Investors Purchase High Volume of Put Options on Canoo (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) saw some unusual options trading on Tuesday. Investors purchased 5,871 put options on the company. This is an increase of 83% compared to the average volume of 3,201 put options.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GOEV. 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. Roth Mkm cut their target price 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 equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.04.

Canoo Price Performance

Shares of GOEV stock traded up $0.00 on Tuesday, hitting $0.96. 145,690 shares of the stock traded hands, compared to its average volume of 5,045,876. The company has a market capitalization of $65.63 million, a PE ratio of -0.09 and a beta of 1.27. Canoo has a 1-year low of $0.88 and a 1-year high of $8.81. The company’s fifty day moving average is $1.19 and its 200 day moving average is $1.92.

Canoo (NASDAQ:GOEV) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.77) by $0.68. The firm had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. As a group, equities research analysts expect that Canoo will post -3.72 EPS for the current year.

Institutional Investors Weigh In On Canoo

Institutional investors and hedge funds have recently made changes to their positions in the company. MBL Wealth LLC acquired a new stake in shares of Canoo during the 2nd quarter valued at approximately $31,000. The Manufacturers Life Insurance Company acquired a new stake in Canoo in the second quarter worth $35,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Canoo in the second quarter worth $35,000. Point72 DIFC Ltd acquired a new stake in Canoo in the second quarter worth $37,000. Finally, Curbstone Financial Management Corp acquired a new stake in Canoo in the second quarter worth $43,000. 36.23% of the stock is 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.