5 Penny Stocks To Buy That Are Too Cheap To Ignore

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1. Canoo Inc. (NASDAQ:GOEV)

Number of Hedge Fund Holders: 20

Canoo Inc. (NASDAQ:GOEV) is an American electric vehicle company that is headquartered in Torrance, California. The firm designs electric vehicles for personal and consumer use and it also sells a skateboard chassis platform for other companies to build their cars on.

Canoo Inc. (NASDAQ:GOEV) is aiming to leverage the scale and brand presence of Walmart to drive up its product sales. The company is slated to begin its electric vehicle production in 2023, and it recently moved its headquartered to Bentonville, Arkansas – the city in which Walmart is also based. It has also entered into an agreement to sell 4,500 last mile delivery vans to the retailer, with the option of adding on another 5,500 vehicles. Canoo Inc. (NASDAQ:GOEV) has received $300 million from Walmart for this contract and it has also issued a large share warrant of 61.2 million shares to the company with an exercise price of $2.15 per share.

Stifel set a $4 share price target for the company in September 2022 as it shared that Canoo Inc. (NASDAQ:GOEV) is targeting the most profitable automotive segment. As this year’s June quarter ended, 20 out of the 895 hedge funds polled by Insider Monkey had bought Canoo Inc. (NASDAQ:GOEV)’s shares.

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.

Disclosure: None. You can also take a look at 10 Best ESG Stocks to Invest In and Top 10 Women Owned Stocks To Buy.

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