Canoo Sees Unusually High Options Volume (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) was the target of some unusual options trading activity on Thursday. Investors acquired 20,130 call options on the company. This is an increase of 507% compared to the average volume of 3,317 call options.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on GOEV shares. Roth Mkm cut their target price 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. HC Wainwright dropped their price target on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $22.71.

Canoo Stock Up 34.6 %

Shares of NASDAQ:GOEV opened at $0.18 on Friday. The stock has a market cap of $16.94 million, a PE ratio of -0.05 and a beta of 1.14. The company’s fifty day moving average is $0.63 and its 200 day moving average is $1.36. Canoo has a 52 week low of $0.12 and a 52 week high of $7.08.

Institutional Inflows and Outflows

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

About Canoo

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.