15 Best NYSE Penny Stocks to Buy According to Hedge Funds

8. Comstock Inc. (NYSE:LODE)

Comstock Inc. (NYSE:LODE) is one of the 15 best NYSE penny stocks to buy according to hedge funds.

On June 29, Comstock Inc. (NYSE:LODE) and Comstock Metals LLC announced the completion of the delivery and assembly of all precision equipment and unit operations for their industry-scale facility. The companies revealed that three of the nine unit operations, i.e., the robotic loading arms, Eddy system, and a washing system, have undergone commissioning and testing processes and are now being integrated.

This represents another milestone in the progression of achieving complete commissioning and operation of the solar panel recycling production line with a capacity of 100,000 tons per year.

President of Comstock Metals, Dr. Fortunato Villamagna, said that the startup of a facility is comparable to tuning an orchestra; all nine unit operations will receive their own individual performance tuning, retuning, and stress testing before starting full production.

Back on June 22, Comstock Inc. (NYSE:LODE) disclosed that it has signed a Securities Purchase Agreement to transfer 100% of its mining assets to Mackay Precious Metals Inc., for a total consideration of over $45 million. According to Comstock, the divestiture is anticipated to decrease ongoing costs, generating over $1.5 million in annual savings.

Comstock Inc. (NYSE:LODE) is involved in technologies and underlying processes for extraction and conversion of waste and under-utilized natural resources into clean energy and other clean-energy-related products for the U.S. market. It offers technology to extract lignocellulosic biomass, which is useful in producing intermediates for advanced biofuels.