5 Penny Stocks for Long-Term Profits

3. Nexgen Energy Ltd. (NYSE:NXE)

Number of Hedge Fund Holders: 15

Share Price (as of August 5): $4.22

The world’s ambition to abandon fossil fuels, and the unreliability of solar and wind power in certain locations, has led to the emergence of nuclear power as a viable energy source. This is good news for Nexgen Energy Ltd. (NYSE:NXE), which boasts a vast portfolio of uranium properties across Canada.

On May 25, Raymond James analyst Brian MacArthur kept an ‘Outperform’ rating on Nexgen Energy Ltd. (NYSE:NXE) shares, whilst retaining a favorable outlook for uranium and Nexgen. The analyst removed NXE shares from the firm’s Analyst Current Favorites List owing to the recent market volatility. In the last 12 months, Nexgen Energy Ltd. (NYSE:NXE) has posted gains of 4.96%, as compared to the 6.57% loss posted by the S&P500. In the last month alone, the company shares have registered growth of 20.51% as of August 5.

The number of hedge funds with positions in Nexgen Energy Ltd. (NYSE:NXE) at the end of the first quarter stood at 15, the same as the quarter before. With a nearly $19 million stake, Falcon Edge Capital was the biggest Q1 shareholder of the company.