Reddit’s 5 Meme Stocks Ranked From Best to Worst According to Hedge Funds

1. Canoo Inc. (NASDAQ:GOEV)

Number of Hedge Fund Holders: 13

Canoo Inc. (NASDAQ:GOEV) is a California-based mobility technology company that designs, engineers, and manufactures electric vehicles for commercial and consumer markets in the United States. On February 6, Canoo Inc. (NASDAQ:GOEV)’s stock plummeted by over 20% in the pre-market trading session after the company declared that it would be releasing 50 million common shares along with warrants to purchase up to 50 million shares at a combined price of $1.05 per share. The company expects to generate approximately $52.5 million in total from the sale. The warrants have a validity of five years and can be exercised six months following the issuance date, with an exercise price of $1.30 per share. It is one of the most popular Reddit meme stocks to monitor. 

On November 10, R.F. Lafferty analyst Jaime Perez lowered the firm’s price target on Canoo Inc. (NASDAQ:GOEV) to $6 from $15 and reiterated a Buy rating on the shares. The reason for the lowered target is Perez’s forecast for 2023 sales of $385 million, as opposed to the previous prediction of $605 million. The analyst attributed this reduction to a slow increase in production during the latter half of the year, while the company completes tooling and equipment for its new manufacturing plant in Oklahoma City. 

According to Insider Monkey’s fourth quarter database, 13 hedge funds were long Canoo Inc. (NASDAQ:GOEV), compared to 12 funds in the prior quarter. Steve Cohen’s Point72 Asset Management is a prominent stakeholder of the company, with 1.5 million shares worth $1.90 million. 

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