5 Best Penny Stocks to Buy in July

In this article, we discuss the 5 best penny stocks to buy in July. If you want to see more penny stocks to buy this month, check out 10 Best Penny Stocks to Buy in July. 

5. Allbirds, Inc. (NASDAQ:BIRD)

Number of Hedge Fund Holders: 13

Share Price as of July 11: $4.8200

Allbirds, Inc. (NASDAQ:BIRD) is based in San Francisco, California, where it manufactures footwear and apparel for men and women. On June 27, Allbirds, Inc. (NASDAQ:BIRD) entered the broad-market Russell 3000 Index. The stock also rallied in late May, when it was announced that Allbirds, Inc. (NASDAQ:BIRD)’s footwear will be stocked in select Nordstrom department stores beginning in June. 

On May 11, Baird analyst Mark Altschwager reiterated an ‘Outperform’ rating on Allbirds, Inc. (NASDAQ:BIRD) but lowered the price target on the shares to $10 from $17. The analyst observed that the short-term setup is difficult but that U.S demand remains very healthy and international headwinds broadly transitory, thus he likes the longer-term risk/reward.

Among the hedge funds tracked by Insider Monkey, 13 funds were long Allbirds, Inc. (NASDAQ:BIRD) in Q1 2022, up from 10 funds in the earlier quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP is the biggest stakeholder of the company, with 2.5 million shares worth $15.2 million.