5 Penny Stocks with Upcoming Growth Catalysts

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1. Exela Technologies, Inc. (NASDAQ:XELA)

Number of Hedge Fund Holders: 11

Share Price as of March 14: $0.5296

Exela Technologies, Inc. (NASDAQ:XELA) is a Texas-based company that specializes in providing transaction processing services, enterprise information management, document management, and digital business process solutions to customers worldwide. 

On March 14, Exela Technologies, Inc. (NASDAQ:XELA) stock gained 5% after the company launched ExelaPay and acquired Corduro, a provider of scalable payment processing and business management solutions. This acquisition will equip Exela Technologies, Inc. (NASDAQ:XELA) with the technology to enable payment acquiring and processing services across its XBP network.

Among the hedge funds tracked by Insider Monkey at the end of December 2021, 11 funds were bullish on Exela Technologies, Inc. (NASDAQ:XELA), up from 7 funds in the quarter earlier. Anand Parekh’s Alyeska Investment Group is the leading shareholder of the company out of those 11 funds, with 2.6 million shares worth $2.36 million.

You can also take a look at 10 Best Small Cap Stocks To Buy for 2022 and 10 Undervalued Dividend Kings To Buy In 2022

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