Investors Purchase Large Volume of Call Options on Canoo (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) was the target of some unusual options trading on Thursday. Traders bought 20,130 call options on the company. This is an increase of approximately 507% compared to the average volume of 3,317 call options.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reduced their target price on shares of Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.71.

Canoo Trading Down 24.6 %

NASDAQ:GOEV opened at $0.13 on Friday. The firm has a market cap of $12.77 million, a price-to-earnings ratio of -0.04 and a beta of 1.14. The company’s 50-day moving average is $0.61 and its two-hundred day moving average is $1.34. Canoo has a 12-month low of $0.12 and a 12-month high of $7.08.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GOEV. MBL Wealth LLC acquired a new position in shares of Canoo during the 2nd quarter valued at about $31,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Canoo during the 2nd quarter valued at about $35,000. Bank of New York Mellon Corp acquired a new position in shares of Canoo during the 2nd quarter valued at about $392,000. CIBC Asset Management Inc acquired a new position in shares of Canoo during the 2nd quarter valued at about $67,000. Finally, Rhumbline Advisers acquired a new position in shares of Canoo during the 2nd quarter valued at about $153,000. Institutional investors and hedge funds own 36.23% of the company’s stock.

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.