5 Best Technology Penny Stocks to Buy

In this piece, we will take a look at the five best technology penny stocks to buy. If you want to take a deeper look at the technology industry and the latest developments, then head on over to 10 Best Technology Penny Stocks to Buy.

5. VNET Group, Inc. (NASDAQ:VNET)

Number of Q1 2023 Hedge Fund Investors: 25

VNET Group, Inc. (NASDAQ:VNET) is a Chinese firm headquartered in Beijing, China. It provides hosting facilities for data centers, servers, networking equipment, and other infrastructure. The firm’s first quarter results mirrored China’s sluggish economic recovery, as it posted a 9.7% annual revenue growth.

As of this year’s first quarter, 25 out of the 943 hedge funds part of Insider Monkey’s database had held a stake in VNET Group, Inc. (NASDAQ:VNET). The firm’s largest hedge fund shareholder is Seth Fischer’s Oasis Management with a $11 million investment.

4. Infinera Corporation (NASDAQ:INFN)

Number of Q1 2023 Hedge Fund Investors: 27

Infinera Corporation (NASDAQ:INFN) is a communications equipment and services firm headquartered in San Jose, California. It provides optical communications systems and services for long range subsea fiber optical networks. The firm won a big contract in June 2023 when a Swedish company used its equipment to expand network capacity in America.

Insider Monkey’s Q1 2023 survey of 943 hedge funds revealed that 27 had bought the firm’s shares. Howard Marks’ Oaktree Capital Management is Infinera Corporation (NASDAQ:INFN)’s largest shareholder in our database with a $195 million stake.

3. Marqeta, Inc. (NASDAQ:MQ)

Number of Q1 2023 Hedge Fund Investors: 30

Marqeta, Inc. (NASDAQ:MQ) is a cloud services provider whose platform allows customers to utilize transaction services and credit/debit card issuance. The firm had a high growth first quarter of 2023, as it reported $89 million in gross profit which marked a 19% annual growth.

After digging through 943 hedge funds for their first quarter of 2023 investments, Insider Monkey discovered that 30 had invested in Marqeta, Inc. (NASDAQ:MQ). The firm’s biggest hedge fund investor is Mick Hellman’s HMI Capital with a stake worth $91 million.

2. Vimeo, Inc. (NASDAQ:VMEO)

Number of Q1 2023 Hedge Fund Investors: 32

Vimeo, Inc. (NASDAQ:VMEO) is a software company headquartered in New York, New York. It operates an online video platform that allows users to share their content with the world. The firm announced in June 2023 that it is partnering up with a text to speech company to improve its user experience.

32 out of the 943 hedge funds part of Insider Monkey’s database had owned a stake in Vimeo, Inc. (NASDAQ:VMEO) as of Q1 2023. Out of these, the largest investor is Mason Hawkins’ Southeastern Asset Management with a $23 million stake.

1. Grab Holdings Limited (NASDAQ:GRAB)

Number of Q1 2023 Hedge Fund Investors: 32

Grab Holdings Limited (NASDAQ:GRAB) is a Singaporean software company. It offers a collection of different applications to consumers, ranging from financial services to delivery.

Insider Monkey dug through 943 hedge funds for their first quarter of 2023 shareholdings to find out that 32 had bought the firm’s shares. Stephen Mildenhall’s Contrarius Investment Management is Grab Holdings Limited (NASDAQ:GRAB)’s largest shareholder in our database since it owns $89 million worth of shares.

Disclosure: None. You can also take a look at 10 Dow Stocks Billionaires Are Loading Up On and 15 Stocks that will 10x in 5 Years.

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