Canoo Sees Unusually Large Options Volume (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) was the target of unusually large options trading activity on Thursday. Traders purchased 20,130 call options on the company. This represents an increase of approximately 507% compared to the typical volume of 3,317 call options.

Institutional Trading of Canoo

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MBL Wealth LLC purchased a new position in Canoo during the 2nd quarter valued at about $31,000. XTX Topco Ltd grew its stake in Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after acquiring an additional 20,805 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in Canoo during the 2nd quarter worth approximately $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Canoo in the 2nd quarter worth approximately $35,000. Finally, Point72 DIFC Ltd bought a new position in Canoo in the 2nd quarter valued at $37,000. 36.23% of the stock is currently owned by institutional investors.

Canoo Price Performance

Shares of GOEV stock opened at $0.18 on Friday. The stock has a market capitalization of $16.94 million, a price-to-earnings ratio of -0.05 and a beta of 1.14. The company’s fifty day simple moving average is $0.63 and its two-hundred day simple moving average is $1.36. Canoo has a 1 year low of $0.12 and a 1 year high of $7.08.

Analyst Upgrades and Downgrades

GOEV has been the topic of a number of research reports. Roth Mkm lowered their price target on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday, August 15th. HC Wainwright dropped their price target on Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $22.71.

Canoo Company Profile

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.