5 Best Penny Stocks to Buy Now

3. CarLotz, Inc. (NASDAQ: LOTZ)

Number of Hedge Fund Holders: 16

CarLotz, Inc. (NASDAQ: LOTZ) is a Virginia-based firm that owns and runs a used vehicle marketplace. It is placed third on our list of 15 best penny stocks to buy now. The firm was founded in 2011. It serves many different types of customers in the US which include corporate partners, fleet leasing companies, rental car firms, banks, wholesalers, original equipment manufacturers, and retailers, among others. The company operates ten used vehicle hubs for business across the US. 

CarLotz, Inc. (NASDAQ: LOTZ) has a market cap of over $458 million and posted $118 million in revenue last year. In earnings results for the second quarter, posted on August 9, the firm reported a revenue of $50 million, up 93% year-on-year and beating estimates by $2.6 million. 

At the end of the second quarter of 2021, 16 hedge funds in the database of Insider Monkey held stakes worth $48 million in CarLotz, Inc. (NASDAQ: LOTZ), down from 19 in the preceding quarter worth $106 million.