In this article, we’ll discuss the 10 most promising penny stocks according to hedge funds.
Value in Small-Caps
With the current resilience of the bull market, there is optimism surrounding the potential for the S&P 500 to close at 5,700 or higher by year-end, as pointed out by some experts. This positive outlook is driven by expectations of the Fed cutting interest rates and stimulus measures being implemented in key global markets. The interaction between monetary policy, geopolitical factors, and market sentiment will be crucial in shaping market dynamics in the coming months. Investors are encouraged to stay informed as they navigate this evolving landscape. Tom Lee, Fundstrat co-founder, appeared on CNBC a few days back to discuss the staying power of the current bull market. His overall market outlook was discussed in one of our other articles, 8 Most Profitable Penny Stocks To Invest In, here’s an excerpt from it:
“…He attributed this potential growth to a dovish Fed beginning to cut rates and the stimulus measures being implemented in China, which he believes will positively impact the market. With significant cash still on the sidelines, Lee sees a favorable environment for stocks over the next 3 to 12 months.
Despite Lee’s bullish outlook, he acknowledged that small-cap stocks have exhibited weakness since the Fed began raising rates. He noted that while small caps are within a few percentage points of their all-time highs, they have not performed as well as expected. The market’s current risk appetite is mixed, and with the upcoming election and elevated oil prices contributing to uncertainty, investors may be hesitant to take on new risks.”
However, on October 11, Sebastien Page of T. Rowe Price joined ‘Closing Bell’ on CNBC to discuss the bullish case for international small caps. Sebastien Page expressed a cautiously optimistic outlook for the stock market as the year progresses, particularly in light of a hotter-than-expected Consumer Price Index report. Page indicated that he is looking for opportunities to add risk heading into year-end, aligning with the sentiment that while many investors are comfortable with economic fundamentals, they remain uneasy about high valuations. He noted that the investment committee at T. Rowe Price shares this perspective, emphasizing a balanced approach where they are more likely to add to risk assets rather than reduce exposure in the coming months.
Page highlighted that their current strategy includes a slight overweight of half a percent in stocks compared to bonds, which marks an increase in risk appetite compared to previous conversations over the last 18 months. He acknowledged that while the overall market multiple may appear expensive, it is skewed by the largest market-cap stocks. This suggests that there are still opportunities beyond mega-cap names, which have become too consensus-driven and costly.
Addressing concerns about valuations, Page pointed out that while the price-to-earnings ratio appears high, it is essential to consider the context. He mentioned that if one adjusts for return on equity, current valuations may fall below historical medians. Additionally, he noted that the average stock globally trades at a P/E of about 13, which aligns with its long-term average. This indicates that while some segments may seem overvalued, many stocks are positioned reasonably relative to their historical performance.
When discussing international small-cap stocks, Page explained that despite macroeconomic challenges outside the US, international small-caps offer compelling fundamentals. He highlighted that these stocks have a return on equity that is twice as high as their US counterparts, presenting an opportunity for contrarian investment. Page believes that as global markets begin to perform better amid a broader easing cycle, international small caps could play a significant role in portfolio diversification.
His insights reflect a strategic positioning for potential market broadening and highlight the importance of looking beyond mega-cap stocks to identify value in various sectors and regions. His approach suggests optimism about the market’s ability to navigate current challenges while capitalizing on emerging opportunities as we approach year-end. Taking Page’s opinion into consideration, we’re here with a list of the 10 most promising penny stocks according to hedge funds.
Methodology
We sifted through Finviz to compile an initial list of the top penny stocks, with a share price under $5. From that list, we narrowed our choices to 10 penny stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q2 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Most Promising Penny Stocks According to Hedge Funds
10. Ferroglobe (NASDAQ:GSM)
Share Price as of October 11: $4.41
Number of Hedge Fund Holders: 30
Ferroglobe (NASDAQ:GSM) is a leading global producer of silicon-based alloys and manganese-based alloys, specializing in the production of silicon metal and ferroalloys, essential ingredients used in various industries, including steelmaking, aluminum production, and the manufacturing of solar panels and semiconductors.
