Canoo (NYSE:GOEV) Shares Down 8.6%

Canoo Inc. (NYSE:GOEVGet Rating)’s stock price fell 8.6% on Friday . The company traded as low as $2.56 and last traded at $2.56. 75,305 shares traded hands during mid-day trading, a decline of 98% from the average session volume of 4,565,847 shares. The stock had previously closed at $2.80.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GOEV. Roth Capital lowered shares of Canoo from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $7.00 to $3.50 in a research note on Tuesday, August 9th. Stifel Nicolaus started coverage on shares of Canoo in a research note on Thursday. They issued a “buy” rating and a $4.00 price objective on the stock. HC Wainwright lowered their price target on shares of Canoo from $15.00 to $10.00 and set a “buy” rating on the stock in a report on Wednesday, July 13th. Finally, R. F. Lafferty lowered their price target on shares of Canoo from $17.00 to $15.00 and set a “buy” rating on the stock in a report on Tuesday, August 9th.

Canoo Price Performance

The stock’s fifty day moving average is $3.46 and its 200-day moving average is $3.90. The stock has a market capitalization of $682.94 million, a PE ratio of -1.15 and a beta of 1.18.

Canoo (NYSE:GOEVGet Rating) last posted its quarterly earnings data on Monday, August 8th. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.15). During the same quarter last year, the firm earned ($0.50) EPS. On average, analysts forecast that Canoo Inc. will post -2.33 EPS for the current year.

Insider Buying and Selling at Canoo

In other Canoo news, President Josette Sheeran sold 108,211 shares of the stock in a transaction on Wednesday, August 17th. The shares were sold at an average price of $3.90, for a total transaction of $422,022.90. Following the transaction, the president now directly owns 1,398,391 shares of the company’s stock, valued at $5,453,724.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, President Josette Sheeran sold 108,211 shares of the firm’s stock in a transaction dated Wednesday, August 17th. The shares were sold at an average price of $3.90, for a total value of $422,022.90. Following the transaction, the president now directly owns 1,398,391 shares of the company’s stock, valued at $5,453,724.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Global Holdings Ltd Dd sold 603,825 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $4.05, for a total transaction of $2,445,491.25. Following the completion of the transaction, the insider now directly owns 13,521,976 shares in the company, valued at $54,764,002.80. The disclosure for this sale can be found here. Insiders have sold a total of 2,721,536 shares of company stock valued at $11,077,780 over the last ninety days. Corporate insiders own 21.90% of the company’s stock.

Hedge Funds Weigh In On Canoo

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. lifted its stake in shares of Canoo by 0.4% in the first quarter. BlackRock Inc. now owns 7,721,670 shares of the company’s stock worth $42,622,000 after buying an additional 28,472 shares in the last quarter. Invesco Ltd. increased its position in Canoo by 29.5% during the first quarter. Invesco Ltd. now owns 3,650,604 shares of the company’s stock worth $20,150,000 after purchasing an additional 832,061 shares during the last quarter. State Street Corp increased its position in Canoo by 3.5% during the first quarter. State Street Corp now owns 2,242,412 shares of the company’s stock worth $12,378,000 after purchasing an additional 75,583 shares during the last quarter. Northern Trust Corp increased its position in Canoo by 5.5% during the second quarter. Northern Trust Corp now owns 1,087,157 shares of the company’s stock worth $2,011,000 after purchasing an additional 56,529 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Canoo during the second quarter worth about $1,937,000. 38.08% of the stock is owned by hedge funds and other institutional investors.

Canoo Company Profile

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Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis design to support various range of vehicle weight and ride profiles.

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