11 Cheap Penny Stocks to Buy Now

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1. Gray Media Inc. (NYSE:GTN)

Share Price as of July 2: $4.87

Forward P/E Ratio as of July 2: 1.13

Number of Hedge Fund Holders: 28

Gray Media Inc. (NYSE:GTN) is one of the cheap penny stocks to buy now. On June 2, Gray Media and Paramount Global (NASDAQ:PARA) announced that they had entered into an agreement that renews 52 of Gray’s existing 53 CBS network affiliations.

Under this agreement, the CBS affiliates, which are being renewed, will continue to be available locally to subscribers on Paramount+ and therefore also be widely distributed across all traditional and virtual MVPD platforms.

Effective August 16 this year, Gray’s Atlanta station WANF will cease its affiliation with the CBS Network and operate as an independent television station hyper-focused on the Atlanta market.

Gray Media Inc. (NYSE:GTN) is a multimedia company that owns and/or operates television stations and digital assets in the US. Paramount Global (NASDAQ:PARA) is a global media, streaming, and entertainment company.

While we acknowledge the potential of GTN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than GTN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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