5 Penny Stocks Poised To Explode

2. Canoo Inc. (NASDAQ:GOEV)

Number of Hedge Fund Holders: 20

Canoo Inc. (NASDAQ:GOEV) is an American electric vehicle company that designs both vehicles and a platform on which vehicles can be designed. Its vehicles include minivans and SUVs, and the platform is a customizable chassis. The firm is headquartered in Torrance, California, United States.

Canoo Inc. (NASDAQ:GOEV) has been consistently receiving orders in 2022. In October, the firm received an order for 9,300 vans from a van rental firm, which also left the option open to increase the order size to a whopping 18,000 vehicles. This order had come within days after another one saw the firm book an initial commitment of 3,000 vans with an option to increase the order to 5,450 vans with a van leasing company.

Stifel set a $4 share price target for the firm in September 2022 as it shared that Canoo Inc. (NASDAQ:GOEV) has one of the strongest business models among its peers and established players that lets it manage costs effectively. Insider Monkey’s Q2 2022 survey of 895 hedge funds revealed that 20 had held a stake in the firm.

Out of these, Canoo Inc. (NASDAQ:GOEV)’s largest investor is Jim Simons’ Renaissance Technologies which owns one million shares that are worth $1.9 million.