Canoo Inc. (NASDAQ:GOEV) Sees Large Growth in Short Interest

Canoo Inc. (NASDAQ:GOEV) was the recipient of a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 11,620,000 shares, a growth of 19.5% from the July 31st total of 9,720,000 shares. Currently, 16.7% of the company’s shares are short sold. Based on an average daily trading volume, of 3,700,000 shares, the days-to-cover ratio is currently 3.1 days.

Insider Buying and Selling at Canoo

In other news, CAO Ramesh Murthy sold 10,948 shares of the company’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,508.84. Following the completion of the sale, the chief accounting officer now directly owns 181,447 shares of the company’s stock, valued at approximately $422,771.51. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Ramesh Murthy sold 10,948 shares of Canoo stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total transaction of $25,508.84. Following the transaction, the chief accounting officer now directly owns 181,447 shares of the company’s stock, valued at $422,771.51. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The disclosure for this sale can be found here. Insiders own 9.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GOEV. MBL Wealth LLC bought a new position in shares of Canoo in the 2nd quarter valued at about $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Canoo during the second quarter valued at approximately $35,000. The Manufacturers Life Insurance Company bought a new position in Canoo in the second quarter valued at approximately $35,000. Point72 DIFC Ltd acquired a new position in shares of Canoo during the 2nd quarter worth approximately $37,000. Finally, Curbstone Financial Management Corp bought a new stake in shares of Canoo during the 2nd quarter worth approximately $43,000. Institutional investors own 36.23% of the company’s stock.

Canoo Stock Up 6.3 %

NASDAQ GOEV opened at $1.52 on Friday. The firm’s 50 day moving average is $1.91 and its 200-day moving average is $2.35. The company has a market capitalization of $104.22 million, a PE ratio of -0.14 and a beta of 1.28. Canoo has a 12-month low of $1.22 and a 12-month high of $15.96.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. R. F. Lafferty lowered Canoo from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Benchmark reiterated a “buy” rating and issued a $5.00 price target on shares of Canoo in a report on Wednesday, May 22nd. HC Wainwright dropped their price objective on shares of Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, Roth Mkm reduced their target price on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Canoo currently has a consensus rating of “Moderate Buy” and an average target price of $23.04.

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.