5 EV Penny Stocks to Buy Now

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1. Xos Inc. (NASDAQ:XOS)

Number of Hedge Fund Holders: 16

Share Price as of March 30: $3.20

Xos Inc. (NASDAQ:XOS) manufactures fully electric, zero-emission medium and heavy-duty commercial vehicles, powertrain components, and charging infrastructure. The company focuses on developing innovative technologies for its fleet of vehicles which includes step vans, box trucks, and vocational vehicles in an eco-friendly manner.

Last December, Goldman Sachs analyst Jerry Revich initiated coverage of Xos Inc. (NASDAQ:XOS) with a Neutral rating and a $4.25 price target and had a positive outlook on the company’s low-cost product strategy supported by its vertically integrated battery pack and proprietary battery management technologies.

This February, Xos Inc. (NASDAQ:XOS) revealed a video that showed a truck built at CITE Armored, a leader in custom security manufacturing for Loomis (STO:LOOMIS). Moreover, on March 8, 2022, Xos Inc. (NASDAQ:XOS) announced entering a strategic collaboration with Merchants Fleet. The partnership is aimed at helping Merchants Fleet expand its offering of electric fleet vehicles by purchasing EV step vans from Xos Inc. (NASDAQ:XOS). The first 10 step vans are expected to be delivered to Merchants Fleet in 2022.

On March 28, 2022, Xos Inc. (NASDAQ:XOS) reported earnings for the fiscal fourth quarter of 2021, in which the company beat estimates. According to Xos Inc.’s (NASDAQ:XOS) earnings report, the company’s revenue came to $3.30 million, outperforming market consensus by $0.44 million. As of March 30, 2022, Xos Inc. (NASDAQ:XOS) is worth $542.47 million on the open market and has gained 13.65% year to date.

By the end of the fourth quarter of 2021, 16 hedge funds held stakes in Xos Inc. (NASDAQ:XOS) worth over $5.51 million. Of these, Antara Capital was the most prominent stakeholder in the company, owning 500,000 shares of the stock which amount to a stake value of $1.57 million. The investment covers 0.07% of Antara Capital’s Q4 2021 investment portfolio.

You can also take a look at 21 Best Electric Cars of 2021 and 15 Best Electric Car Stocks to Buy Now.

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