12 Best AI Penny Stocks to Buy According to Hedge Funds

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6. Aeva Technologies, Inc. Common Stock (NASDAQ:AEVA)

Number of Hedge Fund Holders: 11

Aeva Technologies, Inc. (NASDAQ:AEVA) specializes in the design and development of LiDAR sensing systems and related perception software solutions. Their products, such as Aeries II and Atlas, utilize Frequency Modulated Continuous Wave (FMCW) technology to deliver 4D LiDAR capabilities, detecting instant velocity alongside 3D position. These sensors are integrated into various applications, including automotive-grade production for passenger cars, trucking, industrial automation, consumer electronics, and security markets. By incorporating advanced AI and machine learning algorithms, AEVA’s solutions enhance object detection and classification, contributing to improved safety and efficiency in autonomous systems.

Aeva Technologies, Inc. (NASDAQ:AEVA) demonstrated significant commercial momentum in Q3 2024, securing multiple production wins and advancing strategic partnerships. The company secured a major industrial production win with The Indoor Lab through a multiyear supply agreement, which includes deployments at JFK and SFO airports with potential revenue opportunities of multiple tens of millions of dollars over the next 2-3 years. In the automotive sector, AEVA’s partnership with Torc and Daimler Truck achieved a significant milestone with successful validation of fully driverless operations at highway speeds. The company was selected for a major European passenger OEM’s automated vehicle validation program, leveraging their FMCW advantages like direct velocity measurement.

Aeva Technologies, Inc. (NASDAQ:AEVA) made strategic progress by pulling forward the first shipments of Atlas by almost 6 months, enhancing their ability to support recent production wins and capitalize on additional opportunities. The company’s financial position remains strong with total liquidity of $259.8 million, comprised of $134.8 million in cash, cash equivalents and marketable securities, and a $125 million available undrawn equity facility. Looking ahead, management is focused on executing multiple passenger RFQs and engagements, including with a global top 10 passenger OEM, while responding to growing interest for their perception solutions in industrial automation and security applications. At least 11 hedge funds owned AEVA at the end of Q4 2024 and it is therefore one of the best AI penny stocks to buy according to hedge funds.

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