In this article, we will discuss the 5 penny stocks that will make you a millionaire. If you want to explore similar stocks, you can check out 10 Penny Stocks That Will Make You A Millionaire.

5. Aeva Technologies, Inc. (NYSE:AEVA)

Share Price as of January 6: $1.27

Number of Hedge Fund Holders: 15

Aeva Technologies, Inc. (NYSE:AEVA) is a Silicon Valley-based technology company that creates and designs autonomous sensing solutions. The company is committed to pushing the boundaries of technology to create the most advanced and accurate sensing solutions for autonomous vehicles and industrial applications. Aeva Technologies, Inc. (NYSE:AEVA) was pitched by Luke Lango of Investorplace in the Innovation Investor newsletter. Here is what the publisher said:

“I predict the biggest gains will come from investing in the one tiny $5 tech company that could help make the Apple Car a reality! I believe this company could provide a key piece of tech the Apple Car needs to become a truly autonomous vehicle…Because it’s going to be what allows the autonomous Apple Car to SEE….Surprisingly, this tech is already being used in our iPhones…And two former Apple engineers actually left to build this company and start applying it to AVs! That’s why I believe the Silicon Valley tech firm they started is a shoe-in to become a vital Apple Car supplier.”

As of Last November, Roth Capital analyst Suji Desilva has a Buy rating and a $10 price target on Aeva Technologies, Inc. (NYSE:AEVA). As of January 6, Aeva Technologies, Inc. (NYSE:AEVA) is trading at $1.27 a share and is placed on our list of the penny stocks that can make you a millionaire.

At the close of Q3 2022, 15 hedge funds held stakes in Aeva Technologies, Inc. (NYSE:AEVA). The total value of these stakes amounted to $66.4 million. As of September 30, Sylebra Capital Management is the top shareholder in the company and has a position worth $50.68 million.

4. Wheels Up Experience Inc. (NYSE:UP)

Share Price as of January 6: $1.18

Number of Hedge Fund Holders: 17

Wheels Up Experience Inc. (NYSE:UP) is a leading provider of on–demand air travel services, connecting customers to private aircraft for a variety of leisure and business needs. As of January 6, Wheels Up Experience Inc. (NYSE:UP) is trading at $1.18 per share and is one of the penny stocks that can return millions of dollars an a relatively small initial investment.

Wheels Up Experience Inc. (NYSE:UP) was teased by Alexander Green in his Oxford Microcap Trader newsletter. Here is what Alexander Green had to say about this stock:

“This one is a dirt-cheap play on one of the largest private aviation companies in the world. The firm is expanding its addressable market by an incredible 900%. It just announced record revenue growth of 49% year over year. It’s grown membership by 20% this year. Even though it’s the leading company in this sector with huge growth, its stock is trading at just $2 a share.”

On November 9, Wheels Up Experience Inc. (NYSE:UP) posted earnings for the fiscal third quarter of 2022 in which it outperformed EPS expectations by $0.04. The company reported a revenue of $420.36 million, up 39.20% year over year, and ahead of Wall Street consensus by $38.31 million.

At the end of Q3 2022, 17 hedge funds were bullish on Wheels Up Experience Inc. (NYSE:UP) and held stakes worth $8.3 million in the company. Of those, Jim Simons’ Renaissance Technologies was the largest shareholder in the company and disclosed a position worth $2 million.

3. Tellurian Inc. (NASDAQ:TELL)

Share Price as of January 6: $1.79

Number of Hedge Fund Holders: 21

Tellurian Inc. (NASDAQ:TELL) is a Houston-based energy company focused on delivering natural gas to the global market. The stock was teased by Porter Stansberry in his newsletter, The Big Secret on Wall Street (This Week). Here is what the publisher said:

“Its founder is the man who started the entire LNG boom in the United States… Building the first independent (non-major oil company) LNG export facility in 2010-2014, a stock that has gone from around $5 to over $150, a return of ~2,900%. Now he’s about to do it again… … THE EMERGING LNG GIANT”

Tellurian Inc. (NASDAQ:TELL) currently trades below $2, at $1.79 per share as of January 6, and is bound to skyrocket as the LNG boom plays. Tellurian Inc. (NASDAQ:TELL) is ranked among the penny stocks that can make you a millionaire.

At the end of Q3 2022, 21 hedge funds disclosed positions in Tellurian Inc. (NASDAQ:TELL). The total value of these stakes amounted to $76.6 million. As of September 30, D E Shaw is the top investor in the company with a position worth $20.7 million.

2. Ginkgo Bioworks Holdings, Inc. (NYSE:DNA)

Share Price as of January 6: $1.52

Number of Hedge Fund Holders: 24

Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is an innovative and emerging biotech company that is involved in cell programming for the production of products including novel therapeutics, food ingredients, and chemicals derived from petroleum. As of January 6, Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) is trading at $1.52 a share and is placed among the penny stocks that have the potential to rake in millions.

Last November, Berenberg analyst Gaurav Goparaju started coverage of Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) with a Buy rating and a $6 price target.

Whitney Tilson teased Ginkgo Bioworks Holdings, Inc. (NYSE:DNA) in his newsletter, Empire Stock Investor. Here is what he said:

“Its management team is elite, including the former CEOs of MGM and Bayer, a highly regarded MIT scientist, and a billionaire businessman. They specialize in a revolutionary technology – one that could transform every industry on the planet. And they’re a market leader in an industry that’s projected to be worth $4 trillion in the coming years.”

At the end of Q3 2022, 24 hedge funds held stakes in Ginkgo Bioworks Holdings, Inc. (NYSE:DNA). The total value of these stakes amounted to $956 million.

1. Farfetch Limited (NYSE:FTCH)

Share Price as of January 6: $4.92

Number of Hedge Fund Holders: 50

Farfetch Limited (NYSE:FTCH) is an online luxury fashion retailer based in London. The company has been leading the space since 2007 and has a prominent global footprint. The stock was teased by Alexander Green in his Oxford Microcap Trader newsletter. Here is what Alexander Green said:

“It’s 100% dedicated to discounted luxury fashion. Annual revenue already exceeds $2.3 billion. And it’s growing at a huge 35% annual rate…. Just like its clothing, this company is trading a huge discount. And the stock is trading for less than $10. It has huge upside potential and limited downside risk.”

On December 2, JPMorgan analyst Doug Anmuth maintained his $15 price target and an Overweight rating on Farfetch Limited (NYSE:FTCH). As of January 6, the stock is trading at $4.92. Farfetch Limited (NYSE:FTCH) is one of the promising penny stocks that can potentially become a million dollar investment.

At the close of Q3 2022, 50 hedge funds were long Farfetch Limited (NYSE:FTCH) and disclosed positions worth $912 million in the company. Of those, Atreides Management was the dominant stockholder in the company and held a stake worth $81.3 million.

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