Shares of Canoo Inc. (NYSE:GOEV – Get Rating) rose 3.4% during mid-day trading on Wednesday . The company traded as high as $2.43 and last traded at $2.41. Approximately 31,972 shares changed hands during trading, a decline of 99% from the average daily volume of 5,154,817 shares. The stock had previously closed at $2.33.
Analyst Ratings Changes
GOEV has been the topic of a number of recent analyst reports. Roth Capital downgraded Canoo from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $7.00 to $3.50 in a research report on Tuesday, August 9th. Stifel Nicolaus initiated coverage on Canoo in a research report on Thursday, September 15th. They issued a "buy" rating and a $4.00 target price on the stock. R. F. Lafferty cut their target price on Canoo from $17.00 to $15.00 and set a "buy" rating on the stock in a research report on Tuesday, August 9th. Finally, HC Wainwright cut their target price on Canoo from $15.00 to $10.00 and set a "buy" rating on the stock in a research report on Wednesday, July 13th.
Get Canoo alerts:Canoo Trading Down 6.3 %
The firm has a 50-day simple moving average of $3.36 and a two-hundred day simple moving average of $3.84. The company has a market capitalization of $613.42 million, a price-to-earnings ratio of -1.04 and a beta of 1.18.
Canoo (NYSE:GOEV – Get Rating) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.15). During the same period in the prior year, the business earned ($0.50) earnings per share. Equities research analysts anticipate that Canoo Inc. will post -2.1 EPS for the current year.Insider Transactions at Canoo
In other news, CEO Tony Aquila bought 200,000 shares of the stock in a transaction dated Tuesday, September 13th. The shares were acquired at an average cost of $2.58 per share, with a total value of $516,000.00. Following the purchase, the chief executive officer now directly owns 2,738,828 shares in the company, valued at approximately $7,066,176.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Tony Aquila bought 200,000 shares of the stock in a transaction dated Tuesday, September 13th. The shares were acquired at an average cost of $2.58 per share, with a total value of $516,000.00. Following the purchase, the chief executive officer now directly owns 2,738,828 shares in the company, valued at approximately $7,066,176.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Global Holdings Ltd Dd sold 2,000,000 shares of the 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 sale, the insider now directly 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 2,717,803 shares of company stock valued at $11,069,348 in the last ninety days. 21.90% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Canoo
Several hedge funds have recently modified their holdings of GOEV. BlackRock Inc. lifted its stake in Canoo by 0.4% in the 1st quarter. BlackRock Inc. now owns 7,721,670 shares of the company's stock valued at $42,622,000 after buying an additional 28,472 shares in the last quarter. Invesco Ltd. lifted its stake in Canoo by 29.5% in the 1st quarter. Invesco Ltd. now owns 3,650,604 shares of the company's stock valued at $20,150,000 after buying an additional 832,061 shares in the last quarter. State Street Corp lifted its stake in Canoo by 3.5% in the 1st quarter. State Street Corp now owns 2,242,412 shares of the company's stock valued at $12,378,000 after buying an additional 75,583 shares in the last quarter. Northern Trust Corp lifted its stake in Canoo by 5.5% in the 2nd quarter. Northern Trust Corp now owns 1,087,157 shares of the company's stock valued at $2,011,000 after buying an additional 56,529 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Canoo in the 2nd quarter valued at about $1,937,000. 38.08% of the stock is owned by hedge funds and other institutional investors.
Canoo Company Profile
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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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