5 Cash-Rich Penny Stocks Hedge Funds Are Buying

2. Ambev SA (NYSE:ABEV)

Number of Hedge Fund Investors: 14

Free Cash Flow (TTM): $16M

Beverage company Ambev SA (NYSE:ABEV) ranks second in our list of the best cash-rich penny stocks to buy according to hedge funds. In July, BofA upgraded ABEV stock to Buy from Neutral and set a price target of about $3.50.

As of the end of the third quarter of 2023, 14 hedge funds out of the 910 funds in Insider Monkey’s database had stakes in Ambev SA (NYSE:ABEV).