5 Penny Stocks To Buy That Are Too Cheap To Ignore

3. Allego N.V. (NYSE:ALLG)

Number of Hedge Fund Holders: 19

Allego N.V. (NYSE:ALLG) is an electric vehicle charging company that is based in Arnhem, the Netherlands. The firm has more than thirty thousand charging ports in Europe that provide services for cars, buses, trucks, and motors.

Allego N.V. (NYSE:ALLG) uses a proprietary software solution that lets it identify areas with the strongest demand and revenue for its products. It uses these outputs to tailor its products to the market, and the charging sites are OEM-agnostic, which then allows the company to cast a wide net with its chargers. Allego N.V. (NYSE:ALLG) already has 12% of the European electric vehicle charging market, and it targets each of its markets through subsidiaries, which ensures that decision making is swift and in line with local market conditions.

Credit Suisse set a $10 share price target for Allego N.V. (NYSE:ALLG) in September 2022 as it stated that the firm’s revenues are estimated to grow by a whopping compounded annual growth rate of 44% between 2022 and 2030. 19 out of the 895 hedge funds polled by Insider Monkey as part of their second quarter of 2022 investments had held a stake in Allego N.V. (NYSE:ALLG).