In this article, we discuss the 5 tech penny stocks Reddit is buying. If you want to read our detailed analysis of these stocks, go directly to the 10 Tech Penny Stocks Reddit is Buying.
5. Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV)
Number of Hedge Fund Holders: 6
Price as of August 5, 2021: $2.88
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) is ranked fifth on our list of 10 tech penny stocks Reddit is buying. The company owns and runs resorts and entertainment centres. In recent months, the focus of the company has shifted to online products. In July, the company announced two partnerships related to digital undertakings, one in the esports sector and one for the development of a destination-themed travel application. The firm missed market expectations on earnings for the first quarter.
In March this year, investment advisory Maxim maintained a Buy rating on Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) stock and raised the price target to $28 from $10, noting that the firm was shifting to a new content ownership model that should boost valuation.
At the end of the first quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $12.7 million in Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV), down from 7 the preceding quarter worth $528,000.
4. Ebang International Holdings Inc. (NASDAQ: EBON)
Number of Hedge Fund Holders: 8
Price as of August 5, 2021: $2.34
Ebang International Holdings Inc. (NASDAQ: EBON) is a China-based company that makes and sells application-specific integrated circuit chips. It is placed fourth on our list of 10 tech penny stocks Reddit is buying. The firm also has stakes in the business for the manufacture and selling of Bitcoin mining machines. It also engages in the development and sale of fibre optic telecommunication products. The company was founded in 2010 and has a market cap of $412 million. It employs more than 200 people.
On April 5, Ebang International Holdings Inc. (NASDAQ: EBON) launched EBONEX, a cryptocurrency exchange platform. The share price of the firm jumped more than 10% after the launch of the crypto exchange.
Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in Ebang International Holdings Inc. (NASDAQ: EBON) with 722,623 shares worth more than $5.7 million.
3. Exela Technologies, Inc. (NASDAQ: XELA)
Number of Hedge Fund Holders: 8
Price as of August 5, 2021: $3.07
Exela Technologies, Inc. (NASDAQ: XELA) is a Texas-based firm that provides transaction processing solutions and other digital business services. It is ranked third on our list of 10 tech penny stocks Reddit is buying. Some of the services the markets include information processing, healthcare solutions, and document management. It has a global presence and employs more than 18,000 people. The firm has a market cap of over $190 million and posted more than $1.2 billion in revenue last year.
On June 2, investment advisory Cantor Fitzgerald initiated coverage of Exela Technologies, Inc. (NASDAQ: XELA) stock with an Overweight rating and a price target of $4, with the advisory drawing the attention of investors to the improving fundamentals of the firm.
At the end of the first quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $10 million in Exela Technologies, Inc. (NASDAQ: XELA), up from 4 in the previous quarter worth $7 million.
2. Ceragon Networks Ltd. (NASDAQ: CRNT)
Number of Hedge Fund Holders: 8
Price as of August 5, 2021: $3.98
Ceragon Networks Ltd. (NASDAQ: CRNT) is placed second on our list of 10 tech penny stocks Reddit is buying. The company is headquartered in Israel and markets wireless backhaul solutions. In earnings results for the second quarter, posted on August 2, the firm reported earnings per share of -$0.01, beating market estimates by $0.03. The revenue over the period was close to $69 million, up 10% compared to the revenue over the same period last year and beating market estimates by $3.4 million.
On May 4, investment advisory Needham upgraded Ceragon Networks Ltd. (NASDAQ: CRNT) stock to Buy from Hold with a price target of $4.5, appreciating the solid quarterly earnings that beat market expectations and improved guidance.
Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in Ceragon Networks Ltd. (NASDAQ: CRNT) with 2 million shares worth more than $7.5 million.
1. eMagin Corporation (NYSE: EMAN)
Number of Hedge Fund Holders: 9
Price as of August 5, 2021: $2.86
eMagin Corporation (NYSE: EMAN) is ranked first on our list of 10 tech penny stocks Reddit is buying. The company operates from New York and engages in the development and selling of organic light-emitting diode displays and other virtual imaging products. It was founded in 1996 and has a market cap of close to $200 million. In earnings results for the first quarter, posted on May 13, the firm reported a revenue of $6.7 million, up 0.6% compared to the revenue over the same period last year and beating market estimates by $0.27 million.
In March, investment advisory HC Wainwright reiterated a Buy rating on eMagin Corporation (NYSE: EMAN) stock and raised the price target to $5 from $2, noting that the firm was well positioned for growth this year on the back of improving virtual reality prospects.
At the end of the first quarter of 2021, 9 hedge funds in the database of Insider Monkey held stakes worth $5.9 million in eMagin Corporation (NYSE: EMAN), up from 5 in the preceding quarter worth $786,000.
You can also take a peek at 10 Stocks Reddit is Piling Into Before Earnings and 10 Best One Dollar Stocks to Buy Now.
