Canoo Inc. (NASDAQ:GOEV - Get Free Report) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 10,780,000 shares, a growth of 9.2% from the June 15th total of 9,870,000 shares. Based on an average daily volume of 4,260,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 17.0% of the company's stock are short sold.
Canoo Stock Performance
NASDAQ:GOEV traded down $0.28 during trading on Thursday, reaching $2.36. The company's stock had a trading volume of 3,097,263 shares, compared to its average volume of 6,003,658. The firm has a market cap of $161.83 million, a price-to-earnings ratio of -0.23 and a beta of 1.28. The firm has a 50 day moving average of $2.26 and a 200-day moving average of $2.93. Canoo has a 12 month low of $1.22 and a 12 month high of $19.50.
Canoo (NASDAQ:GOEV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share for the quarter, missing the consensus estimate of ($0.97) by ($1.23). During the same period in the prior year, the company posted ($3.91) earnings per share. Equities research analysts forecast that Canoo will post -4.37 earnings per share for the current fiscal year.
Insider Transactions at Canoo
In other news, CAO Ramesh Murthy sold 10,948 shares of the company's stock in a transaction that occurred on 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 directly owns 181,447 shares of the company's stock, valued at $422,771.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Ramesh Murthy sold 10,948 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 $25,508.84. Following the completion of the sale, the chief accounting officer now owns 181,447 shares in the company, valued at $422,771.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 value of $25,483.21. Following the sale, 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. 9.70% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in GOEV. EP Wealth Advisors LLC grew its stake in shares of Canoo by 269.3% during the 4th quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company's stock worth $257,000 after acquiring an additional 729,236 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in shares of Canoo during the 1st quarter worth $900,000. Curbstone Financial Management Corp bought a new position in shares of Canoo during the 2nd quarter worth $43,000. Finally, SG Americas Securities LLC grew its stake in shares of Canoo by 95.6% during the 1st 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 during the period. Institutional investors own 36.23% of the company's stock.
Analyst Ratings Changes
Several equities research analysts recently issued reports on GOEV shares. R. F. Lafferty downgraded Canoo from a "buy" rating to a "hold" rating in a report on Wednesday, May 15th. HC Wainwright reiterated a "buy" rating and set a $7.00 price target on shares of Canoo in a report on Wednesday, May 15th. Roth Mkm decreased their price target on Canoo from $4.00 to $3.00 and set a "neutral" rating for the company in a report on Wednesday, May 15th. Finally, Benchmark restated a "buy" rating and issued a $5.00 price objective on shares of Canoo in a research note 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.com, Canoo has an average rating of "Moderate Buy" and an average target price of $23.79.
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About Canoo
(
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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.
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