The 3 Best Penny Stocks to Buy in May 2024

Group 1: Ardelyx (ARDX) - Ardelyx is a biopharmaceutical company with FDA-approved products, leading to significant revenue growth [2][3] - The company's primary product, Ibsrela, generated $28.4 million in net product sales in Q1 2024, driven by an expanding list of healthcare providers [2] - Ardelyx's second product, Xphozah, for chronic kidney disease, brought in $15.2 million in net product sales in the same quarter, with expectations for further growth from international approvals [3] Group 2: Sirius XM (SIRI) - Sirius XM is a satellite radio provider with a subscriber base of nearly 34 million, maintaining profitability for over 10 years [5][6] - Despite a recent dip in stock price, the company generated $2.16 million in revenue and $132 million in free cash flow in Q1 2024 [5] - Sirius XM projects approximately $8.75 billion in revenue for 2024, bolstered by its 360L platform and the Pandora streaming app, which contributes around 25% of Q1 revenue [6] Group 3: VAALCO Energy (EGY) - VAALCO Energy is an independent oil and gas producer with operations in multiple countries, benefiting from increased demand due to geopolitical events [7] - The company reported a net income of $7.7 million in Q1 2024, up from $3.4 million in Q1 2023, despite higher depreciation and operating expenses [7] - VAALCO Energy maintains a dividend yield of 4% and is expected to continue growth as production capacity increases, particularly with the resumption of operations in its Baobab oil field [8]