16 Best Penny Stocks To Buy For 2024
Top Image Systems Ltd (NASDAQ:TISA)
Number of Hedge Fund Investors: 25
Top Image Systems Ltd (NASDAQ:TISA) is another penny stock that has caught the attention of hedge funds, with 25 of them having stakes in the company as of the end of the third quarter of 2023. The stock has been performing well, with a year-to-date gain of 22%. Top Image Systems Ltd (NASDAQ:TISA) recently announced a partnership with a leading global bank to provide a digital onboarding solution for their customers.
One of the major hedge fund investors in Top Image Systems Ltd (NASDAQ:TISA) is Renaissance Technologies, which holds a $1.3 million stake in the company.
11. Northern Genesis Acquisition Corp II (NYSE:NGAB)
Number of Hedge Fund Investors: 25
Northern Genesis Acquisition Corp II (NYSE:NGAB) is a special purpose acquisition company (SPAC) that has attracted the interest of 25 hedge funds. The stock has been in focus due to its merger with Lion Electric, a leading manufacturer of all-electric medium and heavy-duty vehicles. The merger is expected to be completed in the first quarter of 2024.
One of the notable hedge fund investors in Northern Genesis Acquisition Corp II (NYSE:NGAB) is Millennium Management, which holds a $4.5 million stake in the company.
Overall, the outlook for penny stocks in 2024 remains positive, with hedge funds continuing to show interest in these small-cap companies. Investors looking for potential high-growth opportunities may want to consider adding some of these penny stocks to their portfolio.
Opendoor Technologies Inc (NASDAQ:OPEN) is a real estate platform company that has caught the attention of hedge funds as one of the best penny stocks to buy for 2024. With a remarkable 232% year-to-date gain through December 9, the company is expected to reach free cash flow breakeven by the first half of 2024. As of the end of the third quarter of 2023, 25 hedge funds had stakes in Opendoor Technologies Inc (NASDAQ:OPEN).
In the previous month, Opendoor Technologies Inc (NASDAQ:OPEN) released its Q3 results, with a GAAP EPS of -$0.16, surpassing estimates by $0.05. However, revenue fell slightly short of expectations at $980 million.
Moving on to biotech firm AbCellera Biologics Inc. (NASDAQ:ABCL), which ranks 11th on the list of best penny stocks for 2024, also with 25 hedge funds having stakes in the company. The biggest stakeholder in AbCellera Biologics Inc. (NASDAQ:ABCL) is Baker Bros. Advisors, owning a $96 million stake in the firm.
Nerdy, Inc (NYSE:NRDY), an online learning platform company, holds the 9th spot on the list, with 25 hedge funds invested in the company by the end of the third quarter of 2023. During the same quarter, Nerdy, Inc’s revenue saw a significant increase of over 26.7% year over year.
Residential real estate brokerage company Compass Inc. (NYSE:COMP) is another top penny stock to watch, with 26 hedge funds having stakes in the company. Deutsche Bank recently initiated coverage on Compass Inc. (NYSE:COMP) with a Hold rating, citing potential concerns in the housing market recovery.
Altice USA, Inc. (NYSE:ATUS) reported its third-quarter results, exceeding expectations with adjusted EPS of $0.15, while revenue fell 2.9% year over year to $2.32 billion. Nuvation Bio Inc. (NYSE:NUVB) also posted positive third-quarter results, with GAAP EPS beating estimates by $0.02.
Overall, hedge funds are showing interest in smaller companies like Opendoor Technologies Inc (NASDAQ:OPEN), AbCellera Biologics Inc. (NASDAQ:ABCL), and Nerdy, Inc (NYSE:NRDY), alongside larger companies such as NVIDIA Corporation (NASDAQ:NVDA), Microsoft Corporation (NASDAQ:MSFT), and Apple Inc. (NASDAQ:AAPL). This trend is expected to continue into 2024 and 2025, as growth stocks are predicted to perform well in the coming years. The Benefits of Regular Exercise
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