5 Penny Stocks To Buy in May

2. Xos, Inc. (NASDAQ:XOS)

Number of Hedge Fund Holders: 16

Share Price as of May 6: $2.63

Xos, Inc. (NASDAQ:XOS)  is an emerging electric vehicle company, pioneering the manufacturer of fully electric, zero-emission medium- and heavy-duty commercial vehicles, powertrain components, and charging infrastructure. At the close of Q4 2021, 16 hedge funds held stakes in Xos, Inc. (NASDAQ:XOS) worth $5.51 million.

On March 8, Xos, Inc. (NASDAQ:XOS) announced that it has successfully delivered three vehicles to UniFirst Corporation (NYSE:UNF), a leading uniform rental company. Moreover, this April, Xos, Inc. (NASDAQ:XOS) delivered 15 battery-electric vans to five different locations of FedEx Corporation (NYSE:FDX). The demand for Xos, Inc.’s (NASDAQ:XOS) fleet of commercial vehicles is surging and is further catalyzing the likelihood of the stock exploding in 2022, making it one of the best penny stocks to buy in May.

This May, Xos, Inc. (NASDAQ:XOS) reported earnings for the fiscal first quarter of 2022. The company generated revenues of $7.03 million and outperformed market consensus by $1.42 million.

As of December 31, 2021, Antara Capital is the most prominent shareholder in Xos, Inc. (NASDAQ:XOS) owning over 0.5 million shares of stock which equate to a stake of $1.57 million.