In this article, we will discuss the 5 best penny stocks trending on Robinhood. If you want to explore similar stocks, you can read 11 Popular Penny Stocks On Robinhood.  Our article used positive analyst ratings to determine the stocks selected for this article. If you are interested in Insider Monkey’s Research Director’s top stock picks, please consider subscribing to our Premium Readership Newsletter. He holds a Ph.D. in financial economics and his stock picks in our monthly newsletter returned 147% since March 2017 vs. 74% gain for the S&P 500 ETF (SPY) during the same period. At the very least you should subscribe to our free daily newsletter by entering your email address below to find out which stocks hedge funds are buying on a daily basis:

5. SelectQuote, Inc. (NYSE:SLQT)

Share Price as of October 27: $0.57

Number of Hedge Fund Holders: 9

SelectQuote Inc. (NYSE:SLQT) provides various insurance products in the United States. The company has three business divisions: Senior, Life, and Auto & Home. The stock is trending on Robinhood and is among the best penny stocks to buy now. As of October 27, SelectQuote, Inc. (NYSE:SLQT) has a 3-month average trading volume of 3.4 million.

Wall Street analysts are also watching SelectQuote, Inc. (NYSE:SLQT). This August, Citi analyst Daniel Grosslight revised his price target on SelectQuote, Inc. (NYSE:SLQT) to $1.50 from $2.75 and reiterated a Neutral rating on the shares. On August 30, RBC Capital analyst Ben Hendrix adjusted his price target on SelectQuote, Inc. (NYSE:SLQT) to $2 from $3 and maintained a Sector Perform rating on the shares. The stock’s average price target sits at $1.75 and implies an upside of 211.5% from current levels.

At the end of Q2 2022, 9 hedge funds disclosed having stakes in SelectQuote, Inc. (NYSE:SLQT). These funds held collective stakes of $87 million in the company. As of June 30, Kynam Capital Management is the leading shareholder in SelectQuote, Inc. (NYSE:SLQT) and has stakes worth $43.8 million in the company.

4. Canopy Growth Corporation (NYSE:CGC)

Share Price as of October 27: $3.10

Number of Hedge Fund Holders: 10

Canopy Growth Corporation (NYSE:CGC) is a leading cannabis company with operations across the globe. The company has a diversified product portfolio and a strong presence in key markets, including Canada, the United States, and Europe. The company is well-positioned to capitalize on the growing global demand for legal cannabis products with its industry-leading brands, including Tweed and Spectrum Therapeutics. Canopy Growth Corporation (NYSE:CGC) is rising in popularity among Robinhood investors and, as of October 27, the stock has a 3-month average trading volume of 13.1 million. The stock ranks high among the best penny stocks to buy now.

On October 26, Canaccord analyst Matt Bottomley raised his price target on Canopy Growth Corporation (NYSE:CGC) to $4.25 from $2.75 and upgraded the stock to Hold from Sell. This October, Alliance Global Partners analyst Aaron Grey raised his price target on Canopy Growth Corporation (NYSE:CGC) to C$4 from C$3.50 and reiterated a Neutral rating on the shares.

At the close of Q2 2022, 10 hedge funds were long Canopy Growth Corporation (NYSE:CGC) and held stakes worth $21 million in the company. Of those, Millennium Management is the top investor in the company and has stakes worth $8.98 million.

3. Taysha Gene Therapies, Inc. (NASDAQ:TSHA)

Share Price as of October 27: $1.82

Number of Hedge Fund Holders: 13

Taysha Gene Therapies, Inc. (NASDAQ:TSHA) is a clinical-stage gene therapy company that is involved in the development and commercialization of gene therapies for the treatment of monogenic central nervous system disorders. On August 11, Taysha Gene Therapies, Inc. (NASDAQ:TSHA) announced that it has cash and cash equivalents of $66.2 million and can continue to fund its operating expenses into the fourth quarter of 2023. The stock is one of the best penny stocks to buy now.

This August, Wedbush analyst Laura Chico revised her price target on Taysha Gene Therapies, Inc. (NASDAQ:TSHA) to $5 from $9 and maintained an Outperform rating on the shares. On October 26, Baird analyst Jack Allen adjusted his price target on Taysha Gene Therapies, Inc. (NASDAQ:TSHA) to $21 from $26 and reiterated an Outperform rating on the shares.

At the end of Q2 2022, 13 hedge funds held stakes in Taysha Gene Therapies, Inc. (NASDAQ:TSHA). The total value of these stakes amounted to $14.7 million. This is compared to 10 positions in the previous quarter with stakes worth $17.7 million. As of June 30, Nantahala Capital Management is the largest investor in Taysha Gene Therapies, Inc. (NASDAQ:TSHA) and has stakes of $6.1 million in the company.

2. Tilray, Inc. (NASDAQ:TLRY)

Share Price as of October 27: $3.58

Number of Hedge Fund Holders: 14

Tilray, Inc. (NASDAQ:TLRY) is a leading global provider of cannabis and cannabinoids, serving consumers in Canada, the United States, Europe, the Middle East, and Africa. The company is dedicated to advancing the science of medical cannabis and to making it accessible to patients in need around the world. Tilray, Inc. (NASDAQ:TLRY) has a strong portfolio of products and brands and is well-positioned to capitalize on the growing global demand for medical cannabis and CBD products. The stock ranks high among the best penny stocks to buy now.

Tilray, Inc. (NASDAQ:TLRY) is creating a lot of buzz on Wall Street and has come to the attention of analysts. Over the past 3 months, Tilray, Inc. (NASDAQ:TLRY) has received 2 Buy ratings and 4 Hold ratings from Wall Street analysts. As of October 27, the stock has a 3-month average trading volume of 24 million.

At the close of Q2 2022, 14 hedge funds were long Tilray, Inc. (NASDAQ:TLRY) and held stakes worth $12.5 million in the company. Of those, Citadel Investment Group was the most prominent investor in the company and disclosed a stake of $5.3 million.

1. Immunic, Inc. (NASDAQ:IMUX)

Share Price as of October 27: $1.84

Number of Hedge Fund Holders: 15

Immunic, Inc. (NASDAQ:IMUX) is a clinical-stage biopharmaceutical company that focuses on the development of oral therapies for the treatment of chronic inflammatory and autoimmune diseases. Immunic, Inc. (NASDAQ:IMUX) is trending on Robinhood and has a 3-month average trading volume of 3.2 million, as of October 27. The stock is ranked among the best penny stocks to buy now.

Immunic, Inc. (NASDAQ:IMUX) has come to the attention of institutional investors, Wall Street analysts, and retail investors. On September 19, H.C. Wainwright analyst Gobind Singh took coverage of Immunic, Inc. (NASDAQ:IMUX) with a Buy rating and a $26 price target. Over the past 3 months, the stock has received 3 Buy ratings and 1 Hold rating from Wall Street analysts. The stock’s average price target sits at $18.25 and implies an upside of 914% from current levels. On October 24, Steve Cohen’s Point72 Asset Management disclosed that it owns roughly 1.91 million shares of Immunic, Inc. (NASDAQ:IMUX), which represents a 4.9% stake in the company.

At the end of Q2 2022, 15 hedge funds were bullish on Immunic, Inc. (NASDAQ:IMUX) and held stakes worth $20 million in the company.

You can also take a look at 10 Best TSX Stocks To Buy and 10 Best International Dividend Stocks To Buy.

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