Hedge Funds Say These Penny Stocks are Poised to Explode

Finally, there is Penn Virginia Corporation (NYSE:PVA), a $65 million independent oil & gas company, who reached the “penny stock territory” after its share price declined by over 90% over the last 52-weeks. The stock currently trades far away from its 52-week high of over $14 per share, hence hedge funds might be betting on its rebound. According to our data, at the end of June, 21 hedge funds held around $109.23 million worth of stock, representing almost 35% of the company. Even though Penn Virginia Corporation (NYSE:PVA) lost some popularity during the second quarter and slid by another 80%, the overall hedge fund sentiment is still bullish. It’s even more important to mention that billionaires George Soros‘ Soros Fund Management and Israel Englander’s Millennium Management hold are among the company’s top three shareholders in our database, holding over 6.0 million shares and 3.53 million shares respectively. Moreover, Millennium Management boosted its position sevenfold during the second quarter.

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