10 Hot Penny Stocks On the Move

6. Origin Materials, Inc. (NASDAQ:ORGN)

Share Price as of August 30: $1.49

Current Volume as of August 30: 1.5 million 

Number of Hedge Fund Holders: 14

1-Month Performance as of August 30: 63.74%

Origin Materials, Inc. (NASDAQ:ORGN) is a sustainable material company that focuses on developing and commercializing sustainable materials derived from biomass. The company employs a patented technology platform that converts biomass to a variety of useful products such as packaging, clothing, automotive parts, and other consumer goods.

One of the notable products by Origin Materials, Inc. (NASDAQ:ORGN) includes 100% Polyethylene Terephthalate (PET) circular caps that enhance the recyclability of PET containers. During the Q2 2024 financial update, management announced signing its first customer for its PET caps business and anticipates generating over $100 million in revenue during the two-year contract.

Origin Materials, Inc. (NASDAQ:ORGN) is a fairly new company that went public in 2021. However, it has already developed a robust pipeline of potential customers and licensing partners. The total addressable market it is operating in is greater than $1 trillion with considerably less competition, thereby presenting a robust growth opportunity.

It achieved a significant milestone of producing over 1 million caps to date and tested its manufacturing unit by successfully running it at full speed while maintaining industry-high standards.

Moreover, to ensure successful delivery to its customers, management has entered into two strategic partnerships with Bachmann Group and Reed City Group. The Bachmann Group will assist in the end-to-end operation and automation of its production line, whereas the partnership with Reed City Group will open new opportunities for geographic expansion.

Origin Materials, Inc. (NASDAQ:ORGN) ended the second quarter with $132 million in cash and cash equivalents and generated $7 million in revenue slightly above the previous quarter’s performance.

Management expects strong revenue generation from Q1 2025 and investors have shown confidence in their guidance. The stock was up more than 63% over the past month. Moreover, 14 hedge funds held ORGN in 2024, with total stakes worth $3.25 million.