Gogoro Inc. (NASDAQ:GGR) Sees Significant Drop in Short Interest

Gogoro Inc. (NASDAQ:GGR) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totalling 2,980,000 shares, a drop of 12.9% from the December 15th total of 3,420,000 shares. Approximately 1.7% of the company’s stock are short sold. Based on an average daily trading volume, of 1,090,000 shares, the days-to-cover ratio is presently 2.7 days.

Gogoro Stock Performance

NASDAQ GGR traded up $0.00 during trading hours on Friday, reaching $0.47. The stock had a trading volume of 429,902 shares, compared to its average volume of 731,252. Gogoro has a 52-week low of $0.40 and a 52-week high of $2.27. The stock has a fifty day moving average of $0.53 and a 200 day moving average of $0.83. The company has a debt-to-equity ratio of 1.32, a quick ratio of 1.02 and a current ratio of 1.29. The stock has a market cap of $138.06 million, a P/E ratio of -1.46 and a beta of 0.67.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Citigroup reissued a “neutral” rating and set a $0.50 target price (down previously from $2.30) on shares of Gogoro in a research report on Friday, November 15th. Benchmark restated a “hold” rating on shares of Gogoro in a research note on Monday, November 18th.

Institutional Trading of Gogoro

Large investors have recently made changes to their positions in the business. Senator Investment Group LP purchased a new stake in shares of Gogoro in the second quarter worth about $2,079,000. JPMorgan Chase & Co. lifted its holdings in Gogoro by 130.5% in the third quarter. JPMorgan Chase & Co. now owns 563,316 shares of the company’s stock valued at $299,000 after acquiring an additional 318,897 shares during the period. State Street Corp boosted its position in Gogoro by 105.3% in the 3rd quarter. State Street Corp now owns 134,806 shares of the company’s stock worth $71,000 after purchasing an additional 69,142 shares in the last quarter. Jane Street Group LLC grew its stake in shares of Gogoro by 113.0% during the 3rd quarter. Jane Street Group LLC now owns 89,216 shares of the company’s stock worth $47,000 after purchasing an additional 47,336 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in shares of Gogoro by 76.7% during the 2nd quarter. Renaissance Technologies LLC now owns 93,100 shares of the company’s stock valued at $143,000 after purchasing an additional 40,400 shares in the last quarter. 15.87% of the stock is owned by hedge funds and other institutional investors.

About Gogoro

Gogoro Inc provides battery swapping services in Taiwan, India, and internationally. It also develops Swap and Go battery system that delivers full power to electric-powered two-wheelers. In addition, the company offers battery swapping technology in the form of hardware, software, and service, including Gogoro Smart Batteries, GoStation, Gogoro Network Software & Battery Management Systems, Smartscooter, GoReward, and related components and kits.