Daiwa Securities Group Inc. Invests $70,000 in Canoo Inc. (NASDAQ:GOEV)

Daiwa Securities Group Inc. purchased a new position in shares of Canoo Inc. (NASDAQ:GOEV) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 32,694 shares of the company’s stock, valued at approximately $70,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in GOEV. EP Wealth Advisors LLC lifted its position in Canoo by 269.3% during the 4th quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock worth $257,000 after buying an additional 729,236 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Canoo by 95.6% during the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock worth $79,000 after purchasing an additional 10,786 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canoo during the 1st quarter worth about $900,000. Curbstone Financial Management Corp bought a new position in Canoo during the 2nd quarter worth approximately $43,000. Finally, MBL Wealth LLC bought a new position in shares of Canoo during the second quarter worth $31,000. Institutional investors and hedge funds own 36.23% of the company’s stock.

Canoo Stock Up 1.0 %

GOEV opened at $1.04 on Wednesday. Canoo Inc. has a twelve month low of $1.00 and a twelve month high of $11.65. The company has a fifty day moving average of $1.73 and a 200-day moving average of $2.22. The stock has a market cap of $71.31 million, a PE ratio of -0.10 and a beta of 1.29.

Canoo (NASDAQ:GOEV) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.68. The business had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. Sell-side analysts anticipate that Canoo Inc. will post -3.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GOEV. Benchmark reaffirmed a “buy” rating and issued a $5.00 price target on shares of Canoo in a research note on Wednesday, May 22nd. HC Wainwright reduced their price target on Canoo from $7.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Finally, Roth Mkm decreased their price objective on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.04.

Insider Buying and Selling at Canoo

In other news, General Counsel Hector M. Ruiz sold 10,937 shares of the firm’s stock in a transaction that occurred 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 transaction, the general counsel now directly owns 181,513 shares in the company, valued at $422,925.29. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 value of $25,508.84. Following the sale, the chief accounting officer now owns 181,447 shares in the company, valued at $422,771.51. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,483.21. Following the completion of the transaction, 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. Corporate insiders own 9.70% of the company’s stock.

Canoo 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.