Canoo Sees Unusually Large Options Volume (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV - Get Free Report) was the target of some unusual options trading on Tuesday. Traders acquired 5,871 put options on the company. This represents an increase of approximately 83% compared to the average volume of 3,201 put options.

Institutional Trading of Canoo

Several large investors have recently modified their holdings of GOEV. Susquehanna Fundamental Investments LLC acquired a new stake in Canoo in the first quarter valued at about $900,000. Bank of New York Mellon Corp acquired a new stake in Canoo in the second quarter valued at about $392,000. Rhumbline Advisers acquired a new stake in Canoo in the second quarter valued at about $153,000. EP Wealth Advisors LLC boosted its stake in Canoo by 74.9% in the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company's stock valued at $259,000 after buying an additional 52,131 shares in the last quarter. Finally, Daiwa Securities Group Inc. acquired a new stake in Canoo in the second quarter valued at about $70,000. 36.23% of the stock is owned by institutional investors and hedge funds.

Canoo Stock Performance

Shares of GOEV remained flat at $0.96 during trading hours on Tuesday. The stock had a trading volume of 2,412,411 shares, compared to its average volume of 5,056,980. The stock has a market capitalization of $65.63 million, a P/E ratio of -0.09 and a beta of 1.27. Canoo has a 12 month low of $0.88 and a 12 month high of $8.81. The business's fifty day simple moving average is $1.19 and its two-hundred day simple moving average is $1.92.

Canoo (NASDAQ:GOEV - Get Free Report) last released its earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.68. The company had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. Analysts expect that Canoo will post -3.72 EPS for the current fiscal year.

Analysts Set New Price Targets

GOEV has been the topic of a number of research analyst reports. HC Wainwright dropped their price target on Canoo from $7.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, August 16th. Roth Mkm lowered their price objective on Canoo from $3.00 to $1.50 and set a "neutral" rating on the stock in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $23.04.

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.