Although the company’s revenue fell by 1.18% year-over-year in Q2 2024, it still made $0.13 per share, with a total revenue of $451.05 million. The restart of French operations in April contributed to increased volumes and improved financial outcomes.
Silicon metal revenue was up 22% sequentially. Average realized prices rose 2.8%, and shipments increased 18.2% to 63,000 tons. Index prices in Europe were negatively impacted by lower-priced Chinese exports and weakened market conditions. Prices in North America were strong due to supply constraints. Silicon-based alloys revenue was down 6% from the previous quarter. Manganese-based alloys revenue increased by 48% from the prior quarter, due to higher shipments of 81,000 tons, up 31%.
The company made significant progress in its US ferrosilicon trade case, with the Department of Commerce imposing significant duties on Russian imports. This decision is expected to benefit its US ferrosilicon business by reducing competition. Additionally, the company’s testing of Coreshell nanocoating technology for EV batteries shows promising results, positioning it well to capitalize on the growing demand for high-performance batteries. Ferroglobe’s (NASDAQ:GSM) focus on innovation and product development, coupled with favorable market conditions, is expected to drive continued success.
Ave Maria Focused Fund stated the following regarding Ferroglobe PLC (NASDAQ:GSM) in its fourth quarter 2023 investor letter:
“Ferroglobe PLC (NASDAQ:GSM) was added to the portfolio in the fourth quarter. Ferroglobe is a leading manufacturer of silicon metal, which is a critical input for hundreds of industrial and consumer applications. It was formed via a merger of two companies, but the integration initially went poorly, causing a decline in the company’s stock price. New management was brought in to rectify the situation. The new team successfully completed the integration, which lowered the ongoing costs of the operations and eliminated the company’s debt. Going forward, regulations in the United States and Europe should dramatically increase the production of solar panels. Silicon metal is an irreplaceable input for solar panels, and this new demand for silicon metal will make Ferroglobe’s revenue less cyclical. Now that Ferroglobe has a fortress balance sheet, management has room to enact a large share repurchase initiative. At the time of the initial investment, the Fund was able to purchase Ferroglobe for almost half the replacement cost of its assets. The Fund exited positions in Nvidia, Tyler Technologies, and Valvoline, in part, to fund the Ferroglobe purchase and increase the position sizes of some existing holdings.”
9. Altice USA Inc. (NYSE:ATUS)
Share Price as of October 11: $2.51
Number of Hedge Fund Holders: 32
Altice USA Inc. (NYSE:ATUS) is a major cable and broadband communications provider in the US that offers a range of services, including high-speed internet, video, and phone services, to residential and business customers. It is known for its focus on providing innovative technology solutions and delivering exceptional customer service.
The company’s new management team, with a strong Comcast background, is focused on improving the company’s performance. B2B offerings and political revenue are expected to fuel growth prospects, contributing to advertising growth. It continues to invest in AI and data to enhance capabilities and customer service. Efforts to improve customer experience and operational efficiency through fiber expansion, mobile services, and AI are building a long-term growth story. Proactive network maintenance and a segmented go-to-market approach should lead to operational improvements.
In Q2 2024, the company achieved significant improvements in operational metrics, customer satisfaction, and growth in fiber, mobile, and B2B businesses. ARPU also stabilized throughout the base. This helped generate $2.24 billion in revenue, although this was down 3.59% from a year-ago period. Business services revenue was up 1.3%, while News and advertising revenue declined 7.2%. Brand awareness among prospective customers grew by 8% year-over-year in the east and by 13% in the west.
It recently launched Optimum Stream, its Android-based streaming platform, and plans to introduce new features like pause and rewind for live TV. In July, it also announced the launch of Entertainment TV, a new internet TV package, as the first of several new video bundles.
Strategic initiatives include investments in technology, customer experience, and product offerings. Despite competitive pressures, the company’s focus on operational efficiency and customer satisfaction has led to improved financial performance and positions it well for long-term growth.
