AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Source:ShutterstockProfessional, Shutterstock
Summary
- Stocks of Exela Technologies have more than doubled in price over the past six months.
- Ideanomics buys a 20% stake in the Italian motorcycle company Energica for US$13.2 mn.
- Sun Pacific to resume construction of its 50MW solar farm project in Durango, Mexico.
Penny stocks Exela Technologies (NASDAQ:XELA), Ideanomics Inc. (NASDAQ:IDEX), and Sun Pacific (OTC Pink:SNPW) are among some of the most active stocks in the category of late. Investors appeared to reassess their portfolios amid a brightening prospect of the economy.
Tech stocks, which climbed rapidly last year, have been pulling back in recent weeks, coinciding with a spike in treasury bond yields, and the rolling out of stimulus package. However, stocks linked to the economy have seen renewed momentum after remaining nearly dormant during the pandemic.
The following three penny stocks have seen renewed interest from investors, although there is no specific reason that can be attributed to their interest in the shares.
Exela Technologies Inc. (NASDAQ:XELA)
Stocks of Exela Technologies have more than doubled in price over the past six months. Founded in 2017, this Texas-based company helps firms to go digital through its integrated cloud software.
Exela stocks (NASDAQ:XELA) were trading at US$2.18 per share at 3:07 pm ET on Tuesday, March 30, which was an increase of 0.93% from the previous close.
Of some 4,000 companies it serves across 50 countries, over 60 percent are Fortune 100 companies. It also has around 23,000-strong-workforce. Its flagship products include Exela Smart Office and Digital Now, which primarily assist companies in making a switch to digital. Formed after the merger of Quinpario Acquisition Corp. Novitex Holdings, and SourceHOV, Exela is led by CEO Ron Cogburn.
Exela had recently announced a 10-year deal worth US$90 million with a leading US health insurance company. It, however, declined to name the company. The agreement enables the insurance firm to excess Exela’s PCH Global platform which has automation technologies like SaaS and other services.
The deal follows on to their partnership in 2020 which had yielded Exela US$28 million in revenues. However, in Q4, Exela had reported a 20.2 percent decline in revenues to US$314.1 million, compared to the corresponding period of 2019. Also, it had reported a net loss of US$88.9 million during the period.
Ideanomics Inc. (NASDAQ:IDEX)
This New York-based company has made a string of big-ticket investments in the recent past. Its most recent purchase was a 20 percent stake in the Italian motorcycle company Energica Motor Company. The deal value was worth around US$13.2 million. Energica makes battery-powered motorbikes.
It had also spent US$35 million to acquire a significant number of shares of the ride-hailing company BYD D1, which offers custom-built electric vehicles for its services.
In a major foray into the green energy sector, Ideanomics had acquired the Utah-based firm Wireless Advanced Vehicle Electrification (WAVE) for US$50 million. WAVE makes wireless charging stations for EVs.
Founded in 2004, the company has offices in Qingdao, Guangzhou, and Beijing. Ideanomics stocks (NASDAQ:IDEX) were priced at US$2.885 at 3:14 pm ET on Tuesday, which was an increase of around 3% from the previous close. The stock gained over 220% in value in the past six months. In Q3 of 2020, its revenues rose to US$10.6 million, from US$3.2 million in the same quarter a year ago.
Pic Credit: Pixabay.
Sun Pacific Holding Corp (OTC Pink: SNPW)
This New Jersey-headquartered renewable energy company has been on investors’ radar following its slew of announcements since early this year. The company had recently announced to resume construction of its 50MW solar farm project in Durango, Mexico, following a delay due to covid.
It is also partnering with Geopath to grow its revenue base from advertisers. It hopes to tract more advertisers both locally and abroad through its collaboration with Geopath Insights Suite. Sun Pacific has also joined forces with Atlas Transit Solutions to develop a high-efficiency off-grid digital plug and a new SMART Bus Shelter to enhance commuters’ experience.
This penny stock was trading at US$0.0519 apiece at 3:06 pm ET on Tuesday, down 3.89 percent from its previous close. Still, it was significantly higher compared to US$0.001 six months ago. The company was founded in 2009.
