Short Interest in Canoo Inc. (NASDAQ:GOEV) Rises By 9.2%

Canoo Inc. (NASDAQ:GOEV) was the recipient of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 10,780,000 shares, an increase of 9.2% from the June 15th total of 9,870,000 shares. Based on an average trading volume of 4,260,000 shares, the days-to-cover ratio is currently 2.5 days. Approximately 17.0% of the shares of the company are sold short.

Canoo Stock Performance

Shares of NASDAQ GOEV opened at $2.64 on Thursday. The firm’s 50-day simple moving average is $2.26 and its 200 day simple moving average is $2.93. The stock has a market cap of $181.02 million, a price-to-earnings ratio of -0.25 and a beta of 1.28. Canoo has a fifty-two week low of $1.22 and a fifty-two week high of $19.50.

Canoo (NASDAQ:GOEV) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.97) by ($1.23). During the same period last year, the company posted ($3.91) earnings per share. On average, sell-side analysts predict that Canoo will post -4.37 EPS for the current year.

Analyst Upgrades and Downgrades

GOEV has been the topic of a number of recent analyst reports. Benchmark reiterated a “buy” rating and issued a $5.00 target price on shares of Canoo in a research report on Wednesday, May 22nd. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of Canoo in a research note on Wednesday, May 15th. Roth Mkm decreased their target price on shares of Canoo from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 15th. Finally, R. F. Lafferty lowered Canoo from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $23.79.

Insider Buying and Selling at Canoo

In other news, CAO Ramesh Murthy sold 10,948 shares of the business’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 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 SEC, which is available at this hyperlink. In other Canoo news, CAO Ramesh Murthy sold 10,948 shares of the business’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total value of $25,508.84. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the firm’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 $25,483.21. Following the transaction, the general counsel now directly owns 181,513 shares in the company, valued at $422,925.29. The disclosure for this sale can be found here. Insiders own 9.70% of the company’s stock.

Hedge Funds Weigh In On Canoo

A number of hedge funds and other institutional investors have recently made changes to their positions in GOEV. Curbstone Financial Management Corp bought a new stake in Canoo in the 2nd quarter valued at about $43,000. SG Americas Securities LLC boosted its stake in Canoo by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock worth $79,000 after purchasing an additional 10,786 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Canoo during the first quarter valued at about $900,000. Finally, EP Wealth Advisors LLC purchased a new stake in shares of Canoo in the third quarter worth about $133,000. 36.23% of the stock is owned by hedge funds and other institutional investors.

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.