Here is what MPE Capital has to say about Altice USA, Inc. (NYSE:ATUS) in its Q2 2022 investor letter:
“Two (very) costly mistakes I’ve made over the last twelve months have been my investments in Altice USA and Poshmark. Both are down over 50% from my initial purchase price. I not only poorly appraised business quality, I also incorrectly appraised the intrinsic value of both of these companies. It should rarely end up the case that we pay over intrinsic value, at worst case we should never lose money on an investment. I will dive into one of these mistakes below and maybe dive into the other in a future letter. My thinking when buying Altice USA was that they operate as a duopoly in their main footprint, the New York Tri-State area. They provide a needs-based service: internet, video, and voice services. I figured this is a very stable business with high barriers to entry. Management seemed competent as well based on historical capital allocation decisions. I didn’t fully appreciate at the time how poorly positioned they were relative to Verizon Fios, as well as how fiercely competitive the business can get on promotions and customer acquisition.
Altice offers hybrid fiber coaxial (HFC) while Fios offers fiber-to-the-home (FTTH). FTTH is a far superior product, which has led to some share loss to Fios in the parts of their footprint that overlap. There have also been some subscriber losses in their other footprint due to new cable entrants and fixed wireless offerings.
My original thinking was that the video business will go to zero overtime due to continued pressure from services like Netflix. In hindsight, I overstated their free cash flows excluding the video business due to difficulties disaggregating their business results. This FCF delta is a huge contributor to the difference between my current and original estimates of intrinsic value. Now, it’s possible that the video business doesn’t go to zero; however, I have a hard time envisioning that many households in ten years will still subscribe to linear television.
After losing some subscribers and facing some headwinds, they are now reinvesting many billions over the next few years in order to fiberize the majority of their footprint. I think this is a great plan and it will hopefully cement their position as a true duopoly in the New York TriState area. However, in their other major footprint, new fiber entrants are coming in and competition will only intensify. There are also some new entrants entering this space like Starlink satellite internet and fixed wireless internet from tier one mobile carriers. I think these will generally be more expensive and inferior to FTTH; however, they may end up putting some pricing pressure on Altice overtime.”
8. Taboola.com Ltd. (NASDAQ:TBLA)
Share Price as of October 11: $3.29
Number of Hedge Fund Holders: 32
Taboola.com Ltd. (NASDAQ:TBLA) operates a platform that uses AI to deliver native advertising. This means that it creates ads that seamlessly blend with the content users are already reading on publisher websites. It connects advertisers with a massive audience of over 600 million daily active users, helping them reach potential customers and achieve marketing goals at scale.
Its strategic partnerships, including a 30-year deal with Yahoo reaching 900 million users and expansion into premium platforms, significantly expand its reach and strengthen its market position. These partnerships unlock a potential $1 billion in annual revenue and attract high-value advertisers seeking premium audiences. In July, it went into an exclusive agreement with Apple to integrate native advertising in Apple News and Stocks apps further solidifying its position.
Its revenue grew by 28.96% in the second quarter of 2024, making $428.16 million. Initiatives to attract Tier 1 brands and agencies showed strong growth year-over-year and accounted for 25% of revenue. Demand out of China has more than doubled versus the prior year. Maximize Conversions, the company’s first AI-powered bidding technology, continues to make significant strides, with adoption now approaching 70% of the revenue, up ~10 points sequentially, with an increase of over 100% in the number of advertiser campaigns using this technology.
The company stands out in digital advertising with its AI-powered approach. Taboola.com Ltd.’s (NASDAQ:TBLA) focus on delivering value to advertisers, coupled with its innovative product offerings and expanding reach, makes it a compelling investment opportunity.
7. Grab Holdings Ltd. (NASDAQ:GRAB)
Share Price as of October 11: $3.63
Number of Hedge Fund Holders: 34
Grab Holdings Ltd. (NASDAQ:GRAB) is a leading Southeast Asian super app that offers services like ride-hailing, food delivery, payments, and financial services. It operates in 700 cities in 8 Southeast Asian countries.
In 2018, it acquired the Southeast Asian operations of Uber Technologies Inc (NYSE:UBER). Its digital banks segment is growing rapidly in Southeast Asia. Deposits and loans have increased significantly. It’s scaling the ecosystem, using AI, and investing in GenAI. It rolled out AI-powered DISH descriptions for automated engaging and descriptive text for menu items in 5 out of 8 markets at scale.
