5 Tech Penny Stocks Reddit is Buying

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

Number of Hedge Fund Holders: 8
Price as of August 5, 2021: $3.07

Exela Technologies, Inc. (NASDAQ: XELA) is a Texas-based firm that provides transaction processing solutions and other digital business services. It is ranked third on our list of 10 tech penny stocks Reddit is buying. Some of the services the markets include information processing, healthcare solutions, and document management. It has a global presence and employs more than 18,000 people. The firm has a market cap of over $190 million and posted more than $1.2 billion in revenue last year. 

On June 2, investment advisory Cantor Fitzgerald initiated coverage of Exela Technologies, Inc. (NASDAQ: XELA) stock with an Overweight rating and a price target of $4, with the advisory drawing the attention of investors to the improving fundamentals of the firm. 

At the end of the first quarter of 2021, 8 hedge funds in the database of Insider Monkey held stakes worth $10 million in Exela Technologies, Inc. (NASDAQ: XELA), up from 4 in the previous quarter worth $7 million.