5 Penny Stocks To Buy in May

In this article, we will discuss 5 penny stocks to buy in May. To learn about similar stocks you can also go through 10 Penny Stocks To Buy in May.

5. KULR Technology Group Inc. (NYSE:KULR)

Number of Hedge Fund Holders: 4

Share Price as of May 6: $1.67

KULR Technology Group, Inc. (NYSE:KULR) develops and commercializes thermal management technologies for batteries, electronics, and other components applications in the United States. The company’s products have a variety of industrial applications including applications in lithium-ion battery energy storage, electric vehicles, 5G communication, and cloud-computing infrastructure among others. 

KULR Technology Group, Inc. (NYSE:KULR) has been on investors’ radars for some time now and as of the end of Q4 2021, 4 hedge funds have stakes in the company worth $0.7 million. This is compared to 1 position in the previous quarter with stakes worth $94,000. The hedge fund sentiment for the stock is positive.

This March, KULR Technology Group, Inc. (NYSE:KULR) announced that it has won three additional contracts with the United States Department of Defense for the implementation of its carbon fiber cathode solution for high power magnetic and other covert pulse weaponry initiatives. Moreover, the company also announced scoring a battery safety contract with NASA to test its lithium-ion cells going into future battery packs designed for a series of US-led international human spaceflight programs. Rising demand for its products in 2022 is expected to drive shares of KULR Technology Group, Inc. (NYSE:KULR), making it a top-pick penny stock for May.

Citadel Investment Group upped its Q3 stakes in KULR Technology Group, Inc. (NYSE:KULR) by 133%, bringing its stakes to $0.29 million at the close of Q4 2021. Citadel Investment Group is the dominating shareholder in the company.