5 Best Penny Stocks Popular on Reddit

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

Number of Hedge Fund Holders: 8 

Price as of August 3, 2021: $2.84 per share

Exela Technologies, Inc. (NASDAQ: XELA) is a company that provides transaction processing solutions. It is placed fourth on our list of 10 best penny stocks popular on Reddit. On July 12, the share price of the firm jumped 8% after the company announced that it would be integrating the robotic process automation platform with intelligent document processing in order to expand the range of products it offers in the artificial intelligence category. The firm has a market cap of over $155 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, noting that the firm could accelerate revenue growth by 7% beginning 2022. 

Out of the hedge funds being tracked by Insider Monkey, New York-based firm Armistice Capital is a leading shareholder in Exela Technologies, Inc. (NASDAQ: XELA) with 1.8 million shares worth more than $3.9 million.