Canoo Inc. (NASDAQ:GOEV) Short Interest Down 6.4% in August

Canoo Inc. (NASDAQ:GOEV) saw a large decrease in short interest in August. As of August 31st, there was short interest totalling 10,880,000 shares, a decrease of 6.4% from the August 15th total of 11,620,000 shares. Based on an average daily volume of 3,650,000 shares, the short-interest ratio is currently 3.0 days. Approximately 15.6% of the company’s shares are short sold.

Insider Activity

In other news, General Counsel Hector M. Ruiz sold 10,937 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total value of $25,483.21. Following the completion of the sale, the general counsel now owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, General Counsel Hector M. Ruiz sold 10,937 shares of the company’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total transaction of $25,483.21. Following the completion of the sale, the general counsel now directly owns 181,513 shares in the company, valued at approximately $422,925.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Ramesh Murthy sold 10,948 shares of the company’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,508.84. Following the completion of the transaction, the chief accounting officer now owns 181,447 shares of the company’s stock, valued at $422,771.51. The disclosure for this sale can be found here. 9.70% of the stock is owned by corporate insiders.

Institutional Trading of Canoo

Hedge funds have recently modified their holdings of the company. MBL Wealth LLC purchased a new stake in shares of Canoo during the second quarter valued at about $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Canoo in the 2nd quarter valued at approximately $35,000. The Manufacturers Life Insurance Company purchased a new position in shares of Canoo in the 2nd quarter valued at approximately $35,000. Point72 DIFC Ltd purchased a new position in shares of Canoo in the 2nd quarter valued at approximately $37,000. Finally, Curbstone Financial Management Corp purchased a new position in shares of Canoo in the 2nd quarter valued at approximately $43,000. 36.23% of the stock is owned by hedge funds and other institutional investors.

Canoo Stock Performance

GOEV stock opened at $1.05 on Thursday. The firm has a fifty day moving average price of $1.73 and a 200 day moving average price of $2.22. Canoo has a fifty-two week low of $1.00 and a fifty-two week high of $11.65. The firm has a market cap of $72.00 million, a PE ratio of -0.10 and a beta of 1.29.

Canoo (NASDAQ:GOEV) last issued its earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.68. The company had revenue of $0.61 million for the quarter, compared to analysts’ expectations of $1.99 million. On average, equities analysts predict that Canoo will post -3.72 EPS for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on GOEV shares. HC Wainwright decreased their price target on shares of Canoo from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Roth Mkm cut their price objective on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a research report on Thursday, August 15th. Finally, Benchmark reissued a “buy” rating and set a $5.00 price objective on shares of Canoo in a research report on Wednesday, May 22nd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.04.

About Canoo

Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.