In this article, we discuss the 5 penny stocks that can explode in 2022. If you want to read our comprehensive analysis of the penny stocks, go directly to 10 Penny Stocks That Can Explode in 2022.
5. Astra Space, Inc. (NASDAQ:ASTR)
Number of Hedge Fund Holders: 11
Share Price (as of March 18): $4.59
Astra Space, Inc. (NASDAQ:ASTR) is a space launch company that deals in satellite launch services in the United States. Its services include payload deliveries to sun-synchronous and low-inclination orbit missions.
Deutsche Bank analyst Edison Yu on January 27 maintained a ‘Buy’ rating on Astra Space, Inc. (NASDAQ:ASTR) shares and revised the price target to $7 from $13. He thinks the firm has been negatively impacted by “very poor” investor sentiment towards the sector in general, and investors did not fully appreciate that its LV0007 rocket successfully reached orbit for the time in late November.
On January 27, the National Aeronautics and Space Administration (NASA) awarded Astra Space, Inc. (NASDAQ:ASTR) the Venture-Class Acquisition of Dedicated and Rideshare Launch Services contract, which includes clauses for indefinite delivery and indefinite quantity. This contract has a five-year ordering period with a maximum total value of $300 million, and adds to the four contracts for launches that NASA has already signed with Astra Space, Inc. (NASDAQ:ASTR) for delivery in 2022.
In the fourth quarter of 2021, 11 hedge funds held stakes in Astra Space, Inc. (NASDAQ:ASTR) with a combined worth of $63.5 million. This is down from 13 hedge funds with stakes in the firm in the previous quarter.
4. CTI BioPharma Corp. (NASDAQ:CTIC)
Number of Hedge Fund Holders: 11
Share Price (as of March 18): $4.18
CTI BioPharma Corp. (NASDAQ:CTIC) is a US-based biopharmaceutical firm that provides therapies for blood-related cancers. The firm has been in the spotlight ever since the US Food and Drug Administration (FDA) approved its medical therapy called Vonjo on March 1, which treats a rare type of bone marrow cancer known as Myelofibrosis in adults. As of March 18, CTI BioPharma Corp. (NASDAQ:CTIC) has seen its share price gain 76.37% in the last month, and 25.53% in the last 12 months.
On March 1, Brookline analyst Leah Rush Cann maintained a ‘Buy’ rating on CTI BioPharma Corp. (NASDAQ:CTIC) shares and raised the price target to $12 from $7.20 after the announcement of the FDA approval. She notes that without a blackbox warning, the drug’s prescribing label is better than anticipated, and she has updated her outlook to include more patients for second-line treatments.
Biotechnology Value Fund / BVF Inc was the largest shareholder of CTI BioPharma Corp. (NASDAQ:CTIC) in the fourth quarter, with 8.9 million shares worth $22.14 million. In total, 11 hedge funds were holding stakes in CTI BioPharma Corp. (NASDAQ:CTIC) in the fourth quarter, with a combined worth of $56.7 million. The same number of hedge funds were bullish on the company shares a quarter ago as well.
3. Exela Technologies, Inc. (NASDAQ:XELA)
Number of Hedge Fund Holders: 11
Share Price (as of March 18): $0.50
Exela Technologies, Inc. (NASDAQ:XELA) provides transaction processing, document management, enterprise information management, and digital business process solutions around the globe.
In November last year, B. Riley analyst Zach Cummins maintained a ‘Buy’ rating on Exela Technologies, Inc. (NASDAQ:XELA) shares, and lowered the price target to $3 from $4. Cummins noted that despite near-term headwinds, he is encouraged by the improving performance in the firm’s core business and its expanding sales pipeline. He sees Exela Technologies, Inc. (NASDAQ:XELA) returning to organic revenue growth at a higher adjusted EBITDA margin in FY2022.
On March 14, Exela Technologies, Inc. (NASDAQ:XELA) launched ExelaPay and became a 3rd party payment processor with the acquisition of Corduro, Inc, which provides integrated payments, pay-by-link, intelligent routing, and digital wallet capabilities. This acquisition will enable Exela Technologies, Inc. (NASDAQ:XELA) with the essential technical and human resources to provide payment acquiring and processing services across its XBP network.
Hedge fund sentiment was positive on Exela Technologies, Inc. (NASDAQ:XELA) in the fourth quarter of 2021, where 11 hedge funds were bullish on the company shares. In contrast, 7 hedge funds held stakes in the firm a quarter ago. Alyeska Investment Group was the top shareholder of Exela Technologies, Inc. (NASDAQ:XELA) in the fourth quarter, with roughly 2.7 million shares valued at $2.36 million.
2. OncoCyte Corporation (NYSE:OCX)
Number of Hedge Fund Holders: 13
Share Price (as of March 18): $1.60
OncoCyte Corporation (NYSE:OCX) is a molecular diagnostics company that provides diagnostic tests for the detection of cancer. The US-based firm’s primary products include DetermaRx and DetermaIO.
On March 11, Lake Street analyst Thomas Flaten reiterated a ‘Buy’ rating on OncoCyte Corporation (NYSE:OCX) shares and revised the price target to $6 from $11. He noted that the firm delivered strong Q4 earnings which stood well ahead of his expectations, and boast “an impressive portfolio of diagnostic products”.
In January, Stephens analyst Mason Carrico initiated coverage of OncoCyte Corporation (NYSE:OCX) with an ‘Overweight’ rating and $3.10 price target, calling the firm an “attractive small-cap growth story with multiple catalysts on the horizon.” He sees potential for the firm to more than triple its revenue over the next few years and sees its portfolio of diagnostic products well positioned to benefit from several high-growth market trends.
Revenue of $3.59 million for OncoCyte Corporation (NYSE:OCX) in the fourth quarter was up 613.52% from the year-ago period and beat expectations by $65,130. In comparison, revenue for Q3 stood at $984,000.
Out of all the hedge funds tracked by Insider Monkey, 13 were long OncoCyte Corporation (NYSE:OCX) at the end of the fourth quarter, with aggregate positions worth $76.9 million. With 17.34 million shares valued at $37.64 million, New York-based hedge fund Broadwood Capital was the top shareholder of OncoCyte Corporation (NYSE:OCX) in the fourth quarter.
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.
