10 Cheap Hot Stocks to Buy Right Now

3. Anglogold Ashanti (NYSE:AU)

Forward P/E Ratio as of April 16: 10.91

Gain Over the Past 1 Month: 38.28%

Number of Hedge Fund Holders: 31

Anglogold Ashanti (NYSE:AU) is a gold mining company in Africa, Australia, and the Americas. It explores for gold, as well as by-products such as silver and sulphuric acid. Its flagship property includes 100% ownership of the Geita mine located in the Lake Victoria goldfields of the Mwanza region in north-western Tanzania.

In 2024, the company produced 2,660 thousand troy ounces of gold, which was slightly higher than the 2,640 thousand troy ounces produced in 2023. This generated the majority of the company’s $5.79 billion in revenue for the full year, which was a 26% year-over-year increase due to favorable gold prices. On April 15, Scotiabank raised the stock’s price target to $42 from $34 while maintaining a Sector Perform rating.

Anglogold is actively pursuing strategies to enhance its gold production. The company’s $2.5 billion acquisition of Centamin in September 2024 is a key instance here. This move includes Centamin’s flagship Sukari gold mine in Egypt and is projected to boost Anglogold’s annual gold production above 3 million ounces. This could potentially position the company as the world’s fourth-largest gold producer.