Goldman Sachs Penny Stocks: Top 5 Stock Picks

In this piece, we will take a look at Goldman Sachs’s investment portfolio and the top five penny stock picks. If you want to learn more about why looking at Goldman Sachs’s penny stocks might be worth it, then check out Goldman Sachs Penny Stocks: Top 12 Stock Picks.

5. Lloyds Banking Group plc (NYSE:LYG)

Number of Hedge Fund Investors In Q4 2023: 13

Current Share Price: $2.14

Goldman Sachs’s Q4 2023 Investment: $52.9 million

Lloyds Banking Group plc (NYSE:LYG) is a British banking group that is one of the biggest in the country. 2024 has been a year of controversy for the firm so far since a blockbuster report claims that it might have allowed Iran to evade U.S. sanctions on its oil.

13 out of the 933 hedge funds profiled by Insider Monkey were Lloyds Banking Group plc (NYSE:LYG) shareholders in Q4 2023.  Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital owned the largest stake which was worth $34 million.

4. RLX Technology Inc. (NYSE:RLX)

Number of Hedge Fund Investors In Q4 2023: 16

Current Share Price: $2.03

Goldman Sachs’s Q4 2023 Investment: $55.4 million

RLX Technology Inc. (NYSE:RLX) is a Chinese company that makes and sells e-vapor products similar to vaping devices. The firm exited 2024 on a strong note, as despite a penny stock, it upped its acquisitions game and bought two e cigarette companies in Asia.

During last year’s fourth quarter, 16 out of the 933 hedge funds covered by Insider Monkey’s research had invested in the firm. Leonard A. Potter’s Wildcat Capital Management owned the biggest RLX Technology Inc. (NYSE:RLX) stake that was worth $36 million.

3. Banco Bradesco S.A. (NYSE:BBD)

Number of Hedge Fund Investors In Q4 2023: 16

Current Share Price: $2.83

Goldman Sachs’s Q4 2023 Investment: $56.2 million

Banco Bradesco S.A. (NYSE:BBD) is a Brazilian bank headquartered in Osasko, Brazil. Despite the fact that it’s a penny stock that trades close to $3, it is also one of the most valuable companies on our list due to a market capitalization of $30 billion. The shares tanked in February 2024 after the bank’s latest earnings report saw its R$2.8 billion net income miss analyst estimates of R$4.63 billion.

By the end of 2023’s December quarter, 16 out of the 933 hedge funds surveyed by Insider Monkey were Banco Bradesco S.A. (NYSE:BBD)’s shareholders. Howard Marks’s Oaktree Capital Management owned the largest stake which was worth $120 million.

2. iQIYI, Inc. (NASDAQ:IQ)

Number of Hedge Fund Investors In Q4 2023: 20

Current Share Price: $3.57

Goldman Sachs’s Q4 2023 Investment: $117 million

iQIYI, Inc. (NASDAQ:IQ) is a Chinese entertainment technology company whose platform allows users to stream content. The firm was out with some good news for investors in February 2024 as it shared that not only did viewing times hold their own during the Chinese New Year holiday, but artificial intelligence searches also soared by a whopping 470%.

Insider Monkey dug through 933 hedge fund holdings for 2023’s final quarter and found that 20 had bought and owned the firm’s shares. iQIYI, Inc. (NASDAQ:IQ)’s biggest investor out of these is Lenn Kipp and Xavier Majic’s Maple Rock Capital as it owns 6.2 million shares that are worth $30.4 million.

1. Ambev S.A. (NYSE:ABEV)

Number of Hedge Fund Investors In Q4 2023: 20

Current Share Price: $2.60

Goldman Sachs’s Q4 2023 Investment: $172 million

Ambev S.A. (NYSE:ABEV) is the well known Brazilian beer and non alcoholic beverage company headquartered in Sao Paulo, Brazil. The shares are rated Buy on average and the average analyst share price target is $3.43.

13 out of the 933 hedge funds part of Insider Monkey’s Q4 2023 database had held a stake in Ambev S.A. (NYSE:ABEV). Jean-Marie Eveillard’s First Eagle Investment Management was the largest shareholder courtesy of its $876 million investment.

Disclosure: None. You can also take a look at 12 Best Blue Chip Stocks To Invest In According to Hedge Funds and 20 Best Weed Strains to Try in 2024.