5 Best Debt Free Penny Stocks to Invest In

2. Stereotaxis, Inc. (NASDAQ:STXS)

Number of Hedge Fund Holders: 18

Stereotaxis, Inc. (NASDAQ:STXS) is a leading innovative robotic technologies company focused on providing robotic solutions designed to enhance the treatment of arrhythmias. It has developed a proprietary robotic technology, Robotic Magnetic Navigation, which utilizes precise computer-controlled magnetic fields to control flexible catheters or devices. Its primary products include the Genesis RMN System, the Odyssey Solution, and other related devices.

Stereotaxis, Inc. (NASDAQ:STXS) has received regulatory approvals to market its Genesis RMN System in the U.S. and Europe. The company had an order backlog of nearly $14.8 million for its systems, as of December 31, 2022. The management of the company expects a “double-digit revenue growth in 2023” based on a healthy backlog and new system orders.

On March 6, Piper Sandler analyst Adam Maeder lowered the price target on Stereotaxis, Inc. (NASDAQ:STXS) shares to $5 from $6 and maintained an ‘Overweight’ rating on the shares. Based on the current share price of $1.92, the target price suggests a significant upside potential.