The company reported a 17.11% increase in Q2 2o24 revenue. The company’s 3 digital banks are fully operational, with deposits in GXS Bank in Singapore and Malaysia growing over 50% quarter-on-quarter to $730 million. GrabFin and its digital banks provided $2 billion in loans during the second quarter. Its near-monopoly position in Southeast Asia and growing user base have contributed to its recognition as one of the most innovative companies in the Asia-Pacific region.
It has seen a recent surge in its stock price, benefiting its institutional shareholders. The 4.3% increase has pushed its one-year return to a healthy 6.4%. Institutions, the largest shareholders, hold 42% of the company. The Top 9 Shareholders collectively own more than half the company. Insiders, owning 10% of the shares, have their interests aligned with shareholders. The General Public holds 21% while public companies and private equity firms collectively own the remaining 27% stake.
The company’s recent financial performance reinforces its bullish outlook. With a diverse investor base and positive sentiment from institutional shareholders, Grab Holdings Ltd. (NASDAQ:GRAB) is poised to capitalize on the region’s growing digital economy.
6. Nuvation Bio Inc. (NYSE:NUVB)
Share Price as of October 11: $2.01
Number of Hedge Fund Holders: 35
Nuvation Bio Inc. (NYSE:NUVB) is a biopharmaceutical company focused on developing innovative therapies for patients with serious and life-threatening diseases. It’s particularly interested in oncology and rare diseases. The pipeline includes several drug candidates in various stages of development, aiming to address unmet medical needs and improve patient outcomes.
In the second quarter of 2024, the company made $1.44 million, although there was a loss per share of $1.89. Overall, analysts are optimistic about its future due to the promising potential of taletrectinib for treating non-small cell lung cancer. Taletrectinib has demonstrated competitive efficacy and safety in clinical trials. It’s advancing a pipeline of promising clinical-stage candidates. These include a BET inhibitor, a ROS1 inhibitor, an mIDH1 inhibitor, and a drug-drug conjugate.
It announced positive results from its pivotal Phase 2 TRUST-I and TRUST-II studies evaluating taletrectinib, an investigational next-generation ROS1 TKI. The data demonstrate taletrectinib’s potential as a promising treatment option for patients with advanced ROS1-positive non-small cell lung cancer. The studies showed significant tumor shrinkage, durable responses, and prolonged progression-free survival in patients treated with taletrectinib. The drug exhibited a favorable safety profile with a low incidence of neurologic side effects and a low discontinuation rate.
Nuvation Bio Inc. (NYSE:NUVB) plans to submit a New Drug Application (NDA) for taletrectinib to the US FDA in Q4 2024, aiming for potential commercialization by 2025, pending regulatory approval. Positive clinical data and planned regulatory submissions indicate a strong potential for commercialization and significant market impact. The focus on addressing unmet medical needs in oncology and rare diseases positions it for long-term success.
5. Marqeta Inc. (NASDAQ:MQ)
Share Price as of October 11: $4.98
Number of Hedge Fund Holders: 35
Marqeta Inc. (NASDAQ:MQ) is a card-issuing platform that provides infrastructure and tools to help companies build and manage payment programs. It provides the technology and infrastructure for businesses to issue their own branded cards, such as debit, credit, and prepaid cards. Its platform offers flexibility, scalability, and a range of features, making it a popular choice for companies in various industries, including fintech, ride-sharing, and e-commerce.
It recently partnered with Varo Bank, which selected it to process its card transactions, with migration scheduled to take place in 2025 under a 5-year contract. Zoho chose it for its expertise in launching card solutions for expense management. Despite such expansions, the company’s revenue fell by 45.80% year-over-year due to a change in how the company reports revenue from Cash App. Its suite of risk solutions, including 3DS and risk control, were up 61%.
In August, Payhawk partnered with the company to implement advanced card controls for fraud prevention and compliance. In late September, Marqeta Inc. (NASDAQ:MQ) and Found came together to offer streamlined expense management solutions for small businesses. Around the same time, Rippling and this company launched corporate credit cards in Canada to address the growing demand for better financial services for small businesses.
