora Therapeutics Inc (NASDAQ:PROG) was spotted on 6 hedge funds’ portfolios, which held stakes worth $4.78 million in the company. This is compared to 4 positions in the preceding quarter with stakes of $1.71 million. The hedge fund sentiment for the stock is positive.
As of December 31, 2021, Sabby Capital is the leading stakeholder in Bioara Therapeutics Inc (NASDAQ:PROG) with stakes worth $2.26 million. The investment covers 0.33% of the hedge fund’s investment portfolio.
3. Vinco Ventures, Inc. (NASDAQ:BBIG)
Number of Hedge Fund Holders: 10
Share Price as of May 6: 3.29
Vinco Ventures, Inc. (NASDAQ:BBIG) develops and commercializes end-to-end consumer products in North America. Among the company’s product offerings we see a variety of kitchenware, small appliances, toys, pet care, baby products, health and beauty aids, entertainment venue merchandise, and houseware. Vinco Ventures, Inc. (NASDAQ:BBIG) also offers personal protective equipment to governmental agencies, hospitals, and distributors. The company also owns and operates various platforms for content creation and digital marketing.
This February, Vinco Ventures, Inc. (NASDAQ:BBIG) announced it has completed the acquisition of AdRizer with an all-cash transaction of $38 million. The company aims to make use of AdRizer’s platform to monetize content creation and streaming on its content creation app, Lomotif, through digital marketing.
Vinco Ventures, Inc. (NASDAQ:BBIG) is gaining momentum and investor retention. As of May 6, the stock has surged 34.84% over the past twelve months, making Vinco Ventures, Inc. (NASDAQ:BBIG) a high-momentum penny stock to buy in May. Moreover, Insider Monkey identified 10 hedge funds that were long Vinco Ventures, Inc. (NASDAQ:BBIG) at the end of the fourth quarter of 2021. The total stake of these funds amounted to $6.02 million. This is compared to 7 positions in the previous quarter.
2. Xos, Inc. (NASDAQ:XOS)
Number of Hedge Fund Holders: 16
Share Price as of May 6: $2.63
Xos, Inc. (NASDAQ:XOS) is an emerging electric vehicle company, pioneering the manufacturer of fully electric, zero-emission medium- and heavy-duty commercial vehicles, powertrain components, and charging infrastructure. At the close of Q4 2021, 16 hedge funds held stakes in Xos, Inc. (NASDAQ:XOS) worth $5.51 million.
On March 8, Xos, Inc. (NASDAQ:XOS) announced that it has successfully delivered three vehicles to UniFirst Corporation (NYSE:UNF), a leading uniform rental company. Moreover, this April, Xos, Inc. (NASDAQ:XOS) delivered 15 battery-electric vans to five different locations of FedEx Corporation (NYSE:FDX). The demand for Xos, Inc.’s (NASDAQ:XOS) fleet of commercial vehicles is surging and is further catalyzing the likelihood of the stock exploding in 2022, making it one of the best penny stocks to buy in May.
This May, Xos, Inc. (NASDAQ:XOS) reported earnings for the fiscal first quarter of 2022. The company generated revenues of $7.03 million and outperformed market consensus by $1.42 million.
As of December 31, 2021, Antara Capital is the most prominent shareholder in Xos, Inc. (NASDAQ:XOS) owning over 0.5 million shares of stock which equate to a stake of $1.57 million.
1. Clover Health Investments, Corp. (NASDAQ:CLOV)
Number of Hedge Fund Holders: 17
Share Price as of May 6: $2.69
Clover Health Investments, Corp (NASDAQ:CLOV) is an American healthcare company that provides Medicare Advantage insurance plans and operates as a direct contracting entity with the U.S. government. This January, Clover Health Investments, Corp (NASDAQ:CLOV) announced that the company saw a 25% growth in Medicare Advantage memberships in 2022, as compared to the same time in 2021, outpacing the overall industry median growth rate of 10% year-over-year. The stock is gaining the attention of expert analysts and elite hedge funds and is bound to explode any time in the near term, making it a must-buy penny stock in May.
On February 23, Clover Health Investments, Corp (NASDAQ:CLOV) released its earnings for the fiscal fourth quarter of 2021 in which it outperformed revenue estimates. The company saw its quarterly revenues surge more than 159% year over year, hitting $432.04 million and beating estimates by $23.90 million. Shortly after, Canaccord analyst Richard Close raised his price target on Clover Health Investments, Corp (NASDAQ:CLOV) to $7 from $6 and reiterated a Buy rating on the shares.
Insider Monkey found 17 hedge funds long Clover Health Investments, Corp (NASDAQ:CLOV) at the end of the fourth quarter of 2021, up from 12 positions in the preceding quarter. The total stakes of these funds were valued at $148.08 million. Of these Greenoaks Capital was the dominating stakeholder in the company having stakes worth $92.4 million.
You can also take a look at 10 Best Penny Stocks To Buy Now and 10 Popular Penny Stocks on Robinhood.
