5 Best Penny Stocks to Buy in July

3. Coeur Mining, Inc. (NYSE:CDE)

Number of Hedge Fund Holders: 20

Share Price as of July 11: $2.7300

Coeur Mining, Inc. (NYSE:CDE) was incorporated in 1928 and is headquartered in Chicago, Illinois. The company extracts precious metals in the United States, Canada, and Mexico. Coeur Mining, Inc. (NYSE:CDE) owns and operates gold, silver, zinc, and lead properties. The company sees FY22 silver production of 6 million to 7 million ounces, and FY22 gold production of 100,000 to 110,000 ounces. 

On May 6, Canaccord analyst Dalton Baretto upgraded Coeur Mining, Inc. (NYSE:CDE) to ‘Buy’ from ‘Hold’ with a price target of $5.50 after the company’s Q1 earnings and liquidity update. According to the analyst, Coeur posted a strong quarter and moved to fortify its balance sheet ahead of a “capital-heavy” 2022 and 2023. The analyst said liquidity issues have weighed on the stock price this year. He sees the present share price as an attractive buying opportunity due to Coeur Mining, Inc. (NYSE:CDE)’s advanced liquidity profile.

According to Insider Monkey’s Q1 data, 20 hedge funds were long Coeur Mining, Inc. (NYSE:CDE) on March 31, up from 14 funds in the prior quarter. D E Shaw is the biggest stakeholder in the company, with more than 5 million shares worth $22.2 million.