Canoo Inc. (NASDAQ:GOEV) Sees Large Decline in Short Interest

Canoo Inc. (NASDAQ:GOEV) was the target of a significant decrease in short interest in August. As of August 31st, there was short interest totalling 10,880,000 shares, a decrease of 6.4% from the August 15th total of 11,620,000 shares. Based on an average daily volume of 3,650,000 shares, the short-interest ratio is presently 3.0 days. Currently, 15.6% of the shares of the stock are short sold.

Canoo Trading Down 0.0 %

Shares of NASDAQ GOEV traded down $0.00 during midday trading on Wednesday, reaching $1.04. 355,443 shares of the company were exchanged, compared to its average volume of 5,275,410. Canoo has a 1 year low of $1.00 and a 1 year high of $11.65. The stock has a fifty day simple moving average of $1.73 and a 200 day simple moving average of $2.22. The stock has a market cap of $71.28 million, a P/E ratio of -0.10 and a beta of 1.29.

Canoo (NASDAQ:GOEV) last announced 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 business had revenue of $0.61 million during the quarter, compared to analysts’ expectations of $1.99 million. As a group, analysts forecast that Canoo will post -3.72 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GOEV shares. Roth Mkm cut their price target on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Benchmark reiterated a “buy” rating and set a $5.00 target price on shares of Canoo in a research report on Wednesday, May 22nd. Finally, HC Wainwright cut their target price on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $23.04.

Insider Activity

In related news, CAO Ramesh Murthy sold 10,948 shares of the stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,508.84. Following the completion of the transaction, the chief accounting officer now directly owns 181,447 shares in the company, valued at $422,771.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Ramesh Murthy sold 10,948 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,508.84. Following the sale, the chief accounting officer now directly owns 181,447 shares in the company, valued at $422,771.51. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total value of $25,483.21. Following the completion of the sale, the general counsel now owns 181,513 shares in the company, valued at $422,925.29. The disclosure for this sale can be found here. Company insiders own 9.70% of the company’s stock.

Institutional Investors Weigh In On Canoo

A number of hedge funds and other institutional investors have recently modified their holdings of GOEV. MBL Wealth LLC acquired a new position in shares of Canoo during the 2nd quarter worth approximately $31,000. The Manufacturers Life Insurance Company acquired a new position in shares of Canoo during the 2nd quarter worth approximately $35,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Canoo during the 2nd quarter worth approximately $35,000. Point72 DIFC Ltd acquired a new position in shares of Canoo during the 2nd quarter worth approximately $37,000. Finally, Curbstone Financial Management Corp acquired a new position in shares of Canoo during the 2nd quarter worth approximately $43,000. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Canoo Company 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.