5 Hot Penny Stocks On the Rise

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In this article, we discuss 5 hot penny stocks on the rise. If you want to see more stocks in this selection, check out 12 Hot Penny Stocks On the Rise.

5. PyroGenesis Canada Inc. (NASDAQ:PYR)

Number of Hedge Fund Holders: 2

Share Price as of January 19: $0.7800

PyroGenesis Canada Inc. (NASDAQ:PYR) is headquartered in Montreal, and it designs, develops, manufactures, and commercializes plasma processes and systems in Canada and internationally. The company also provides engineering and manufacturing expertise, contract research, and turnkey process equipment packages to the defense, metallurgical, mining, additive manufacturing, oil and gas, and environmental industries. PyroGenesis Canada Inc. (NASDAQ:PYR) is one of the hottest penny stocks to monitor. 

On January 11, PyroGenesis Canada Inc. (NASDAQ:PYR) announced that it had received the final contract of about $6 million to provide its SPARC refrigerant waste destruction system to a materials company. PyroGenesis has received the first payment of about $2.2 million. The SPARC system lowers an operator’s carbon footprint while also eliminating ozone-depleting substances. The project has an estimated production-to-delivery timeline of 18 months.

According to Insider Monkey’s data, Cathie Wood’s ARK Investment Management and Israel Englander’s Millennium Management held stakes worth $150,000 and $17,000 in PyroGenesis Canada Inc. (NASDAQ:PYR) at the end of the third quarter of 2022, respectively. 

Follow Pyrogenesis Canada Inc.

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