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

Canoo Inc. (NASDAQ:GOEV) saw unusually large options trading on Thursday. Traders acquired 20,130 call options on the company. This is an increase of 507% compared to the average daily volume of 3,317 call options.

Analysts Set New Price Targets

Separately, HC Wainwright decreased their price objective on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, November 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Canoo has an average rating of “Moderate Buy” and an average price target of $22.71.

Hedge Funds Weigh In On Canoo

Several hedge funds have recently bought and sold shares of GOEV. Geode Capital Management LLC increased its stake in Canoo by 25.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after purchasing an additional 341,897 shares in the last quarter. Virtu Financial LLC purchased a new position in Canoo in the 3rd quarter valued at approximately $280,000. Bank of New York Mellon Corp purchased a new position in Canoo in the 2nd quarter valued at approximately $392,000. Rhumbline Advisers purchased a new position in Canoo in the 2nd quarter valued at approximately $153,000. Finally, State Street Corp increased its stake in Canoo by 2.8% in the 3rd quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after purchasing an additional 63,652 shares in the last quarter. 36.23% of the stock is owned by hedge funds and other institutional investors.

Canoo Trading Down 24.6 %

Shares of GOEV stock opened at $0.13 on Friday. The company has a market cap of $12.77 million, a price-to-earnings ratio of -0.04 and a beta of 1.14. The stock has a 50 day simple moving average of $0.61 and a 200-day simple moving average of $1.34. Canoo has a 12-month low of $0.12 and a 12-month high of $7.08.

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.