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

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

Analyst Ratings Changes

Several research analysts have recently weighed in on GOEV shares. 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 research report on Thursday, August 15th. HC Wainwright lowered their price target on shares of Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Finally, Benchmark reaffirmed a “buy” rating and issued a $5.00 target price 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 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 Activity

In related news, CAO Ramesh Murthy sold 10,948 shares of the business’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 $25,508.84. Following the completion of the sale, the chief accounting officer now owns 181,447 shares of the company’s stock, valued at approximately $422,771.51. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Ramesh Murthy sold 10,948 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 $25,508.84. Following the completion of the sale, the chief accounting officer now owns 181,447 shares of the company’s stock, valued at $422,771.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Hector M. Ruiz sold 10,937 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 $25,483.21. Following the sale, the general counsel now directly 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 Investors Weigh In On Canoo

A number of hedge funds and other institutional investors have recently bought and sold shares of GOEV. EP Wealth Advisors LLC lifted its holdings in Canoo by 269.3% in the fourth quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock valued at $257,000 after acquiring an additional 729,236 shares during the period. SG Americas Securities LLC increased its position in shares of Canoo by 95.6% in the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after buying an additional 10,786 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Canoo in the first quarter valued at $900,000. Curbstone Financial Management Corp purchased a new position in shares of Canoo in the second quarter valued at $43,000. Finally, MBL Wealth LLC purchased a new position in shares of Canoo in the second quarter valued at $31,000. Institutional investors and hedge funds own 36.23% of the company’s stock.

Canoo Stock Performance

GOEV stock opened at $1.05 on Thursday. The firm has a market capitalization of $72.00 million, a price-to-earnings ratio of -0.10 and a beta of 1.29. Canoo has a fifty-two week low of $1.00 and a fifty-two week high of $11.65. The company’s 50 day moving average price is $1.73 and its 200 day moving average price is $2.22.

Canoo (NASDAQ:GOEV) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.68. The company had revenue of $0.61 million during the quarter, compared to analysts’ expectations of $1.99 million. Equities analysts forecast that Canoo will post -3.72 EPS for the current fiscal year.

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.