5 Best Penny Stocks To Buy According To Hedge Funds

Page 5 of 5

1. Transocean Ltd. (NYSE:RIG)

Number of Hedge Fund Holders: 27 

The share price of Transocean Ltd. (NYSE:RIG) has jumped more than 300% in the past year. Interest in the stock has been soaring since the firm announced that it would be cutting greenhouse gas emissions intensity by 40% from 2019 levels by the end of this decade. It is placed first on our list of 11 best penny stocks to buy according to hedge funds. The firm was also recently awarded a $225 million contract for an ultra-deepwater drillship. The first phase of the project will begin next year. 

Transocean Ltd. (NYSE:RIG) has a market cap of more than $2.4 billion and posted over $3 billion in revenue last year. The firm has become a darling of retail investors on Reddit after the announcement to cut greenhouse gas emissions. 

At the end of the second quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $313 million in Transocean Ltd. (NYSE:RIG), up from 20 in the preceding quarter worth $148 million.

Out of the hedge funds being tracked by Insider Monkey, New York-based investment firm DE Shaw is a leading shareholder in Transocean Ltd. (NYSE:RIG) with 25 million shares worth more than $113 million. 

You can also take a peek at 10 Pharma Companies Making Treatment for Opioid Overdose and 10 Best 52-Week Low Stocks to Buy Now.

Page 5 of 5