Canoo Sees Unusually High Options Volume (NYSE:GOEV)

Canoo Inc. (NYSE:GOEV) was the recipient of unusually large options trading activity on Monday. Traders acquired 22,870 call options on the company. This represents an increase of 141% compared to the typical daily volume of 9,500 call options.

Analyst Ratings Changes

Several equities analysts recently commented on GOEV shares. Alliance Global Partners started coverage on shares of Canoo in a report on Thursday, August 24th. They set a “buy” rating and a $1.55 price target on the stock. HC Wainwright cut their price target on shares of Canoo from $10.00 to $3.00 and set a “buy” rating on the stock in a report on Wednesday, November 15th.

Hedge Funds Weigh In On Canoo

A number of hedge funds have recently added to or reduced their stakes in GOEV. Advisor Group Holdings Inc. grew its stake in Canoo by 23.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company’s stock worth $223,000 after acquiring an additional 7,544 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Canoo by 34.5% in the 1st quarter. JPMorgan Chase & Co. now owns 104,860 shares of the company’s stock worth $579,000 after acquiring an additional 26,901 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Canoo by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company’s stock worth $2,135,000 after acquiring an additional 8,479 shares in the last quarter. MetLife Investment Management LLC grew its stake in Canoo by 57.0% in the 1st quarter. MetLife Investment Management LLC now owns 63,583 shares of the company’s stock worth $351,000 after acquiring an additional 23,084 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in Canoo in the 1st quarter worth about $67,000. 36.23% of the stock is currently owned by institutional investors.

Canoo Trading Up 21.7 %

NYSE:GOEV traded up $0.07 during mid-day trading on Monday, hitting $0.37. 86,666,816 shares of the stock traded hands, compared to its average volume of 25,176,510. The stock has a market capitalization of $263.80 million, a price-to-earnings ratio of -0.42 and a beta of 1.31. Canoo has a 52 week low of $0.22 and a 52 week high of $1.49. The firm’s 50 day moving average is $0.36 and its two-hundred day moving average is $0.50. The company has a quick ratio of 0.10, a current ratio of 0.17 and a debt-to-equity ratio of 0.27.

About Canoo

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 that directly houses the critical components for operation of an EV.