These 5 Penny Stocks are Trending on Reddit

3. Uranium Energy Corp. (NYSE:UEC)

Number of Hedge Fund Holders: 10

Closing Price on March 23: $5.07

Uranium Energy Corp. (NYSE:UEC) engages in the exploration, pre-extraction, extraction, and processing of uranium and titanium concentrates in the United States, Canada, and Paraguay. Last November, H.C. Wainwright analyst Heiko Ihle raised his price target on Uranium Energy Corp. (NYSE:UEC) to $7 from $5.60 and maintained a Buy rating on the stock.

On March 17, 2022, Uranium Energy Corp. (NYSE:UEC) announced earnings for the fiscal second quarter of 2022 in which the company outperformed market consensus by $90,930. The company’s revenue for the quarter came to $13.19 million.

Reddit investors are pouring into Uranium Energy Corp. (NYSE:UEC) since they believe in the stock’s potential to gain as the company is an emerging uranium producer in the United States. The stock is also gaining popularity among elite hedge funds. Insider Monkey identified  10 funds that held stakes in Uranium Energy Corp. (NYSE:UEC) at the end of the fourth quarter of 2021. The total value of these stakes was in excess of $15.76, up from $10.57 million in the preceding quarter with 12 positions.

Marshall Wace LLP upped its stakes in Uranium Energy Corp. (NYSE:UEC) in the fourth quarter of 2021 by 275% from the prior quarter. As of February 17, 2022, the fund’s stakes in the company were valued at $2.33 million, which covers 0.13% of the fund’s 13F portfolio.