10 Best Gold Stocks to Buy According to Reddit and Robinhood

2. Wheaton Precious Metals Corp. (NYSE:WPM)       

Overall Score: 3.5

Reddit Score: 5

Robinhood Score: 2

Number of Hedge Fund Holders: 27

Wheaton Precious Metals Corp. (NYSE:WPM), which is one of the most profitable companies with the highest profits margins in the world (TTM profit margin of 52.92%, as of 3^rd May 2024), is a precious metals streaming company, buying gold, silver, palladium and cobalt from 18 operating mines’ operators.

It is one of the best gold stocks due to many factors. Firstly, Wheaton Precious Metals Corp. (NYSE:WPM) has forecasted gold production of 850,000 ounces till 2029 through its operating projects Salobo, Antamina, Peñasquito, Voisey’s Bay, and Marmato, and its developing projects including Blackwater, Platreef, Goose, Mineral Park, Fenix, Curipamba and Santo Domingo.

Secondly, these projections are on the back of their staggering performance in the 1^st quarter of 2024, wherein they saw their gold equivalent ounces (GEOs) climbing 31% and realized gold equivalent price increasing 6%, helping them bag a sales value of $297 million, which itself was $82 million increase from the prior quarter, a major chunk of which was by the gold segment! As a result, their EPS was seen beating the analysts’ estimate, getting recorded at $0.36.

Moreover, given the company’s investments in several high-growth projects like Tanami Expansion 2 in Australia, Cadia Block Caves in Australia, and the Ahafo North expansion in Ghana, along with Newmont’s acquisition of Newcrest last year expecting to bring in annual synergies amounting to $500 million (pre-tax) by 2025, the stock is quite a good bet for investors. As such, the stock has been on a roll since a year, as it has recorded gains of 17.85%, 25.7%, and 38.3% on the 1-month basis, YTD basis, and in the last one year, respectively!

Thus, the stock is recommended by 76.5% of investors at Robinhood, who are strongly encouraging investors to buy the stock. Along with this, the stock is carrying a cool upside potential of 13.59%. Moreover, eight analysts are giving out an upside potential of the stock to be 29%!

Analysts at Reddit also believe in the trend to continue due to the company’s nature of being a royalty company instead of an individual mining company, which they believe is more yielding in terms of return, especially amidst the rising prices of gold.

Altogether, the stock’s outlook and performance have compelled 27 hedge fund investors to take a stake in the stock, worth a value of a whopping $598.1 million – also, justifying the stock’s place in our list of Best Gold Stocks to Buy According to Reddit and Robinhood.