5 Best Penny Stocks to Buy Now

2. IAMGOLD Corporation (NYSE: IAG)

Number of Hedge Fund Holders: 19

IAMGOLD Corporation (NYSE: IAG) is ranked second on our list of 15 best penny stocks to buy now. The firm is based in Canada. It develops and operates gold mining properties. On August 5, the company posted earnings for the second quarter, reporting earnings per share of -$0.01, beating market estimates by $0.01. The revenue over the period was $265 million, down 6% compared to the revenue over the same period last year. However, the firm provided improved guidance numbers for the third quarter in the earnings report. 

On July 16, investment advisory National Bank maintained an Outperform rating on IAMGOLD Corporation (NYSE: IAG) stock but lowered the price target to C$6 from C$6.25. John Sclodnick, an analyst at the firm, issued the ratings update. 

At the end of the second quarter of 2021, 19 hedge funds in the database of Insider Monkey held stakes worth $124 million in IAMGOLD Corporation (NYSE: IAG), down from 22 the preceding quarter worth $134 million.