5 Most Undervalued Gold Stocks To Buy According To Hedge Funds

4. AngloGold Ashanti Limited (NYSE:AU)

Number of Hedge Fund Holders: 16

P/E ratio: 13.76

Another gold mining company headquartered in South Africa, AngloGold Ashanti Limited (NYSE:AU) ranks 4th in our list of the most undervalued gold stock to buy according to hedge funds. At the end of the fourth quarter of 2022, 16 hedge funds in Insider Monkey’s database of elite hedge funds had reported owning stakes in AngloGold Ashanti Limited (NYSE:AU), up from 13 hedge funds in the previous quarter. The biggest stakeholder of AngloGold Ashanti Limited (NYSE:AU) was John Paulson’s Paulson & Co which had a stake worth over $74 million in the company.

Recently, AngloGold Ashanti Limited (NYSE:AU) posted a decline in FY 2022 pretax profit. Revenue in the period however jumped 12% to reach $4.39 billion from $3.9 billion posted for the previous year.

Gold production in FY 2022 jumped 11% on a YoY basis to reach 2.74 million oz from 2.47 million oz in 2021.