When insiders buy penny stocks, the market tends to take notice. Changes in sentiment can occur within the blink of an eye, especially when the market sees management making moves in the companies that they are employed by or involved with. We ran a poll on our PennyStocks.com Twitter page, asking readers what was essential to them. Among the choices were unusual options flow, analyst ratings, unusual volume, and insider buying. The focus was on the insiders, and today we’ll take a closer look at five companies that have seen an uptick in buying this month.
Penny Stocks To Buy [According To Insiders]
- Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV)
- Bluejay Diagnostics Inc. (NASDAQ: BJDX)
- Skillz Inc. (NYSE: SKLZ)
- Clover Health Investments Corp. (NASDAQ: CLOV)
- Butterfly Network Inc. (NYSE: BFLY)
Best Penny Stocks To Buy This Week
We’ll dive into this list of penny stocks, but first, it’s important to understand a few things. First, the insiders making these purchases may be taking these actions for different reasons. Some may purchase shares in the open market for one reason or another. Meanwhile, you’ve also got insiders who buy stock based on a predetermined trading plan that has little to do with current events in the market. That also goes for selling plans too. In any case, insider trading activity is good to know but not the only thing to use to determine the best penny stocks to buy.
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV)
Hundreds of companies are trading at some of their lowest levels in years. Hall of Fame Resort & Entertainment Company is one of these. The former SPAC has dipped from over $5 to below $1 since its public debut. Meanwhile, recent excitement surrounding everything from sports betting to NFTs has kept HOFV stock on the list of penny stocks to watch among retail traders. Despite missed earnings, management remains optimistic about the future of the company. In particular, CEO Michael Crawford discussed ‘yardage gainers’ that have become focal points for the company moving forward.
“The work completed by the team over the past months, the enhanced event offerings, the expanded sponsorship portfolio, the number of media deals in the pipeline, have allowed the company to generate increased investor confidence…our new media partnership in the non-fungible token space with the Pro Football Hall of Fame and I Got It. This deal is important as it allows us to uniquely expand our NFT offerings by allowing the parties to digitize more of the artifacts inside the Pro Football Hall of Fame while also accelerating the speed at which they can deliver digital collectibles to professional football fans around the world.”
HOFV Stock Insider Buying
This week, CEO Crawford remained the focus of the market. He purchased 100,000 shares of HOFV stock at prices ranging from $0.91 to $1.05.
Bluejay Diagnostics Inc. (NASDAQ: BJDX)
Another one of the names on the list of penny stocks with insider action is Bluejay Diagnostics. The company develops products for triage and monitoring of disease progression. Bluejay’s Symphony platform offers rapid test results using whole blood samples. There are plans to complete clinical and analytical studies to help with the company’s planned marketing application with the FDA, according to Neil Dey, Bluejay’s Chief Executive Officer, in the company’s latest earnings update. In January, Bluejay presented a pre-submission briefing package to the FDA for the Symphony IL-6 Test. As the market awaits further updates regarding the FDA’s findings.
BJDX Stock Insider Buying
This month has become an active one for insider trading in BJDX stock. Director Douglas Wurth and CFO Gordon Kinder picked up shares earlier this week. They bought over 75,000 shares at average prices ranging between $0.91 and $1.09.
Skillz Inc. (NYSE: SKLZ)
One of the Cathie Wood penny stocks we’ve discussed in the past is experiencing a solid push from insiders this month. Skillz is mobile games platform offering online gaming and entertainment to its users. Even with a slowdown in tech, Skillz management remains optimistic about the company’s future. In its latest earnings update, Skillz CEO Andrew Paradise explained, “Last year, we made substantial investments in our infrastructure necessary to build the competition layer of the Internet…We are now entering a new phase, where we will shift focus to profitable growth through improving marketing efficiency, and deploying fewer but more impactful product features.”
With 61% year-over-year revenue growth and an increase of 56% in gross profit, the company has set the tone heading into the new year. Insiders may have also considered this.
SKLZ Stock Insider Buying
IN March, Directors Harry Sloan and Jerome Bruckheimer added to their positions. Nearly 300,000 shares were purchased at average prices ranging between $2.27 and $3.0957.
Clover Health Investments Corp. (NASDAQ: CLOV)
As far as Clover Health is concerned, this month and this week have been very active for the company. Shares have climbed back from 52-week lows that were reached in late-February. Clover is a healthcare technology company developing ways to lower health costs and increase medical outcomes for patients. This week, Clover presented at the Barclays Global Healthcare Conference with CEO Vivek Garipalli, giving an overview of the company.
Insurance stocks have gained popularity over the last few weeks, and the market disgests recent events and inflation data. Healthcare has long been seen as a candidate during inflationary periods, and insiders seem to agree lately when it comes to CLOV stock.
CLOV Stock Insider Buying
This month, Directors Chelsea Clinton and Lee Shapiro bought 180,000 shares. Average trading prices ranged from $2.5253 to $3.1009.
Butterfly Network Inc. (NYSE: BFLY)
Another healthcare penny stock to watch with insider buying is Butterfly Network. The company offers handheld, whole-body ultrasound, point-of-care technology. Its Butterfly Blueprint platform was recently introduced to support a scaled deployment of ultrasound across different health systems and hospitals. But where do insiders sit when it comes to this healthtech company?
BFLY Stock Insider Buying
Up until recently, the insider activity in BFLY stock was mainly selling. Top management, including CEO Todd Fruchterman, Chief Commercial Officer Stacey Pugh, and CFO Stephanie Fielding, were among the names selling significant positions in the company. This week, however, saw some green on the screen with a new insider buy from Director Larry Robbins. The hedge fund manager conducted the purchase through Glenview Capital Opportunity Fund, L.P., Glenview Offshore Opportunity Master Fund, Ltd., and Glenview Healthcare Master Fund, L.P. In total, 500,000 shares were bought at an average price of $4.5028.
Are Penny Stocks Worth It?
If you’re new to trading, you might still be skeptical of cheap stocks. Asking “are penny stocks worth it?” isn’t uncommon, and there are a few caveats to this answer. In general, determining the potential of lower-priced stocks involves more of your strategy than anything else. Knowing how to trade penny stocks, set a proper profit target, entry prices, and figure out how to sell the right way are all essential things to grasp.
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