In this piece, we will take a look at the five high growth penny stocks that are profitable. For more penny stocks, head on over to 12 High Growth Penny Stocks that are Profitable.
5. Ring Energy, Inc. (NYSE:REI)
Q/Q Sales Growth: 92%
Number of Hedge Fund Holders in Q4 2022: 11
Ring Energy, Inc. (NYSE:REI) is an oil and gas producer with close to 80 million barrels of proven reserves. The firm is headquartered in The Woodlands, Texas, and it has properties in several counties of Texas and New Mexico.
Ring Energy, Inc. (NYSE:REI) had a strong third quarter of 2022, as it managed to earn $94 million in revenue. When compared to its Q3 2021 results of $84 million, this marked a 92% growth. Additionally, profitable derivative contracts enable the firm to have a high net profit margin and report $75 million in net income. 11 of the 943 hedge funds polled by Insider Monkey in Q4 2022 had held a stake in the firm.
Ring Energy, Inc. (NYSE:REI)’s largest investor is Josh Overdeck and David Siegel’s Two Sigma Advisors which owns 1.9 million shares that are worth $4.8 million.
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Follow Ring Energy Inc. (OTC:REI)
4. Permianville Royalty Trust (NYSE:PVL)
Q/Q Sales Growth: 161%
Number of Hedge Fund Holders in Q4 2022: 2
Permianville Royalty Trust (NYSE:PVL) is a trust that is responsible for earning profits from oil and gas properties located across different states. The firm is headquartered in Houston, Texas.
Permianville Royalty Trust (NYSE:PVL)’s income from its interests stood at $3.4 million for the quarter ending in September 2022, enabling a 161% annual growth. Two of the 943 hedge funds part of Insider Monkey’s Q4 2022 survey had bought its shares.
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Follow Permianville Royalty Trust (NYSE:PVL)
3. Castor Maritime Inc. (NASDAQ:CTRM)
Q/Q Sales Growth: 168%
Number of Hedge Fund Holders in Q4 2022: 4
Castor Maritime Inc. (NASDAQ:CTRM) is an industrial company that ships products globally. It has close to 30 ships in its portfolio, and ships dry bulk cargo, crude oil, and refined petroleum products. The firm is based in Limassol, Cyprus.
Castor Maritime Inc. (NASDAQ:CTRM), like other oil shipping companies, had a great time in 2022. Its third quarter ending in September 2022 saw the firm grow revenue by a whopping 168% annually, and at the same time, profits more than doubled from $23 million to $85 million. Insider Monkey dug through 943 hedge fund holdings for 2022’s fourth quarter to determine that four had bought the firm’s shares.
Out of these, Israel Englander’s Millennium Management is Castor Maritime Inc. (NASDAQ:CTRM)’s largest investor with a $550,000 stake that comes via 490,683 shares.
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Follow Castor Maritime Inc.
2. The Lion Electric Company (NYSE:LEV)
Q/Q Sales Growth: 345%
Number of Hedge Fund Holders in Q4 2022: 15
The Lion Electric Company (NYSE:LEV) is a Canadian automaker that makes and sells electric buses and trucks. The firm is headquartered in Saint Jerome, Canada.
The Lion Electric Company (NYSE:LEV)’s September quarter of 2022 revenue stood at $41 million, for a strong 345% annual growth. By the end of the next quarter, 15 of the 943 hedge funds part of Insider Monkey’s research had invested in the firm.
The Lion Electric Company (NYSE:LEV)’s largest investor is Steve Cohen’s Point72 Asset Management which owns 1.1 million shares that are worth $2.5 million.
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Follow The Lion Electric Company (NYSE:LEV)
1. Precigen, Inc. (NASDAQ:PGEN)
Q/Q Sales Growth: 406%
Number of Hedge Fund Holders in Q4 2022: 13
Precigen, Inc. (NASDAQ:PGEN) is a genetic and cellular engineering company that makes treatments for immune system disorders. The firm is based in Germantown, Maryland.
Precigen, Inc. (NASDAQ:PGEN) had a strong third quarter of 2022, as it reported $16.7 million in revenue. This enabled it to post 406% annual growth, and at the same time, the firm also reported $87 million in net income. As of Q4 2022, 13 of the 943 hedge funds polled by Insider Monkey had bought the firm’s shares.
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Follow Precigen Inc. (NYSE:PGEN)
Disclosure: None. You can also take a peek at 12 Most Promising Solar Stocks According to Analysts and 15 Fastest Growing Countries in Asia.
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