5 Hot Penny Stocks On the Rise

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1. Xos Inc (NASDAQ:XOS)

Number of Hedge Fund Holders: 8

Share Price as of January 19: $0.9975

Xos Inc (NASDAQ:XOS) was founded in 2020 and is headquartered in Los Angeles, California. It is a mobility solutions company that manufactures and commercializes battery-electric commercial vehicles. On January 12, Xos Inc (NASDAQ:XOS) launched its mobile fleet management application, Xosphere Go, for customers and authorized Xos dealers to manage their Xos vehicle and chargers on the go. It combines Xos’ proprietary hardware and software into a cohesive and intuitive platform. Xos Inc (NASDAQ:XOS) is one of the best penny stocks to buy. 

On November 14, Benchmark analyst Michael Ward reiterated a Buy recommendation on Xos Inc (NASDAQ:XOS) but lowered the firm’s price target on the shares to $6 from $10 after the company reported Q3 results and said deliveries are on track to reach 150-200 units in the second half. Hos Buy rating is supported by the company’s partnerships and growth prospects in the U.S. commercial market for all-electric vehicles.

According to Insider Monkey’s data, 8 hedge funds were bullish on Xos Inc (NASDAQ:XOS) at the end of September 2022, compared to 9 funds in the prior quarter. Ben Levine, Andrew Manuel, and Stefan Renold’s LMR Partners is a prominent stakeholder of the company, with 160,739 shares worth $193,000. 

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