Point72 DIFC Ltd Makes New Investment in Canoo Inc. (NASDAQ:GOEV)

Point72 DIFC Ltd acquired a new stake in Canoo Inc. (NASDAQ:GOEV) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,222 shares of the company’s stock, valued at approximately $37,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC boosted its position in Canoo by 74.9% during the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after acquiring an additional 52,131 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Canoo in the second quarter valued at $35,000. Headlands Technologies LLC acquired a new position in Canoo in the second quarter valued at $60,000. Daiwa Securities Group Inc. purchased a new position in Canoo during the second quarter worth about $70,000. Finally, Rhumbline Advisers acquired a new stake in Canoo in the 2nd quarter worth about $153,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Wall Street Analysts Forecast Growth

GOEV has been the subject of a number of research analyst reports. HC Wainwright dropped their price objective 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 dropped their price objective on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a report on Thursday, August 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.04.

Canoo Stock Up 3.7 %

Canoo stock opened at $0.96 on Friday. The firm has a market capitalization of $65.60 million, a P/E ratio of -0.09 and a beta of 1.27. The firm has a fifty day moving average of $1.42 and a 200-day moving average of $2.15. Canoo Inc. has a 52-week low of $0.88 and a 52-week high of $10.35.

Canoo (NASDAQ:GOEV) last released its quarterly earnings data 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. On average, research analysts expect that Canoo Inc. 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.