5 Tech Penny Stocks Reddit is Buying

2. Ceragon Networks Ltd. (NASDAQ: CRNT)

Number of Hedge Fund Holders: 8
Price as of August 5, 2021: $3.98

Ceragon Networks Ltd. (NASDAQ: CRNT) is placed second on our list of 10 tech penny stocks Reddit is buying. The company is headquartered in Israel and markets wireless backhaul solutions. In earnings results for the second quarter, posted on August 2, the firm reported earnings per share of -$0.01, beating market estimates by $0.03. The revenue over the period was close to $69 million, up 10% compared to the revenue over the same period last year and beating market estimates by $3.4 million. 

On May 4, investment advisory Needham upgraded Ceragon Networks Ltd. (NASDAQ: CRNT) stock to Buy from Hold with a price target of $4.5, appreciating the solid quarterly earnings that beat market expectations and improved guidance. 

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm Millennium Management is a leading shareholder in Ceragon Networks Ltd. (NASDAQ: CRNT) with 2 million shares worth more than $7.5 million.