Canoo Inc. (NASDAQ:GOEV) Short Interest Update

Canoo Inc. (NASDAQ:GOEV) was the target of a large decline in short interest in July. As of July 31st, there was short interest totalling 9,720,000 shares, a decline of 8.9% from the July 15th total of 10,670,000 shares. Approximately 14.8% of the shares of the stock are short sold. Based on an average trading volume of 3,720,000 shares, the days-to-cover ratio is presently 2.6 days.

Insider Transactions at Canoo

In related news, CAO Ramesh Murthy sold 10,948 shares of the firm’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 directly 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 available at the SEC website. In other news, General Counsel Hector M. Ruiz sold 10,937 shares of Canoo 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 completion of the sale, the general counsel now directly owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Ramesh Murthy sold 10,948 shares of the company’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 $25,508.84. Following the transaction, the chief accounting officer now directly owns 181,447 shares in the company, valued at approximately $422,771.51. The disclosure for this sale can be found here. 9.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Canoo

Several institutional investors have recently bought and sold shares of the company. EP Wealth Advisors LLC lifted its position in shares of Canoo by 74.9% in the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after purchasing an additional 52,131 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Canoo in the 2nd quarter valued at $35,000. Point72 DIFC Ltd bought a new stake in Canoo during the 2nd quarter worth about $37,000. Headlands Technologies LLC bought a new stake in Canoo during the 2nd quarter worth about $60,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Canoo during the 2nd quarter worth about $70,000. Institutional investors own 36.23% of the company’s stock.

Canoo Price Performance

Shares of GOEV traded down $0.10 during midday trading on Monday, hitting $1.40. The stock had a trading volume of 4,986,965 shares, compared to its average volume of 5,597,982. The firm has a market cap of $95.99 million, a price-to-earnings ratio of -0.14 and a beta of 1.28. The company has a 50 day simple moving average of $2.01 and a two-hundred day simple moving average of $2.50. Canoo has a twelve month low of $1.22 and a twelve month high of $15.96.

Analyst Upgrades and Downgrades

Several analysts have weighed in on GOEV shares. R. F. Lafferty cut Canoo from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Benchmark restated a “buy” rating and set a $5.00 target price on shares of Canoo in a report on Wednesday, May 22nd. HC Wainwright reduced their price objective on shares of Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Roth Mkm cut their target price on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target 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.