5 Best EV Stocks Under $5

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1. Canoo Inc. (NASDAQ:GOEV)

Stock Price as of August 3: 3.740

Number of Hedge Fund Holders: 19

Canoo Inc. (NASDAQ:GOEV) is a Torrance, California-based developer and manufacturer of EVs that is on track to sell a lifestyle vehicle this year. Canoo Inc. (NASDAQ:GOEV) is looking into exploring the commercial EV segment by developing and manufacturing electric vans for rental and ride-sharing services.

In a note issued to investors on July 14, Jaime Perez at R. F. Lafferty maintained a ‘Buy’ rating on Canoo Inc. (NASDAQ:GOEV) stock and assigned it a target price of $17. The development took place after the company reached an EV fleet purchase agreement with Walmart, Inc. (NYSE:WMT). The contract is valued at $300 million and requires Canoo Inc. (NASDAQ:GOEV) to deliver 10,000 vehicles. Perez anticipates the company will generate $700 million in revenue in 2023, which is on the lower end of management’s guidance of 14,000 to 16,000 deliveries next year. Canoo Inc. (NASDAQ:GOEV) was also awarded a contract by the U.S military on July 19, which requires them to deliver an EV for analysis and demonstration.

At the end of Q1 2022, 19 hedge funds held a stake in Canoo Inc. (NASDAQ:GOEV).

You can also take a peek at 10 Best Stocks For Inflation According to Redditors and 7 Energy Stocks to Buy Now According to Billionaire Leon Cooperman.

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