Stock Market Recession 2022: 5 Stocks to Sell Now According to Analysts

4. IAMGOLD Corporation (NYSE:IAG)

Number of Hedge Fund Holders: 15

IAMGOLD Corporation (NYSE:IAG) is a Toronto-based gold mining company that operates exploration properties across North America, South America, and West Africa. Hedge fund sentiment declined around IAMGOLD Corporation (NYSE:IAG) in Q4 2021, with 15 funds bullish on the stock, compared to 18 funds in the last quarter. 

On May 5, Stifel analyst Ingrid Rico downgraded IAMGOLD Corporation (NYSE:IAG) to Sell from Hold with a price target of C$2.50, down from C$3.25. The analyst said that IAMGOLD Corporation (NYSE:IAG)’s “disappointing update continues to underscore poor execution” on the construction of its Cot gold project. The magnitude of the new capex estimate now adds funding risk, although IAMGOLD Corporation (NYSE:IAG) started this project with a robust balance sheet, the analyst told investors. She also believes that IAMGOLD Corporation (NYSE:IAG)’s operating cash flow forecast for 2022 could be challenged by inflation cost pressures and possible risks in terms of realizing operational targets at Rosebel and Westwood.

According to Insider Monkey’s fourth quarter database, Jim Simons’ Renaissance Technologies is the leading shareholder of the company, with more than 19 million shares worth $60 million.