5 Best Penny Stocks to Buy Now

4. Clover Health Investments, Corp. (NASDAQ:CLOV)

Number of Hedge Fund Holders: 17

Share Price as of December 20: $1.06

Clover Health Investments, Corp. (NASDAQ:CLOV), based in Franklin, Tennessee, is a physician enablement company. As of December 20, the stock is trading at $1.06 per share and is ranked high among the best penny stocks to buy now. Given its strong balance sheet, Clover Health Investments, Corp. (NASDAQ:CLOV) has the potential to grow earnings in the long term. On August 9, the company posted earnings for the third quarter of 2022. The revenue over the period was $856.8 million, up 100.6% compared to the revenue over the same period last year.

Jason Cassorla, an analyst at Citi, decreased his price target on Clover Health Investments, Corp. (NASDAQ:CLOV) stock from $3.50 to $1.80 on November 16 while maintaining a ‘Neutral’ recommendation on the stock.

The number of hedge funds tracked by Insider Monkey owning stakes in Clover Health Investments, Corp. (NASDAQ:CLOV) grew to 17 in Q3 2022, from 11 in the previous quarter. The collective value of these stakes is nearly $19.7 million.