Are these 3 of the best UK penny stocks to buy right now?

I’m searching for some great low-cost UK shares to add to my Stocks and Shares ISA today. Are these penny stocks currently too good to miss?

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Here are three UK penny stocks that have caught my eye. Are they some of the best stocks to buy for my shares portfolio right now?

Still no sparkle

Followers of Petra Diamonds (LSE: PDL) will know this UK penny share has been in the wars in recent years. Diamond prices have been under pressure on a mix of plentiful supply and sinking demand, the latter issue worsening significantly following the Covid-19 outbreak.

Revenues at Petra Diamonds have also been whacked by a raft of production problems at its South African mines, pushing the business close to collapse.

But news flow from Petra has been sunnier in recent weeks. And an improvement in diamond values helped turnover rise 16% in the three months to March. Some analysts think that stone prices will continue to rise too, as improving economic conditions drive jewellery demand.

News that demand for synthetic diamonds has also slowed is another good sign for this penny stock. Overall though, I think Petra Diamond’s gigantic debt pile, its history of production problems, and the long-term threat posed by lab-grown diamonds make this UK share a risk too far.

A safer penny stock

I try to make investing in shares as stress-free an experience as possible. And this is why I think Premier Foods (LSE: PFD) is an ideal penny stock for investors like me.

Firstly, food production is one of the most defensive sectors out there. We all need to eat, regardless of what social, economic or political meltdown might be raging outside out windows, right?

Secondly, Premier Foods owns some of best-loved brands out there, like Mr Kipling cakes and Homepride and Sharwoods cooking sauces. This gives it the confidence to lift prices to keep growing margins even when consumer spending power is under pressure.

I’d buy this UK share despite the threat of changing pricing and promotional policies by supermarkets can pose. This can have a significant impact on demand for its products and, as a consequence, earnings growth.

A gaming great

In a recent piece I explained how the technological revolution creates huge opportunities for Ocean Outdoors. This is a company whose outdoor screens allow companies to use visual tricks to reach their customers.

In the same vein I think fellow penny stock Bidstack (LSE: BIDS) could be another top UK share to buy. This UK tech share provides a platform for advertisers to plaster pictures and their product logos into video games. It’s a market which has the potential to grow strongly as the global gaming market explodes.

Analysts at Grand View Research reckon the video games industry will grow at a compound annual growth rate of 12.9% through to 2027. Be aware though, that people’s preferences can change rapidly. The gaming boom of the past decade may run out of steam and Bidstack’s profits outlook could take a serious hit.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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