5 Best Canadian Penny Stocks to Buy Now

4. Nexgen Energy Ltd. (NYSE:NXE)

Number of Hedge Fund Holders: 17

Canadian uranium exploration company Nexgen Energy Ltd. (NYSE:NXE) ranks 4th in our list of the best Canadian penny stocks to buy according to hedge funds. As of the end of the first quarter of 2023, 17 hedge funds tracked by Insider Monkey reported owning stakes in Nexgen Energy Ltd. (NYSE:NXE). The biggest stakeholder of Nexgen Energy Ltd. (NYSE:NXE) during this period was Brad Dunkley and Blair Levinsky’s Waratah Capital Advisors which owns a $29 million stake in the company.

In May Nexgen Energy Ltd. (NYSE:NXE) announced that it generated non-binding expressions of interest from potential lenders totaling more than $1 billion in available debt to finance its Rook I uranium project in Saskatchewan.