Today we are going to learn about the best penny stocks to buy now, published by Insider Monkey. For those, who are just about to learn more about stocks, we are making clear what penny stock means. Actually, they are stocks that trade less than $5 per share. Nevertheless, you can also see shares to be classified as penny stocks, that trade for under $1 and especially those that trade on the loosely-regulated Over-the-Counter market. You can easily conclude why people like buying them – large amount of shares can be bought for a small amount. For example you buy stocks trade for $0.50 per share, If the stock price increases to $5 your invested $1,000 will be worth $10,000. Sounds great, right? Well, things are not so easy as they seem, but Insider Monkey’s article will help you to understand it.
So what are the best penny stocks to purchase currently? We have picked up three companies from Insider Monkey’s list, as usual. The first one is Kadmon Holdings Inc (NASDAQ:KDMN) on the fifth spot. As a matter of fact, there were 24 investors in Kadmon Holdings at the end of the third quarter. The top hedge fund holders were Joseph Edelman’s Perceptive Advisors, and Mitchell Blutt’s Consonance Capital Management, having stakes worth of $61.59 million and $54.91 million. Perceptive Advisors is mainly operates in healthcare hedge funds, and now Kadmon’s fund gave 54% of return in 2019. Up on our list, here comes Comstock Resources Inc (NYSE:CRK) on the third spot. The top hedge fund holder Matt Smith’s Deep Basin Capital, and he managed to double his position to 5.24 million shares valued at $123.59 million. Clear Channel Outdoor Holdings Inc (NYSE:CCO) overtakes the former two companies, as it stands on the second spot. Its number of funds jumped up from 27 to 30 in the third quarter of 2020. The top hedge fund holders are Kenneth Mario Garschina’s Mason Capital Management and Don Morgan’s Brigade Capital with $35.83 million and $18.35 million worth of stock. The company’s market cap is $650 million, yet its enterprise worth is over $7 billion. For more useful information, please check out the compilation of the best penny stocks to buy now.
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