Canoo (NYSE:GOEV) Shares Down 8.1% After Insider Selling

Canoo Inc. (NYSE:GOEVGet Rating) was down 8.1% on Monday after an insider sold shares in the company. The company traded as low as $3.52 and last traded at $3.54. Approximately 78,711 shares traded hands during mid-day trading, a decline of 99% from the average daily volume of 6,521,025 shares. The stock had previously closed at $3.85.

Specifically, major shareholder Global Holdings Ltd Dd sold 603,825 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $4.05, for a total transaction of $2,445,491.25. Following the completion of the sale, the insider now directly owns 13,521,976 shares in the company, valued at $54,764,002.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders sold 2,613,253 shares of company stock worth $10,655,376. Corporate insiders own 21.90% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright lowered their price target on Canoo from $15.00 to $10.00 and set a “buy” rating on the stock in a research report on Wednesday, July 13th.

Canoo Stock Down 3.6 %

The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of -1.86 and a beta of 0.59. The company has a 50-day moving average price of $3.03 and a 200-day moving average price of $4.61.

Canoo (NYSE:GOEVGet Rating) last released its earnings results on Tuesday, May 10th. The company reported ($0.54) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.04). During the same period last year, the business earned ($0.07) earnings per share. Equities analysts expect that Canoo Inc. will post -2.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOEV. Allspring Global Investments Holdings LLC bought a new position in shares of Canoo in the fourth quarter valued at approximately $1,743,000. Kalos Management Inc. raised its stake in shares of Canoo by 4.0% in the fourth quarter. Kalos Management Inc. now owns 77,740 shares of the company’s stock valued at $653,000 after acquiring an additional 2,990 shares during the last quarter. Advisor Group Holdings Inc. raised its stake in shares of Canoo by 174.9% in the fourth quarter. Advisor Group Holdings Inc. now owns 32,819 shares of the company’s stock valued at $253,000 after acquiring an additional 20,880 shares during the last quarter. ProShare Advisors LLC raised its stake in shares of Canoo by 70.5% in the fourth quarter. ProShare Advisors LLC now owns 23,246 shares of the company’s stock valued at $179,000 after acquiring an additional 9,612 shares during the last quarter. Finally, First Trust Advisors LP raised its stake in shares of Canoo by 19.8% in the fourth quarter. First Trust Advisors LP now owns 31,324 shares of the company’s stock valued at $242,000 after acquiring an additional 5,168 shares during the last quarter. Institutional investors own 63.43% of the company’s stock.

About Canoo

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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 design to support various range of vehicle weight and ride profiles.

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