In this article, we take a look at the 5 penny stocks that are trending on Reddit. If you want to read about how penny stocks have exploded in the past, you can go directly to These 10 Penny Stocks are Trending on Reddit.
5. Asensus Surgical, Inc. (NYSE:ASXC)
Number of Hedge Fund Holders: 6
Closing Price on March 23: $0.69
Asensus Surgical, Inc. (NYSE:ASXC) is a medical device company that is involved in the research development, and sale of medical device robotics to enhance minimally invasive surgery (MIS) in the United States, Europe, and Asia. Asensus Surgical, Inc. (NYSE:ASXC) is pioneering performance-guided surgery by digitizing the interface between the surgeon and the patient. The company’s products include the Senhance Surgical System, a multi-port robotic surgery system that allows up to four arms to control robotic instruments, and a camera for laparoscopic procedures. It is the first digital laparoscopic platform that makes use of augmented intelligence through machine learning. Another notable product is the Senhance Ultrasonic System, which is an energy device that delivers concentrated energy to ligate and divide tissue.
This February, Asensus Surgical, Inc. (NYSE:ASXC) released its earnings for the fourth quarter of 2021, in which it outperformed market consensus by $976,000, a little shy of a million. The company’s revenue came to $2.48 million.
Last November, Asensus Surgical, Inc. (NYSE:ASXC) delivered three hospitals around the world its intelligent surgical systems. On November 1, The Shinmatsudo Central General Hospital in Japan agreed to lease the company’s Senhance Surgical System. On November 15 the Franklin Medical Center in Louisiana also agreed to lease and utilize its AI-powered surgical system. Finally, on November 29, the company delivered its robotic surgery system to the Private Healthcare Institution Railway Clinical Hospital in Russia.
Reddit investors believe that Asensus Surgical, Inc. (NYSE:ASXC) exhibits massive growth potential, and they are extremely bullish on the stock. Other than individual investors, 6 hedge funds were found to be bullish on Asensus Surgical, Inc. (NYSE:ASXC) at the end of the fourth quarter of 2021. The total stakes of these funds in the company were valued at $4.56 million. This is compared to 3 positions in the preceding quarter with stakes worth roughly $1.13 million. We can observe that the hedge fund sentiment for the stock is positive.
4. Gevo, Inc. (NASDAQ:GEVO)
Number of Hedge Fund Holders: 7
Closing Price on March 23: $4.69
Gevo, Inc. (NASDAQ:GEVO) operates as a renewable fuels and advanced biofuels company. The company commercializes gasoline, jet fuel, and diesel fuel to achieve zero carbon emissions, and reduce greenhouse gas emissions with sustainable alternatives. On March 22, 2022, Gevo, Inc. (NASDAQ:GEVO) announced that the company has signed a “take-or-pay” agreement with Delta Air Lines, Inc. (NYSE:DAL) to supply 75 million gallons of sustainable aviation fuel per year for seven years. The company estimates that this 7-year deal should generate roughly $2.8 billion in revenues.
This January, Gevo, Inc. (NASDAQ:GEVO) announced that the company has started working on making its dairy manure-based renewable natural gas project operational. Located in northwest Iowa, the project is known as Gevo NW Iowa RNG and it is expected to produce approximately 355,000 MMBtu of RNG per year.
Gevo, Inc. (NASDAQ:GEVO) is becoming popular among analysts and investor circles alike. This February, Citi analyst Prashant Rao initiated coverage of Gevo, Inc. (NASDAQ:GEVO) with a Buy rating and $5 price target. The analyst has a bullish view on the stock and says Gevo, Inc. (NASDAQ:GEVO) will soon be hitting a potential inflection point in its cash flow profile as the company’s Iowa RNG project becomes operational.
Gevo, Inc. (NASDAQ:GEVO) is one of the trending penny stocks on Reddit. Other than individual Reddit investors, veteran hedge fund investors are also bullish on the alternative fuels company. By the end of the fourth quarter of 2021, Gevo, Inc. (NASDAQ:GEVO) was a part of 7 hedge fund portfolios, that held collective stakes above $10.76 million in the company.
Israel Englander’s Millennium Management was the most prominent shareholder in Gevo, Inc. (NASDAQ:GEVO) as of February 23, 2022. Insider Monkey’s data shows that Millennium Management owned over 1 million shares of the company, which amounted to a stake value of $4.57 million.
3. Uranium Energy Corp. (NYSE:UEC)
Number of Hedge Fund Holders: 10
Closing Price on March 23: $5.07
Uranium Energy Corp. (NYSE:UEC) engages in the exploration, pre-extraction, extraction, and processing of uranium and titanium concentrates in the United States, Canada, and Paraguay. Last November, H.C. Wainwright analyst Heiko Ihle raised his price target on Uranium Energy Corp. (NYSE:UEC) to $7 from $5.60 and maintained a Buy rating on the stock.
