10 Best Penny Stocks to Buy According to Hedge Funds

8. Plug Power Inc. (NASDAQ:PLUG)

​Stock Price: $3.48

Number of Hedge Fund Holders: 23

Plug Power Inc. (NASDAQ:PLUG) is one of the best penny stocks to buy according to hedge funds. On October 7, Plug Power Inc. (NASDAQ:PLUG) was downgraded to a Hold from a Buy by Clear Street with a price target of $3.50.

The rating update came after Plug Power Inc. (NASDAQ:PLUG) announced the succession of new CEO Jose Luis Crespo, who would replace Andy Marsh in the role in March next year.

The analyst told investors that the current valuation shows insufficient remaining upside after the strong outperformance of the stock, up 170% in the past four weeks.

Plug Power Inc. (NASDAQ:PLUG) provides alternative energy technology focusing on the development, design, manufacturing, and commercialization of hydrogen and fuel cell systems that are primarily employed for the material handling and stationary power markets.