B2Gold Corp. (NYSE: BTG), trading at just $2.69, has become a favorite among hedge funds. The gold producer operates mines in Mali, the Philippines, and Namibia, making it a significant player in the industry.

In Q2 2024, the company generated $492.57 million in revenue, up from $470.85 million the previous year. This growth occurred even though the company produced less gold this year, highlighting B2Gold’s resilience.

With gold prices rising above $2,200 an ounce, B2Gold is well-positioned to benefit. Hedge fund interest is growing, with the number of funds holding stakes in the company rising from 19 to 22 in the second quarter of 2024. Notable investors include Jim Simons’s Renaissance Technologies.

B2Gold has also maintained a strong balance sheet, ending Q2 with $467 million in cash reserves. The company’s dividend yield of 6.04% makes it one of the highest in the sector, appealing to income-focused investors.

As B2Gold continues to expand through strategic mergers and acquisitions, hedge funds are optimistic about the stock’s long-term growth potential. Could B2Gold be the best gold stock under $5? With its impressive financial standing, hedge funds certainly think so.