Stock Traders Buy Large Volume of Call Options on Canoo (NASDAQ:GOEV)

Canoo Inc. (NASDAQ:GOEV) was the target of unusually large options trading activity on Thursday. Investors bought 20,130 call options on the company. This is an increase of approximately 507% compared to the typical daily volume of 3,317 call options.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GOEV. Roth Mkm cut their target price on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research note on Thursday, August 15th. HC Wainwright dropped their price target on shares of 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 assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $22.71.

Canoo Stock Performance

Shares of Canoo stock traded up $0.12 on Thursday, hitting $0.25. The stock had a trading volume of 703,285,730 shares, compared to its average volume of 8,857,241. The stock has a 50 day moving average of $0.64 and a 200 day moving average of $1.37. Canoo has a twelve month low of $0.12 and a twelve month high of $7.08. The firm has a market capitalization of $24.20 million, a P/E ratio of -0.04 and a beta of 1.14.

Hedge Funds Weigh In On Canoo

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. MBL Wealth LLC bought a new position in Canoo during the 2nd quarter worth approximately $31,000. Point72 DIFC Ltd bought a new position in Canoo during the second quarter worth $37,000. Headlands Technologies LLC acquired a new position in Canoo in the second quarter valued at $60,000. CIBC Asset Management Inc bought a new stake in Canoo during the second quarter valued at $67,000. Finally, Bank of New York Mellon Corp acquired a new stake in Canoo during the 2nd quarter worth about $392,000. 36.23% of the stock is owned by institutional investors and hedge funds.

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.