Tech. Penny Stocks On Radar: AGIL, MKFG, KOSS, AUR, NNDM

The tech sector has created enormous wealth for millions of investors over the course of several decades and it continues to do so. Some of the biggest tech companies in the world started off as penny stocks and hence, the next big thing may just be around the corner. This feature provides you with a closer look into five tech penny stocks that may be worth adding to your watch lists.

AgileThought Inc (NASDAQ:AGIL) was in focus as the stock soared 47% on hefty volume in Monday’s trading session. However, the stock is down 75% so far this year.

As the name suggests, the company is involved in providing agile-first software at scale. Additionally, AgileThought Inc also provides consulting and end-to-end digital transformation services to companies in the Fortune 1000. Its clients are diverse and range across a number of industries. Fortune 1000 companies have trusted the services offered by AgileThought for taking care of their digital businesses and drive value. 

On May 12 the company announced its financial results for the first fiscal quarter ended on March 31, 2023. The revenues came in at $41.8 million which reflected a year-on-year drop of 5.4% from the revenues of $44.2 million in the prior year period. Gross margin went up by 290 BPS to hit 34.2% from 31.3% in the prior-year quarter. The company also added four new clients during the first quarter. Manuel Senderos, the Chief Executive Officer noted that the drop in revenues had been brought about by market volatility.

Markforged Holding Corp (NYSE:MKFG) was one of the biggest gainers in tech. space on Monday as the stock surged 40% to close at a multi-month high of $1.61. Despite the recent jump, the stock is still down 20% over the past year.

The company, which had been established in 2013, is a pioneer in the 3D printing industry. It did so through the introduction of metal 3D and composite printers. The unique approach from Markforged Holding Corp amalgamates regular 3D printing techniques with reinforcements of continuous fiber which helps in the production of parts of high strength for a range of applications. The parts that are produced are considerably stronger and more durable.

In the fourth quarter of 2022, Markforged Holding Corp produced record revenues. In the preceding quarter, the company had produced record-breaking services and consumables revenues. In Q12022 the company generated sales of $24.09 million and that worked out to year on year rise of 10.2%. It also beat Wall Street estimates by $1.17 million. The company also reiterated its projection for revenues in the $101 million to $110 million range for the full fiscal year. The gross adjusted margin for the full fiscal year was projected to be in the range of 47% to 49% and Markforged Holding Corp reiterated it.

Koss Corporation (NASDAQ:KOSS) – The company is involved in the marketing of a full line of active noise-canceling headphones, high-fidelity headphones, wireless headphones, computer headsets, telecommunications headsets, wireless Bluetooth speakers, and compact disc recordings of American Symphony Orchestras . All of those products are sold under the Koss Classics brand.

On May 11, the company announced its financial results for the third fiscal quarter ended March 31, 2023. The company generated total sales of $3,369,160 for the quarter which worked out to a decline of 27.3% year on year from the sales figure of $4,634,552 in the prior year quarter. Koss also suffered a net loss of $232,853, as opposed to net profit of $403,204 in the prior year period. The loss per basic and diluted share for the quarter came in at $0.03 as opposed to the income of $0.04 per basic and diluted share in the prior year period. In the nine-month period ended March 31, 2023, the sales went down by 25.5% year on year to hit $9.995.620.

Aurora Innovation Inc (NASDAQ:AUR) – Yesterday, Aurora Innovation Inc was in focus after it announced that it had been successful in closing underwritten public offering that it had announced previously, along with a concurrent private placement. Some of the existing strategic and institutional investors in the company alongside affiliated entities of two of the company’s directors, as well as new institutional investors participated in it.

The company announced yesterday that it had managed to raise aggregate gross proceeds to the tune of $820 million. The company sold 73,333,333 shares in the public offering for $3 each. The underwriters had been given a 30-day option to its underwriters to take up 10,999,999 shares of its Class A common stock for the same price as the public offering.

Nano Dimension Ltd (NASDAQ:NNDM) – The company is one of the leading suppliers of Additively Manufactured Electronics, multi-dimensional polymers, metal, and Additive Manufacturing 3D printers.

On July 12 Nano Dimension Ltd announced that it had completed a number of significant sales of Additive Manufacturing printers and Additive Electronics robotic systems in the second quarter of 2023. However, it was also noted that the total value of the sales was only a fraction of the total $14.8 million in sales that the company had recorded in the quarter.