5 New Penny Stocks Redditors are Buying

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

Number of Hedge Fund Holders: 7

Exela Technologies, Inc. (NASDAQ: XELA) is a Texas-based company with interests in the data processing and outsourcing businesses. It is placed fourth on our list of 10 new penny stocks Redditors are buying. 

On August 31, investment advisory B Riley initiated coverage of Exela Technologies, Inc. (NASDAQ: XELA) stock with a Buy rating and a price target of $4, noting that the firm had a global footprint and a differentiated digital foundation. 

At the end of the second quarter of 2021, 7 hedge funds in the database of Insider Monkey held stakes worth $7.5 million in Exela Technologies, Inc. (NASDAQ: XELA), down from 8 in the previous quarter worth $10 million.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Luminus Management is a leading shareholder in Exela Technologies, Inc. (NASDAQ: XELA)  with 1.3 million shares worth more than $3 million.