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6. Sibanye Stillwater (NYSE:SBSW)  

Short Interest as % of Shares Outstanding: 2.39%

Number of Hedge Fund Investors in Q2 2024: 18

Sibanye Stillwater (NYSE:SBSW) is a multinational mining and metals processing company based in South Africa. The company is one of the world’s largest producers of platinum, palladium, rhodium, and gold. Sibanye Stillwater (NYSE:SBSW) also engages in the extraction and refining of iridium, ruthenium, nickel, chrome, copper, and cobalt. Sibanye Stillwater (NYSE:SBSW) is a global leader in recycling platinum group metals (PGM), commonly known as catalytic converters. In recent years, Sibanye Stillwater (NYSE:SBSW) has expanded into the battery metals sector, focusing on mining and processing critical materials and reprocessing mining waste to recover valuable minerals.

For the quarter ending March 31, Sibanye Stillwater (NYSE:SBSW) delivered strong operational performance, particularly in its U.S. Platinum Group Metals segment, where platinum and palladium output surged 22%. The company also saw a 28% reduction in All-In Sustaining Costs (AISC), boosting adjusted EBITDA despite lower PGM prices. Production from its South African operations, including platinum, palladium, rhodium, and ruthenium, increased by 3%, driven by the acquisition of an additional 50% stake in the Kroondal mine, one of South Africa’s largest platinum reserves. Additionally, the company’s Sandouville nickel refinery reported a 42% increase in production and a 36% reduction in sustaining costs. Although gold production dipped slightly, the company maintained strong EBITDA thanks to favorable gold prices.

Sibanye Stillwater’s (NYSE:SBSW) Keliber lithium project in Finland is advancing on schedule and within budget which will position the company to benefit from rising demand for lithium and battery materials. In August, the company secured a $560 million green financing package to fund the full development of this project, including the construction of lithium mining, processing, and refining facilities.

While 2.39% of the company’s shares are shorted, 18 hedge funds have maintained a bullish sentiment on the stock as of the second quarter with stakes worth $129.07 million. Marshall Wace LLP is the largest shareholder in the company and holds stocks worth $23.12 million as of June 30. Industry analysts maintain a consensus Buy rating, with an average price target of $5.5, representing a 28.09% upside potential from its current levels.