Canoo Inc. (NYSE:GOEV – Get Rating) shares traded down 8.6% on Friday . The company traded as low as $2.56 and last traded at $2.56. 75,305 shares changed hands during trading, a decline of 98% from the average session volume of 4,565,847 shares. The stock had previously closed at $2.80.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on the stock. Stifel Nicolaus assumed coverage on shares of Canoo in a research note on Thursday. They set a "buy" rating and a $4.00 target price on the stock. Roth Capital cut shares of Canoo from a "buy" rating to a "neutral" rating and lowered their target price for the company from $7.00 to $3.50 in a research note on Tuesday, August 9th. R. F. Lafferty lowered their target price on shares of Canoo from $17.00 to $15.00 and set a "buy" rating on the stock in a research note on Tuesday, August 9th. Finally, HC Wainwright reduced their price target on shares of Canoo from $15.00 to $10.00 and set a "buy" rating on the stock in a report on Wednesday, July 13th.
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Canoo Stock Performance
The company has a market capitalization of $682.94 million, a P/E ratio of -1.15 and a beta of 1.18. The business's fifty day simple moving average is $3.46 and its 200-day simple moving average is $3.90.
Canoo (NYSE:GOEV – Get Rating) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.15). During the same quarter in the prior year, the company posted ($0.50) EPS. As a group, analysts forecast that Canoo Inc. will post -2.33 EPS for the current year.
Insider Transactions at Canoo
In other Canoo news, CEO Tony Aquila bought 200,000 shares of Canoo stock in a transaction dated Tuesday, September 13th. The shares were purchased at an average cost of $2.58 per share, for a total transaction of $516,000.00. Following the acquisition, the chief executive officer now directly owns 2,738,828 shares in the company, valued at approximately $7,066,176.24. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Canoo news, CEO Tony Aquila bought 200,000 shares of Canoo stock in a transaction dated Tuesday, September 13th. The shares were purchased at an average cost of $2.58 per share, for a total transaction of $516,000.00. Following the acquisition, the chief executive officer now directly owns 2,738,828 shares in the company, valued at approximately $7,066,176.24. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Global Holdings Ltd Dd sold 2,000,000 shares of the business's stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $4.09, for a total transaction of $8,180,000.00. Following the completion of the sale, the insider now owns 10,293,771 shares in the company, valued at $42,101,523.39. The disclosure for this sale can be found here. Insiders have sold a total of 2,721,536 shares of company stock worth $11,077,780 in the last three months. Insiders own 21.90% of the company's stock.
Hedge Funds Weigh In On Canoo
Several hedge funds have recently added to or reduced their stakes in GOEV. Principal Financial Group Inc. grew its holdings in Canoo by 32.9% during the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company's stock valued at $33,000 after purchasing an additional 4,448 shares during the last quarter. Virtu Financial LLC bought a new position in Canoo during the 2nd quarter valued at about $34,000. MQS Management LLC bought a new position in Canoo during the 2nd quarter valued at about $45,000. Walker Asset Management LLC bought a new position in Canoo during the 2nd quarter valued at about $47,000. Finally, Integrated Wealth Concepts LLC bought a new position in Canoo during the 1st quarter valued at about $67,000. 38.08% of the stock is currently owned by institutional investors.
About Canoo
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Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis design to support various range of vehicle weight and ride profiles.
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