5 Best Penny Stocks to Buy Now

2. CBAK Energy Technology, Inc. (NASDAQ: CBAT)   

Share Price as of July 9: $4.31
Number of Hedge Fund Holders: 4

CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a developer of standard and customized lithium-ion (Li-ion) batteries across the globe. The company ranks 2nd on our list of the best penny stocks to buy now. This January, CBAK Energy Technology, Inc. (NASDAQ: CBAT) entered a partnership with Anhui Jianghuai Automobile Group Corp., Ltd. (JAC Motors). The partnership allowed the companies to work together in creating cylindrical lithium-ion batteries and battery packs.

In the first quarter of 2021, CBAK Energy Technology, Inc. (NASDAQ: CBAT) had an EPS of $0.35 compared to $0.04 in the same period of the previous year. The company’s net revenue was $9.46 million, up from $6.90 million in the same period of 2020. The stock has gained 278% in the past year. CBAK Energy Technology, Inc. (NASDAQ: CBAT) currently has a market cap of $380 million and a 52-week high of $11.4.