Redditors are Buying AMD and 4 Other Stocks on the Dip

In this article, we discuss AMD and 4 other stocks that Redditors are buying on the dip. If you want to read about some stocks popular on Reddit, go directly to Redditors are Buying AMD and 9 Other Stocks on the Dip.

5. The Lion Electric Company (NYSE:LEV)

Number of Hedge Fund Holders: 15

Percentage Decrease in Share Price Over Past Six Months: 55% 

The Lion Electric Company (NYSE:LEV) designs, develops, manufactures, and distributes purpose-built all-electric medium and heavy-duty urban vehicles. On August 5, the company posted earnings for the second quarter of 2022, reporting earnings per share of $0.19, beating market estimates by $0.26. The revenue over the period was $29 million, up over 76% compared to the revenue over the same period last year and missing analyst estimates by $0.77 million. The firm said it delivered 105 vehicles during the period, an increase of 44 vehicles as compared to the 61 delivered in the same period last year. 

On July 16, Roth Capital analyst Craig Irwin maintained a Buy rating on The Lion Electric Company (NYSE:LEV) stock with a price target to $13, noting that the disbursement of the $5 billion in federal funding for electric vehicle school buses should present a material catalyst. 

Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Ionic Capital Management is a leading shareholder in The Lion Electric Company (NYSE:LEV), with 1.7 million shares worth more than $72 million.