The popularity of digital banking among younger demographics presents a significant opportunity for Marqeta Inc. (NASDAQ:MQ). According to a survey, one-third of consumers now exclusively use digital banks, and 63% of 18-to-34-year-olds are open to non-traditional financial services, increasing the market share of modern banks. Its platform has demonstrated strong growth in financial services transactions. With a proven track record of serving large businesses, the company is well-positioned to capitalize on the expanding digital banking market and achieve future growth.
4. Terawulf Inc. (NASDAQ:WULF)
Share Price as of October 11: $3.93
Number of Hedge Fund Holders: 37
Terawulf Inc. (NASDAQ:WULF) owns and operates vertically integrated, environmentally clean bitcoin mining facilities in the US. It has two Bitcoin mining facilities: the wholly-owned Lake Mariner Data facility in New York, and the Nautilus Cryptomine facility in Pennsylvania, a joint venture with Cumulus Coin.
In Q2 2024, it completed Building 4 at Lake Mariner, boosting its mining capacity to over 10 EH/s. Its industry-leading power costs and fleet efficiency give it a competitive advantage. The company amended its Bitman purchase agreements and acquired 5,000 S21 Pro miners at $16/TH. It also made progress in AI and HPC initiatives through WULF Den and streamlined its capital structure.
Overall revenue generated in the second quarter was $35.57 million, surging 130.16% as compared to the year-ago period. It mined 184 Bitcoins in August, averaging 5.9 Bitcoins daily. Its self-mining capacity increased 100% YoY to 10.0 EH/s. Its operational hash rate averaged 8.2 EH/s in August, reflecting effective demand response strategies and performance optimizations.
On October 5, it sold its 25% stake in Nautilus Cryptomine joint venture to Talen Energy Corporation for $92 million and will reinvest the proceeds to expand its high-performance computing and Bitcoin mining operations at the Lake Mariner facility. Later on October 11, the company secured a 35-year land lease for 157 acres at the Lake Mariner facility in Somerset, New York, paying Somerset’s parent company 20 million shares and $12 million in cash.
The company’s commitment to sustainability and its significant infrastructure positions it well for growth in the Bitcoin mining and alternative compute hosting sectors. Terawulf Inc.’s (NASDAQ:WULF) operational excellence and focus on increasing output demonstrate its potential for sustained profitability in the evolving cryptocurrency market.
3. Peloton Interactive Inc. (NASDAQ:PTON)
Share Price as of October 11: $4.74
Number of Hedge Fund Holders: 38
Peloton Interactive Inc. (NASDAQ:PTON) is an exercise equipment and media company with products like stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes. It also offers a subscription service that provides access to their fitness content, including workouts, music, and meditation.
The company reported better-than-expected FQ4 2024 results. Revenue increased 0.22% year-over-year to $643.60 million, driven by a 2.3% increase in the subscription area. Per-share loss narrowed to $0.08 from $0.68. Gross profit margin improved significantly due to the closure of the Precor plant, leading to a rise in adjusted EBITDA. The improvements came as it reduced total sales and marketing expenses by 19%. The secondary market delivered a 16% increase in paid connected fitness subscribers in FQ4. Connected Fitness revenue from the treadmill portfolio grew 42%.
Earlier it had launched the half-marathon training program on Global Running Day in June. The company recently partnered with Truemed, on October 10, to allow customers to use HSA/FSA dollars to purchase Peloton equipment. This partnership aims to make fitness more accessible and affordable for consumers by providing tax-free payment options for health products and services.
Peloton Interactive Inc. (NASDAQ:PTON) is making progress on several key strategic priorities, including improving profitability, investing in innovation, and exploring capital allocation strategies. The company is also focused on delivering stronger bottom-line results to support its investments in software, hardware, and content.
Patient Capital Opportunity Equity Strategy stated the following regarding Peloton Interactive, Inc. (NASDAQ:PTON) in its first quarter 2024 investor letter:
“Peloton Interactive, Inc. (NASDAQ:PTON) declined in the first quarter, hitting its lowest per share valuation in late March since becoming a public company. The company has taken drastic action to right-size the extremely bloated cost structure, expand sales channels (Amazon, Dick’s Sporting Goods), and test other ways to reinvigorate growth. The company is hyper focused on reaching positive free cash flow generation, but the path was pushed out. We continue to believe the value of the business lives in the high-margin, sticky subscription piece of the business. We think at current valuation, the company will either successfully turn things around or be a take-out target.”
