5 Penny Stocks Robinhood Traders are Buying in 2021

3. U.S. Well Services, Inc. (NASDAQ: USWS)

Number of Hedge Fund Holders: 5

U.S. Well Services, Inc. (NASDAQ: USWS) is a Texas-based oil company founded in 2012. It is placed third on our list of 10 penny stocks Robinhood traders are buying in 2021. The company’s shares have returned more than 124% to investors year-to-date. The company mainly focuses on providing firms with hydraulic fracturing services. The oil and gas industry uses these services. 

On June 2, U.S. Well Services, Inc. (NASDAQ: USWS) announced that it would be cutting more than 170 positions in the firm in the coming months. The job cuts have been expected after the firm sold off diesel-powered fracturing equipment for over $20 million in late May. 

On May 17, U.S. Well Services, Inc. (NASDAQ: USWS) reported earnings results for the first three months of 2021, posting earnings per share of -$0.35, missing market predictions by $0.22. The revenue over the period was more than $76 million, down close to 32% year-on-year.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Renaissance Technologies is a leading shareholder in U.S. Well Services, Inc. (NASDAQ: USWS) with 1.4 million shares worth more than $1.4 million.