5 Penny Stocks That Can Explode in 2022

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

Number of Hedge Fund Holders: 11

Share Price (as of March 18): $0.50

Exela Technologies, Inc. (NASDAQ:XELA) provides transaction processing, document management, enterprise information management, and digital business process solutions around the globe.

In November last year, B. Riley analyst Zach Cummins maintained a ‘Buy’ rating on Exela Technologies, Inc. (NASDAQ:XELA) shares, and lowered the price target to $3 from $4. Cummins noted that despite near-term headwinds, he is encouraged by the improving performance in the firm’s core business and its expanding sales pipeline. He sees Exela Technologies, Inc. (NASDAQ:XELA) returning to organic revenue growth at a higher adjusted EBITDA margin in FY2022.

On March 14, Exela Technologies, Inc. (NASDAQ:XELA) launched ExelaPay and became a 3rd party payment processor with the acquisition of Corduro, Inc, which provides integrated payments, pay-by-link, intelligent routing, and digital wallet capabilities. This acquisition will enable Exela Technologies, Inc. (NASDAQ:XELA) with the essential technical and human resources to provide payment acquiring and processing services across its XBP network.

Hedge fund sentiment was positive on Exela Technologies, Inc. (NASDAQ:XELA) in the fourth quarter of 2021, where 11 hedge funds were bullish on the company shares. In contrast, 7 hedge funds held stakes in the firm a quarter ago. Alyeska Investment Group was the top shareholder of Exela Technologies, Inc. (NASDAQ:XELA) in the fourth quarter, with roughly 2.7 million shares valued at $2.36 million.