5 Penny Stocks That Can Explode in 2022

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1. Pixelworks, Inc. (NASDAQ:PXLW)

Number of Hedge Fund Holders: 15

Share Price (as of March 18): $3.14

Pixelworks, Inc. (NASDAQ:PXLW) develops semiconductors and digital display software solutions that are used by the smartphone industry. Chinese smartphone-maker OnePlus uses the firm’s Pro Software solution in the OnePlus 10 Pro smartphone to enhance screen color accuracy. Another prominent Chinese phone-maker Vivo uses Pixelworks’ X5 Pro visual processor in its iQOO 9 series smartphone.

On January 18, Colliers analyst Derek Soderberg upgraded Pixelworks, Inc. (NASDAQ:PXLW) to ‘Buy’ from ‘Neutral’ and set a $5 price target. The analyst foresees a better supply chain scenario boosting the firm’s mobile business, and sees its 2022 outlook as ‘too good to ignore’.

Pixelworks, Inc. (NASDAQ:PXLW) reported earnings per share of -$0.03 for the fourth quarter, beating analysts’ estimates by $0.02. Revenue of $16.59 million for the quarter outperformed estimates by $113,000.

Investors were eager on  Pixelworks, Inc. (NASDAQ:PXLW) during the fourth quarter, where 15 hedge funds reported bullish bets on the company shares, in comparison to 12 hedge funds in the quarter ago. Millennium Management of Israel Englander was the largest shareholder in Pixelworks, Inc. (NASDAQ:PXLW) in Q4 2021, with 1.68 million shares worth $7.4 million.

You can also take a look at 10 Best Stocks Under $10 to Buy Right Now and 15 Largest Biotech Companies in the world.

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