5 EV Stocks Popular on Reddit

4. Canoo Inc. (NASDAQ:GOEV)

Number of Hedge Fund Holders: 16 

Canoo Inc. (NASDAQ:GOEV) is a mobility technology company based in California. The firm, which markets electric vehicles, recently announced that it had reached an agreement with Japanese firm Panasonic for the supply of batteries it needs to start production of lifestyle electric vehicles in the fourth quarter of 2022. The stock has also benefited from the successful passage of the American Jobs Plan that will incentivize EV production in the US.

Roth Capital analyst Craig Irwin has a Neutral rating on Canoo Inc. (NASDAQ:GOEV) stock with a price target of $7. The analyst said in a note on September 20 that the “unique design” of the vehicles of Canoo “resonates with a range of potential buyers”.

At the end of the second quarter of 2021, 16 hedge funds in the database of Insider Monkey held stakes worth $37 million in Canoo Inc. (NASDAQ:GOEV), the same as in the previous quarter worth $14 million.