The Vanguard Group, Inc. recently announced the acquisition of new stake in Canoo Inc. (NASDAQ:GOEV). The institutional investor has increased its shareholding in the Consumer Cyclical company by 22.76% to 16.45 million shares with purchase of 3.05 million shares. This fresh investment now brings its stake to 5.82% valued currently at $22.54 million. In addition, BlackRock Fund Advisors raised its holdings by 1.84 million to 8.79 million shares. And Invesco Capital Management LLC has lifted its position by 1.56% or 0.11 million shares – to 7.07 million shares.
With over 12.79 million Canoo Inc. (GOEV) shares trading Tuesday and a closing price of $1.05 on the day, the dollar volume was approximately $13.43 million. The shares have shown a negative half year performance of -65.97% and its price on 11/22/22 lost nearly -9.05%. Currently, there are 324.50M common shares owned by the public and among those 264.45M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for GOEV have a consensus price objective of $5.25. The analysts have set the share’s price value over the next 12 months at a high of $10.00 and a low of $1.00. The average price target is 80.0% above its recent price level and a downside to the estimated low will see the stock lose -5.0% over that period. But an upside of 89.5% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
Insiders at the company have transacted a total of 31 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 13 of these insider trades were purchases, accounting for 12,818,658 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 27,079,968 shares.
The top 3 mutual fund holders in Canoo Inc. are Vanguard Total Stock Market Index, Invesco WilderHill Clean Energy E, and Vanguard Small Cap Index Fund. Vanguard Total Stock Market Index owns 5.9 million shares of the company’s stock, all valued at over $8.08 million. Vanguard Small Cap Index Fund bought 0.12 million shares to bring its total holdings to over 4.98 million shares at a value of $6.82 million. Vanguard Small Cap Index Fund now owns shares totaling to 1.76% of the shares outstanding.
Shares of Canoo Inc. (NASDAQ: GOEV) opened at $1.12, down -$0.04 from a prior closing price of $1.16. However, the script later moved the day high at 1.1300, down -9.05%. The company’s stock has a 5-day price change of -28.23% and -71.10% over the past three months. GOEV shares are trading -86.33% year to date (YTD), with the 12-month market performance down to -90.77% lower. It has a 12-month low price of $1.14 and touched a high of $13.35 over the same period. GOEV has an average intraday trading volume of 7.97 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -21.42%, -36.32%, and -70.18% respectively.
Institutional ownership of Canoo Inc. (NASDAQ: GOEV) shares accounts for 31.90% of the company’s 324.50M shares outstanding. Mutual fund holders own 43.65%, while other institutional holders and individual stakeholders account for 5.95% and 12.46% respectively.
It has a market capitalization of $345.09M and a beta (3y monthly) value of 1.20. The earnings-per-share (ttm) stands at -$2.24. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.71% over the week and 9.85% over the month.
Analysts forecast that Canoo Inc. (GOEV) will achieve an EPS of -$0.48 for the current quarter, -$0.44 for the next quarter and -$1.38 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.58 while analysts give the company a high EPS estimate of -$0.32. Comparatively, EPS for the current quarter was -$0.35 a year ago. Earnings per share for the fiscal year are expected to decrease by -93.70%, and 18.60% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Canoo Inc. (GOEV) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 1 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GOEV, a number of firms have released research notes about the stock. Stifel stated their Buy rating for the stock in a research note on September 16, 2022, with the firm’s price target at $4. ROTH Capital coverage for the Canoo Inc. (GOEV) stock in a research note released on December 16, 2021 offered a Buy rating with a price target of $14. ROTH Capital on their part issued Neutral rating on March 30, 2021.