Stifel Nicolaus initiated coverage on shares of Canoo (NYSE:GOEV – Get Rating) in a research note released on Thursday, The Fly reports. The firm issued a buy rating and a $4.00 price objective on the stock.
Several other brokerages have also recently weighed in on GOEV. R. F. Lafferty reduced their price objective on Canoo from $17.00 to $15.00 and set a buy rating on the stock in a research note on Tuesday, August 9th. Roth Capital cut shares of Canoo from a buy rating to a neutral rating and decreased their price target for the company from $7.00 to $3.50 in a research report on Tuesday, August 9th. Finally, HC Wainwright decreased their price objective on shares of Canoo from $15.00 to $10.00 and set a buy rating for the company in a research report on Wednesday, July 13th.
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Canoo Trading Down 10.4 %
NYSE GOEV opened at $2.51 on Thursday. The company has a market cap of $684.31 million, a PE ratio of -1.16 and a beta of 1.18. The stock has a 50 day moving average of $3.46 and a 200-day moving average of $3.89. Canoo has a 12 month low of $1.75 and a 12 month high of $13.35.
Canoo (NYSE:GOEV – Get Rating) last issued its quarterly earnings data 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 period in the prior year, the company posted ($0.50) earnings per share. As a group, sell-side analysts predict that Canoo will post -2.33 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, President Josette Sheeran sold 108,211 shares of the stock in a transaction that occurred on Wednesday, August 17th. The stock was sold at an average price of $3.90, for a total value of $422,022.90. Following the completion of the sale, the president now owns 1,398,391 shares of the company's stock, valued at approximately $5,453,724.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Tony Aquila bought 200,000 shares of the company's stock in a transaction that occurred on Friday, August 12th. The stock was bought at an average cost of $3.98 per share, for a total transaction of $796,000.00. Following the acquisition, the chief executive officer now directly owns 2,538,828 shares of the company's stock, valued at approximately $10,104,535.44. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Josette Sheeran sold 108,211 shares of Canoo stock in a transaction on Wednesday, August 17th. The stock was sold at an average price of $3.90, for a total value of $422,022.90. Following the completion of the sale, the president now directly owns 1,398,391 shares of the company's stock, valued at approximately $5,453,724.90. The disclosure for this sale can be found here. In the last three months, insiders sold 2,721,536 shares of company stock valued at $11,077,780. 21.90% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Canoo
A number of institutional investors have recently modified their holdings of GOEV. ProShare Advisors LLC lifted its holdings in shares of Canoo by 70.5% during the 4th quarter. ProShare Advisors LLC now owns 23,246 shares of the company's stock valued at $179,000 after acquiring an additional 9,612 shares in the last quarter. Cortland Associates Inc. MO boosted its stake in Canoo by 441.6% in the 1st quarter. Cortland Associates Inc. MO now owns 67,702 shares of the company's stock valued at $374,000 after buying an additional 55,202 shares in the last quarter. Green Alpha Advisors LLC acquired a new position in shares of Canoo during the first quarter valued at $177,000. GSA Capital Partners LLP increased its holdings in shares of Canoo by 330.7% in the first quarter. GSA Capital Partners LLP now owns 67,080 shares of the company's stock worth $370,000 after acquiring an additional 51,505 shares in the last quarter. Finally, Swiss National Bank boosted its position in Canoo by 7.9% during the first quarter. Swiss National Bank now owns 254,000 shares of the company's stock valued at $1,402,000 after purchasing an additional 18,500 shares during the last quarter. 38.08% of the stock is currently owned by institutional investors and hedge funds.
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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