5 Best NASDAQ Penny Stocks To Invest In

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1. Peloton Interactive, Inc. (NASDAQ:PTON)

Number of Hedge Fund Holders: 35

Share Price as of February 11: $4.55

Peloton Interactive, Inc. (NASDAQ:PTON) operates an interactive fitness platform globally, providing connected fitness products such as Peloton Bike, Peloton Bike+, Peloton Tread, Peloton Tread+, Peloton Guide, and Peloton Row. Peloton Interactive, Inc. (NASDAQ:PTON) is one of the top penny stocks to buy. On February 1, the company announced its financial results for second quarter fiscal 2024. Peloton reported a GAAP EPS of -$0.54, falling short of Wall Street estimates by $0.02. The revenue of $743.6 million exceeded market consensus by $9.36 million. 

According to Insider Monkey’s third quarter database, 35 hedge funds were bullish on Peloton Interactive, Inc. (NASDAQ:PTON), compared to 46 funds in the last quarter. Ricky Sandler’s Eminence Capital is a significant position holder in the company, with 7.26 million shares worth $36.7 million. 

Here is what Merion Road Capital specifically said about Peloton Interactive, Inc. (NASDAQ:PTON) in its Q3 2022 investor letter:

“Peloton Interactive, Inc. (NASDAQ:PTON) is quite a different story. You may recall from my Q1 letter that I initiated a position in the stock given the potential for a new CEO to leverage the company’s passionate and engaged user base. The investment had meaningful upside potential (multiples of the then trading price), but also presented real downside risk; as such, I kept our exposure to just a few percentage points of the portfolio. Fast forward six months and underlying trends like churn, engagement, and new users weakened dramatically. I sold our shares as the likelihood for the company to achieve financial success has become increasingly remote.”

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