Rhumbline Advisers Makes New Investment in Canoo Inc. (NASDAQ:GOEV)

Rhumbline Advisers acquired a new stake in shares of Canoo Inc. (NASDAQ:GOEV) during the 2nd quarter, Holdings Channel reports. The fund acquired 71,898 shares of the company’s stock, valued at approximately $153,000.

A number of other large investors also recently modified their holdings of the company. EP Wealth Advisors LLC lifted its position in Canoo by 269.3% during the fourth quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock valued at $257,000 after purchasing an additional 729,236 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Canoo in the 1st quarter valued at about $900,000. Bank of New York Mellon Corp bought a new position in shares of Canoo in the 2nd quarter valued at about $392,000. CIBC Asset Management Inc purchased a new position in Canoo in the second quarter worth about $67,000. Finally, SG Americas Securities LLC raised its position in Canoo by 95.6% during the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after purchasing an additional 10,786 shares during the period. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Canoo Stock Up 8.9 %

Shares of Canoo stock opened at $1.07 on Monday. The firm has a market cap of $73.37 million, a PE ratio of -0.10 and a beta of 1.29. Canoo Inc. has a twelve month low of $0.93 and a twelve month high of $11.43. The business has a 50-day moving average price of $1.49 and a 200 day moving average price of $2.17.

Canoo (NASDAQ:GOEV) last announced its earnings results on Wednesday, August 14th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates of ($0.77) by $0.68. The firm had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. On average, sell-side analysts expect that Canoo Inc. will post -3.72 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on GOEV shares. Roth Mkm cut their price objective 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 target price 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Canoo has an average rating of “Moderate Buy” and a consensus target price of $23.04.

Insider Buying and Selling at Canoo

In related news, CAO Ramesh Murthy sold 10,948 shares of the stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,508.84. Following the transaction, the chief accounting officer now owns 181,447 shares of the company’s stock, valued at approximately $422,771.51. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Canoo news, CAO Ramesh Murthy sold 10,948 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 181,447 shares in the company, valued at approximately $422,771.51. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the business’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 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. Insiders have sold 30,082 shares of company stock worth $59,599 in the last ninety days. 9.70% of the stock is owned by insiders.

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.