5 Best High Volume Penny Stocks to Buy Now

3. Skillz Inc. (NYSE:SKLZ)

Number of Hedge Fund Holders: 12 

Share Price as of November 3: $0.96

Volume as of November 3: 13,659,600

Skillz Inc. (NYSE:SKLZ) operates a mobile games platform that connects players in fair, fun, and meaningful competition. It is one of the premier penny stocks to invest in. On August 25, Skillz declared that it has implemented a plan to further reduce its employees and also noted that Jerry Bruckheimer has exited its board. On October 20, the manufacturer of Arcade games, Play Mechanix, won the NFL’s inaugural game developer challenge which was hosted by Skillz.

On October 12, Citi analyst Jason Bazinet maintained a Neutral rating on Skillz Inc. (NYSE:SKLZ) stock and lowered the price target on Skillz to 95c from $1.50, highlighting that the company generated free cash flow despite the macroeconomic slowdown of the businesses.

At the end of the second quarter of 2022, 12 hedge funds in the database of Insider Monkey held stakes worth $53.7 million in Skillz Inc. (NYSE:SKLZ), compared to 18 in the preceding quarter worth $154.3 million.

In its Q2 2022 investor letter, Bireme Capital, an asset management firm, highlighted a few stocks and Skillz Inc. (NYSE:SKLZ) was one of them. Here is what the fund said:

“We described our short position in Skillz Inc. (NYSE:SKLZ) in Q3 2021. The business never improved, and the company looks set to lose $300m this year on just $400m of revenue according to Street estimates. The stock has fallen from $20 in the summer of last year to just $1.50 today, and we covered our short position at a profit.”