In this article, we discuss 5 hot penny stocks on the rise. If you want to see more stocks in this selection, check out 12 Hot Penny Stocks On the Rise.
5. PyroGenesis Canada Inc. (NASDAQ:PYR)
Number of Hedge Fund Holders: 2
Share Price as of January 19: $0.7800
PyroGenesis Canada Inc. (NASDAQ:PYR) is headquartered in Montreal, and it designs, develops, manufactures, and commercializes plasma processes and systems in Canada and internationally. The company also provides engineering and manufacturing expertise, contract research, and turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing, oil and gas, and environmental industries. PyroGenesis Canada Inc. (NASDAQ:PYR) is one of the hottest penny stocks to monitor.
On January 11, PyroGenesis Canada Inc. (NASDAQ:PYR) announced that it had received the final contract of about $6 million to provide its SPARC refrigerant waste destruction system to a materials company. PyroGenesis has received the first payment of about $2.2 million. The SPARC system lowers an operator’s carbon footprint while also eliminating ozone-depleting substances. The project has an estimated production-to-delivery timeline of 18 months.
According to Insider Monkey’s data, Cathie Wood’s ARK Investment Management and Israel Englander’s Millennium Management held stakes worth $150,000 and $17,000 in PyroGenesis Canada Inc. (NASDAQ:PYR) at the end of the third quarter of 2022, respectively.
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4. Gran Tierra Energy Inc. (NYSE:GTE)
Number of Hedge Fund Holders: 15
Share Price as of January 19: $0.9177
Gran Tierra Energy Inc. (NYSE:GTE) is a Canadian firm that engages in the exploration and production of oil and gas properties in Colombia and Ecuador. Gran Tierra Energy Inc. (NYSE:GTE) is one of the hottest penny stocks to consider. On January 10, the company said it sees Q4 2022 total company average production of nearly 32,600 BOPD, an increase of 10% from Q4 2021. Gran Tierra Energy Inc. (NYSE:GTE)’s total average production for the full year 2022 was approximately 30,800 BOPD, which is within the company’s prescribed guidance. The company also bought back 23 million units of common stock during 2022.
On November 2, Canaccord analyst Roman Rossi raised the firm’s price target on Gran Tierra Energy Inc. (NYSE:GTE) to C$3 from C$2.80 and maintained a Buy rating on the shares.
According to Insider Monkey’s Q3 data, Gran Tierra Energy Inc. (NYSE:GTE) was part of 15 hedge fund portfolios, compared to 11 in the prior quarter. Thomas E. Claugus’ GMT Capital is the largest position holder in the company, with more than 20 million shares worth $24.7 million.
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3. Organigram Holdings Inc. (NASDAQ:OGI)
Number of Hedge Fund Holders: 7
Share Price as of January 19: $0.9423
Organigram Holdings Inc. (NASDAQ:OGI) was incorporated in 2010 and is headquartered in Toronto, Canada. The company engages in the production and sale of cannabis and cannabis-derived products in Canada, including medical cannabis products, cannabis flowers, gummies, cannabis oils, vaporizers, cannabis edibles products, and concentrates. It is one of the top penny stocks to buy now.
On January 12, Organigram Holdings Inc. (NASDAQ:OGI) reported FQ1 net income of $5.33 million and a revenue of $43.3 million, up 42.4% year-over-year, beating market estimates by $10.89 million. The company also expects FQ2 2023 revenue to be higher than the same period last year.
Stifel analyst Andrew Partheniou on January 13 upgraded Organigram Holdings Inc. (NASDAQ:OGI) to Buy from Hold, with an unchanged price target of C$1.50. This upgrade comes after the company reported “strong” Q1 results. According to the analyst, the company’s profitability exceeded expectations and it generated significant cash. He also noted that Organigram Holdings Inc. (NASDAQ:OGI)’s production expansion and innovation initiatives are “bearing fruit.”
According to Insider Monkey’s Q3 database, Organigram Holdings Inc. (NASDAQ:OGI) was part of 7 hedge fund portfolios, and D E Shaw held the biggest position in the company, with 2.4 million shares worth $2.15 million.
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2. Aurora Cannabis Inc. (NASDAQ:ACB)
Number of Hedge Fund Holders: 9
Share Price as of January 19: $0.9847
Aurora Cannabis Inc. (NASDAQ:ACB) is a Canadian company that produces, distributes, and commercializes cannabis and cannabis-derivative products in Canada and internationally, including medical and consumer cannabis products. On January 4, Aurora Cannabis Inc. (NASDAQ:ACB) reported that it had closed the sale of its Aurora Polaris facility for gross proceeds of about $15 million. Aurora Cannabis also reiterated its expectation of achieving adjusted EBITDA profitability for FQ2. The company’s balance sheet also remains in a net cash position, with approximately $320 million of cash and cash equivalents. It is one of the hottest penny stocks to invest in.
On December 28, Piper Sandler analyst Michael Lavery maintained a Neutral rating on Aurora Cannabis Inc. (NASDAQ:ACB) and lowered the price target to $1 from $2. The reason for this downgrade is due to a reduction in sales estimates, which reflect the softer cannabis market momentum in Canada and internationally. Despite this, the analyst believes that Aurora Cannabis Inc. (NASDAQ:ACB) is still on track to reach an EBITDA-positive run rate by the end of Q2 2023. He also believes that Aurora Cannabis Inc. (NASDAQ:ACB)’s cost-cutting initiatives should drive significant sequential margin improvement, and estimates that the company will reach positive adjusted EBITDA in Q3 2023. The analyst also added that Aurora Cannabis Inc. (NASDAQ:ACB) has a strong balance sheet, which gives it an advantage in the capital-constrained cannabis industry.
According to Insider Monkey’s data, 9 hedge funds were long Aurora Cannabis Inc. (NASDAQ:ACB) at the end of September 2022, compared to 10 funds in the prior quarter. Jim Simons’ Renaissance Technologies is a significant position holder in the company, with 4.25 million shares worth $5.18 million.
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1. Xos Inc (NASDAQ:XOS)
Number of Hedge Fund Holders: 8
Share Price as of January 19: $0.9975
Xos Inc (NASDAQ:XOS) was founded in 2020 and is headquartered in Los Angeles, California. It is a mobility solutions company that manufactures and commercializes battery-electric commercial vehicles. On January 12, Xos Inc (NASDAQ:XOS) launched its mobile fleet management application, Xosphere Go, for customers and authorized Xos dealers to manage their Xos vehicle and chargers on the go. It combines Xos’ proprietary hardware and software into a cohesive and intuitive platform. Xos Inc (NASDAQ:XOS) is one of the best penny stocks to buy.
On November 14, Benchmark analyst Michael Ward reiterated a Buy recommendation on Xos Inc (NASDAQ:XOS) but lowered the firm’s price target on the shares to $6 from $10 after the company reported Q3 results and said deliveries are on track to reach 150-200 units in the second half. Hos Buy rating is supported by the company’s partnerships and growth prospects in the U.S. commercial market for all-electric vehicles.
According to Insider Monkey’s data, 8 hedge funds were bullish on Xos Inc (NASDAQ:XOS) at the end of September 2022, compared to 9 funds in the prior quarter. Ben Levine, Andrew Manuel, and Stefan Renold’s LMR Partners is a prominent stakeholder of the company, with 160,739 shares worth $193,000.
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