5 Gold Stocks Under $5

3. Gold Royalty Corp. (NYSE:GROY)

Number of Hedge Fund Holders: 6  

Real-Time Share Price as of April 22: $4.17

Gold Royalty Corp. (NYSE:GROY) is a precious-metals focused royalty firm. On February 22, the company announced that it had agreed to purchase a 0.75% net smelter return on the Côté Gold Project in Ontario in a deal worth close to $16 million. The project has an estimated average annual production of 489,000 gold oz and an 18-year mine life. The project is already halfway to completion. David Garofalo, the CEO of the firm, claims the firm now owns royalties to two of the largest and longest-life gold mines in Canada. 

On February 10, BMO Capital analyst Rene Cartier initiated coverage of Gold Royalty Corp. (NYSE:GROY) stock with a Market Perform rating and a price target of $5.50, backing the firm to continue to strengthen the balance sheet despite limited cash flow upside in the near-term. 

At the end of the fourth quarter of 2021, 6 hedge funds in the database of Insider Monkey held stakes worth $9 million in Gold Royalty Corp. (NYSE:GROY), compared to 5 in the preceding quarter worth $3 million. 

Among the hedge funds being tracked by Insider Monkey, Canada-based investment firm Sprott Asset Management is a leading shareholder in Gold Royalty Corp. (NYSE:GROY) with 1.6 million shares worth more than $8 million.