We recently compiled a list of the 10 Most Popular AI Penny Stocks Under $1. In this article, we are going to take a look at where Ontrak, Inc. (NASDAQ:OTRK) stands against the other popular AI penny stocks.
The stock market is rapidly catching on to the artificial intelligence trend in the last year or two. Many businesses are integrating Artificial Intelligence technologies into their core business models to save costs, enhance performance, and thrive in both current markets and emerging ones. Venture entrepreneur Marc Andreessen once noted that “software is eating the world” by automating entire industries. It is expected that artificial intelligence will similarly revolutionize software. According to recent research by MIT, the United States is unevenly adopting artificial intelligence, with the majority of its application happening in big businesses and sectors like manufacturing and healthcare.
The global artificial intelligence industry was valued at $196.63 billion in 2023, with a projected growth rate of 36.6% between 2024 and 2030, according to Grand View Research.
Ontrak, Inc. (NASDAQ:OTRK) is an artificial intelligence-powered, telehealth-enabled, and virtualized healthcare company that offers services to third-party payors in the United States. The company reported revenue of $2.7 million in Q1, a 6% year-over-year increase driven by a 15% rise in total average enrolled members in the first quarter of 2024 compared to the same period in 2023.
Ontrak, Inc. (NASDAQ:OTRK) has 1 hedge fund investor, Sander Gerber’s Hudson Bay Capital Management, holding 100,000 shares valued at $50,660. OTRK ranks 9th on our list of the most popular AI penny stocks under $1. While OTRK shows potential as an investment, we believe that AI stocks offer greater promise for higher returns in a shorter timeframe. If you’re interested in exploring other AI penny stocks, you can check out our list of the 10 Most Popular AI Penny Stocks Under $1.
Overall, the AI market is growing rapidly, and companies like Ontrak, Inc. are positioning themselves to take advantage of the opportunities presented by artificial intelligence technologies.