5 Penny Stocks Redditors are Buying in August

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1. Smith Micro Software, Inc. (NASDAQ: SMSI)

Number of Hedge Fund Holders: 14

Price as of August 12, 2021: $5.10 per share

Smith Micro Software, Inc. (NASDAQ: SMSI) is ranked first on our list of 10 penny stocks Redditors are buying in August. The company is based in Pennsylvania and markets software that enhances security of digital lifestyles. Some of the products the firm develops and sells include SafePath Family, SafePath IoT, and SafePath Home, among others. In earnings results for the second quarter, posted on August 4, the firm reported earnings per share of -$0.01, in line with market estimates. The revenue over the period was $15 million, up 23% year-on-year.

On August 5, investment advisory Dawson James initiated coverage of Smith Micro Software, Inc. (NASDAQ: SMSI) stock with a Buy rating and a price target of $11, noting that the firm was the undisputed market share leader in family safety services. 

Out of the hedge funds being tracked by Insider Monkey, Texas-based investment firm Nokomis Capital is a leading shareholder in Smith Micro Software, Inc. (NASDAQ: SMSI) with 325,000 shares worth more than $1.7 million.  

You can also take a peek at 10 Best EV Materials Stocks to Buy and 10 Best NFT Stocks to Buy Now.

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