5 Most-Shorted Stocks Reddit’s WallStreetBets Is Paying Attention To

3. Canoo Inc. (NASDAQ: GOEV)

Number of hedge fund holders: 16 

Float Shorted: 33.1% 

Canoo Inc. (NASDAQ: GOEV) is a California-based firm that makes and sells electric vehicles for commercial and consumer use. It is ranked third on our list of 10 most-shorted stocks Reddit’s WallStreetBets is paying attention to. The firm has a market cap of close to $2 billion. The firm stands to benefit from recent news from China and Europe regarding EVs. Sales of electric cars in the former have started increasing again and the latter has started mulling over a ban on vehicles that use internal combustion engines. 

On June 21, investment advisory RF Lafferty maintained a Buy rating on Canoo Inc. (NASDAQ: GOEV) stock with a price target of $18, noting that the firm was well ahead of competitors in the EV space in development and evaluation of vehicles. 

At the end of the first quarter of 2021, 16 hedge funds in the database of Insider Monkey held stakes worth $14.8 million in Canoo Inc. (NASDAQ: GOEV), down from 17 in the previous quarter worth $96.6 million.