2. Hertz Global Holdings Inc. (NASDAQ:HTZ)
Share Price as of October 11: $3.15
Number of Hedge Fund Holders: 38
Hertz Global Holdings Inc. (NASDAQ:HTZ) is a global car rental company, operating rental car agencies in various countries, offering a range of vehicles for rent. It is known for its extensive network of locations, making it convenient for travelers to rent cars at airports, train stations, and other popular destinations.
Insiders at Hertz Global Holdings Inc. (NASDAQ:HTZ) have been buying shares in the past year, with CEO Wayne West making the biggest purchase. That single transaction was for US$1.1m worth of shares for $4.46 each. However, insider ownership remains modest at 1.5% of the company.
The company reported increased direct operating expenses due to non-recurring charges, insurance, personnel, collision, and damage costs in Q2 2024. Rental vehicles increased by 3%, but utilization dropped 2%, leading to overall revenue of $2.35 billion, down 3.45% year-over-year. Vehicle-related debt increased 4.3%, and non-vehicle debt surged 33%, resulting in an 11% rise in total debt to $17.4 billion.
The company’s Q2 revenue resulted from pricing discipline and managed capacity. DPU increased due to fleet refresh acceleration. It renegotiated national contracts and reduced maintenance and collision costs by 12%. SG&A decreased 9% year-over-year. It ended Q2 with $1.8 billion in liquidity and raised $1 billion in June. Vehicle debt increased due to ABS facility design.
The company is making progress on its strategic priorities, including strengthening its balance sheet, building a strong leadership team, and accelerating its fleet rotation. Hertz Global Holdings Inc. (NASDAQ:HTZ) is confident that these actions will improve its financial performance and create long-term shareholder value.
1. Transocean Ltd. (NYSE:RIG)
Share Price as of October 11: $4.25
Number of Hedge Fund Holders: 42
Transocean Ltd. (NYSE:RIG) is the world’s largest offshore drilling contractor based on revenue, based in Switzerland, with offices in 20 countries. It owns and operates a fleet of offshore drilling rigs, which are used to explore and develop oil and gas fields in deepwater and ultra-deepwater environments. Its services are essential for the energy industry, as they help to extract valuable natural resources.
The company reported strong financial results in Q2 2024, with contract drilling revenue reaching $861 million, recording an improvement of 18.11% as compared to the year-ago period. It achieved a revenue efficiency of 97% and signed several high-value contracts in the US Gulf of Mexico, including a two-well contract with Beacon Offshore Energy at $580,000 per day and a 3-year contract with BP at $485,000 per day. These contracts are expected to contribute significantly to cash flow and help the company deleverage.
It recently secured two new contracts: a one-year contract for the Deepwater Atlas with BP in the US Gulf of Mexico, starting in Q2 2028, expected to add $232 million to the company’s backlog, and another 300-day program with Reliance Industries Limited for the Dhirubhai Deepwater KG1 for 6 wells offshore in India, starting in Q2 2026, expected to add $123 million to its backlog.
The company has secured contracts in Brazil and Norway that extend the firm duration of its rigs through 2025. Contract wins position it well to capitalize on the anticipated growth in global offshore drilling, with projections from Rystad Energy indicating that offshore exploration investments could more than double by 2027. Transocean Ltd.’s (NYSE:RIG) solid financial performance, coupled with increasing day rates, makes it an attractive investment.
Carillon Scout Mid Cap Fund stated the following regarding Transocean Ltd. (NYSE:RIG) in its fourth quarter 2023 investor letter:
“Transocean Ltd. (NYSE:RIG), a leader in deepwater offshore drilling rigs, was next among the losers in a generally weak energy group. Oil fell from recent highs, partially driven by Mideast tensions, and this hurt sentiment in the energy sector despite little change in offshore rig day-rate pricing or long-term fundamentals.”
While we acknowledge the growth potential of Transocean Ltd. (NYSE:RIG), our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RIG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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