On March 17, 2022, Uranium Energy Corp. (NYSE:UEC) announced earnings for the fiscal second quarter of 2022 in which the company outperformed market consensus by $90,930. The company’s revenue for the quarter came to $13.19 million.
Reddit investors are pouring into Uranium Energy Corp. (NYSE:UEC) since they believe in the stock’s potential to gain as the company is an emerging uranium producer in the United States. The stock is also gaining popularity among elite hedge funds. Insider Monkey identified 10 funds that held stakes in Uranium Energy Corp. (NYSE:UEC) at the end of the fourth quarter of 2021. The total value of these stakes was in excess of $15.76, up from $10.57 million in the preceding quarter with 12 positions.
Marshall Wace LLP upped its stakes in Uranium Energy Corp. (NYSE:UEC) in the fourth quarter of 2021 by 275% from the prior quarter. As of February 17, 2022, the fund’s stakes in the company were valued at $2.33 million, which covers 0.13% of the fund’s 13F portfolio.
2. Senseonics Holdings, Inc. (NYSE:SENS)
Number of Hedge Fund Holders: 12
Closing Price on March 23: $1.91
Senseonics Holdings, Inc. (NYSE:SENS) is a medical technology company that develops and commercializes continuous glucose monitoring systems for people with diabetes in the United States, Europe, the Middle East, and Africa. On February 14, 2022, Senseonics Holdings, Inc. (NYSE:SENS) announced that the FDA has granted the company approval for the next-generation Eversense E3 Continuous Glucose Monitoring, or CGM, System. Moreover, this March Senseonics Holdings, Inc. (NYSE:SENS) reported earnings for the fiscal fourth quarter of 2021, in which the company beat on revenue by over $43,000. The company’s revenue grew by 2.56% year over year from $3.90 million to $4.00 million.
Insider Monkey spotted Senseonics Holdings, Inc. (NYSE:SENS) on 12 hedge fund portfolios by the end of the fourth quarter of 2021. The total stakes of these funds in the company exceeded $38.14 million. Of these, Masters Capital Management was the most prominent shareholder in the company, having stakes of $18.69 million. The investment covers 0.72% of Masters Capital Management’s Q4 2021 portfolio.
Senseonics Holdings, Inc. (NYSE:SENS) is trending on Reddit as of this March. Reddit investors are bullish on Senseonics Holdings, Inc. (NYSE:SENS) because of the company’s progress with the FDA, and anticipate the stock will rise as the company develops its CGM systems.
1. OncoCyte Corporation (NYSE:OCX)
Number of Hedge Fund Holders: 13
Closing Price on March 23: $1.37
OncoCyte Corporation (NYSE:OCX) is a molecular diagnostics company that is involved in the research, development, and commercialization of lab tests for cancer detection in the United States and internationally. On March 10, 2022, OncoCyte Corporation (NYSE:OCX) revealed its earnings for the fiscal fourth quarter of 2021 in which the company outperformed market consensus by over $65,000. The company’s revenue for the quarter came in at $3.59 million, up 613.52% year over year from about $0.5 million.
On January 5, 2022, Piper Sandler analyst David Westenberg assumed coverage of OncoCyte Corporation (NYSE:OCX) with an Overweight rating and a $3.10 price target. Moreover, OncoCyte Corporation (NYSE:OCX) was also initiated at Stephens, by analyst Mason Carrico, with an Overweight rating and a $3.10 price target. Carrico noted that the company exhibits potential to increase its revenues up to over 3 times in the next few years, and sees the company’s portfolio of diagnostic products well positioned to benefit from a number of high-growth market trends.
On January 18, 2022, OncoCyte Corporation (NYSE:OCX) announced that it will be collaborating with Thermo Fisher Scientific Inc. (NYSE:TMO) to develop and market two distributed In Vitro Diagnostic, IVD, assays on Thermo Fisher’s (NYSE:TMO) Ion Torrent Genexus System. Under the terms of the collaboration, OncoCyte Corporation (NYSE:OCX) will clinically validate Thermo Fisher’s existing Oncomine Comprehensive Assay Plus on the Genexus System, paving the way toward IVD clearance for use in tumor profiling and future submissions as a companion diagnostic.
Retail investors are bullish on OncoCyte Corporation (NYSE:OCX) in light of the company’s earnings results for the fourth quarter of 2021, and also its collaboration with Thermo Fisher Scientific Inc. (NYSE:TMO). Redditors also mentioned that the company is providing innovative solutions for IVD clearance and anticipate potential upside for the stock.
By the end of the fourth quarter of 2021, Insider Monkey was able to identify 13 hedge funds that held stakes in OncoCyte Corporation (NYSE:OCX) worth over $76.92 million. Of these, Broadwood Capital was the most prominent shareholder in the company, having stakes amounting to roughly $37.64 million.
You can also take a look at 10 Best Stocks Under $10 to Buy Right Now and 10 Best Cheap Stocks To Buy Now.
