These 5 Penny Stocks are Trending on Reddit

In this article, we take a look at the 5 penny stocks that are trending on Reddit. If you want to read about how penny stocks have exploded in the past, you can go directly to These 10 Penny Stocks are Trending on Reddit.

5. Asensus Surgical, Inc. (NYSE:ASXC)

Number of Hedge Fund Holders: 6

Closing Price on March 23: $0.69

Asensus Surgical, Inc. (NYSE:ASXC) is a medical device company that is involved in the research development, and sale of medical device robotics to enhance minimally invasive surgery (MIS) in the United States, Europe, and Asia. Asensus Surgical, Inc. (NYSE:ASXC) is pioneering performance-guided surgery by digitizing the interface between the surgeon and the patient. The company’s products include the Senhance Surgical System, a multi-port robotic surgery system that allows up to four arms to control robotic instruments, and a camera for laparoscopic procedures. It is the first digital laparoscopic platform that makes use of augmented intelligence through machine learning. Another notable product is the Senhance Ultrasonic System, which is an energy device that delivers concentrated energy to ligate and divide tissue.

This February, Asensus Surgical, Inc. (NYSE:ASXC) released its earnings for the fourth quarter of 2021, in which it outperformed market consensus by $976,000, a little shy of a million. The company’s revenue came to $2.48 million.

Last November, Asensus Surgical, Inc. (NYSE:ASXC) delivered three hospitals around the world its intelligent surgical systems. On November 1, The Shinmatsudo Central General Hospital in Japan agreed to lease the company’s Senhance Surgical System. On November 15 the Franklin Medical Center in Louisiana also agreed to lease and utilize its AI-powered surgical system. Finally, on November 29, the company delivered its robotic surgery system to the Private Healthcare Institution Railway Clinical Hospital in Russia.

Reddit investors believe that Asensus Surgical, Inc. (NYSE:ASXC) exhibits massive growth potential, and they are extremely bullish on the stock. Other than individual investors, 6 hedge funds were found to be bullish on Asensus Surgical, Inc. (NYSE:ASXC) at the end of the fourth quarter of 2021. The total stakes of these funds in the company were valued at $4.56 million. This is compared to 3 positions in the preceding quarter with stakes worth roughly $1.13 million. We can observe that the hedge fund sentiment for the stock is positive.