This article presents an overview of the 5 Best Technology Penny Stocks To Invest In Now. For a detailed overview of such stocks read our article, 11 Best Technology Penny Stocks to Invest In Now.
5. Comtech Telecommunications Corp. (NASDAQ:CMTL)
Number of Hedge Fund Investors: 21
Satellite telecommunications company Comtech Telecommunications Corp. (NASDAQ:CMTL) ranks fifth in our list of the best technology penny stocks to buy according to hedge funds.
Earlier this year Comtech Telecommunications Corp. (NASDAQ:CMTL) won a $48 million contract extension from the Washington state to continue providing Next Generation 911 (NG911) services over the next five years, with the option to extend through 2034.
4. CommScope Holding Company Inc (NASDAQ:COMM)
Number of Hedge Fund Investors: 23
As of the end of the last quarter of 2023, 23 hedge funds in Insider Monkey’s database of 933 funds had stakes in CommScope Holding Company Inc (NASDAQ:COMM). The biggest stakeholder of CommScope Holding Company Inc (NASDAQ:COMM) was Bob Peck and Andy Raab’s FPR Partners which owns a $53 million stake in CommScope Holding Company Inc (NASDAQ:COMM).
3. Payoneer Global Inc (NASDAQ:PAYO)
Number of Hedge Fund Investors: 27
Payoneer Global Inc (NASDAQ:PAYO) shares fell in February after the company posted Q4 results, which came in better than expected but their effect was eclipsed by Payoneer Global Inc’s (NASDAQ:PAYO) lower-than-expected adjusted EBITDA and revenue guidance. Nonetheless, hedge funds are showing interest in Payoneer Global Inc (NASDAQ:PAYO), since Insider Monkey’s proprietary database of smart money investors and their holdings shows that 27 hedge funds had stakes in Payoneer Global Inc (NASDAQ:PAYO) as of the end of the fourth quarter of 2023.
2. Vimeo Inc (NASDAQ:VMEO)
Number of Hedge Fund Investors: 27
Video platform company Vimeo Inc (NASDAQ:VMEO) shares remained in the limelight over the past several weeks. However, Bloomberg recently reported that Italy’s Bending Spoons SpA has given up on its efforts to acquire Vimeo Inc (NASDAQ:VMEO) after the parties failed to agree on a price.
Insider Monkey’s database shows that 27 hedge funds had stakes in Vimeo Inc (NASDAQ:VMEO).
In February Vimeo Inc (NASDAQ:VMEO) posted Q4 results. Adjusted EPS in the period came in at $0.05, beating estimates by $0.06. Revenue in the quarter inched up 0.4% year over year to $106 million, surpassing estimates by $3.63 million.
1. Grab Holdings Limited (NASDAQ:GRAB)
Number of Hedge Fund Investors: 37
Headquartered in Singapore, ride-hailing and delivery services company Grab Holdings Limited (NASDAQ:GRAB) shares have gained about 3.2% over the past one year.
A total of 37 hedge funds tracked by Insider Monkey reported owning stakes in Grab Holdings Limited (NASDAQ:GRAB) as of the end of the fourth quarter of 2023, up from 34 funds in the previous quarter.
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