5 EV Penny Stocks to Buy Now

3. Arrival (NASDAQ:ARVL)

Number of Hedge Fund Holders: 11

Share Price as of March 30: $4.03

Arrival (NASDAQ:ARVL) is a British electric vehicle manufacturer that focuses on the design, assembly, and distribution of commercial electric vehicles worldwide. The company’s portfolio consists primarily of lightweight commercial vehicles including EV vans, buses, and cars. Last December, UBS analyst Steven Fisher initiated coverage of Arrival (NASDAQ:ARVL) with a Neutral rating and a $10 price target.

On December 16, 2022, Arrival (NASDAQ:ARVL) unveiled its first finished prototype of the Arrival Car, specifically designed for the ride-hailing industry. The Arrival Car is designed in a way to maximize comfort, reduce costs, and offer increased security, being wary of the fact that ride-hailing cars are expected to drive almost 5 times more than a typical car annually. The Arrival Car boasts legroom twice as large as that of an average car of the same length.

On December 28, 2022, Arrival (NASDAQ:ARVL) announced the commencement of trials of the company’s Arrival Bus in the UK. The vehicles will be undergoing validation and road testing before being legalized. Arrival (NASDAQ:ARVL) is expected to begin production for its electric Bus during the second quarter of 2022.

Insider Monkey was able to identify 11 hedge funds having stakes in Arrival (NASDAQ:ARVL) by the end of the fourth quarter of 2021. The combined stakes of these funds equaled $14.74 million, up from $10.0 million in the third quarter of 2021 with 4 identified positions. As of March 25, 2022, Millennium Management is the most prominent shareholder in Arrival (NASDAQ:ARVL), having stakes worth $4.28 million in the company.