Canoo Sees Unusually High Options Volume (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) saw unusually large options trading on Tuesday. Investors bought 5,871 put options on the company. This is an increase of 83% compared to the average volume of 3,201 put options.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of Canoo during the first quarter valued at about $900,000. SG Americas Securities LLC grew its position in Canoo by 95.6% in the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock worth $79,000 after acquiring an additional 10,786 shares in the last quarter. MBL Wealth LLC purchased a new position in Canoo in the second quarter worth about $31,000. Point72 DIFC Ltd purchased a new position in Canoo in the second quarter worth about $37,000. Finally, Headlands Technologies LLC purchased a new position in Canoo in the second quarter worth about $60,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on GOEV. HC Wainwright decreased their price target on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Roth Mkm decreased their price target on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday, August 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.04.

Canoo Stock Down 2.8 %

Shares of Canoo stock opened at $0.93 on Thursday. The firm has a market cap of $63.80 million, a price-to-earnings ratio of -0.09 and a beta of 1.27. The business has a 50-day moving average price of $1.18 and a 200-day moving average price of $1.91. Canoo has a twelve month low of $0.88 and a twelve month high of $8.81.

Canoo (NASDAQ:GOEV) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.09) earnings per share 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 analysts’ expectations of $1.99 million. On average, equities analysts expect that Canoo will post -3.72 EPS for the current fiscal year.

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.