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 29.61% to 24.67 million shares with purchase of 5.64 million shares. This fresh investment now brings its stake to 3.55% valued currently at $6.76 million. In addition, BlackRock Fund Advisors raised its holdings by 1.84 million to 9.49 million shares. And Geode Capital Management LLC has lifted its position by 15.99% or 0.65 million shares – to 4.68 million shares.
With over 23.96 million Canoo Inc (GOEV) shares trading Friday and a closing price of $0.25 on the day, the dollar volume was approximately $5.99 million. The shares have shown a negative half year performance of -52.72% and its price on 12/08/23 lost nearly -0.88%. Currently, there are 786.08M common shares owned by the public and among those 641.25M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for GOEV have a consensus price objective of $1.61. The analysts have set the share’s price value over the next 12 months at a high of $3.00 and a low of $0.30. The average price target is 84.47% above its recent price level and an upside to the estimated low will see the stock gain 16.67% over that period. But an upside of 91.67% will see the stock hit the forecast high price target while median target price for the stock is $1.50.
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). 10 of these insider trades were purchases, accounting for 17,440,092 shares. Insider sales of the common stock occurred on 21 occasions, with total insider shares sold totaling 78,643 shares.
The top 3 mutual fund holders in Canoo Inc are Vanguard Total Stock Market ETF, Vanguard Extended Market Index Fu, and iShares Tr. – Self-Driving EV & T. Vanguard Total Stock Market ETF owns 15.75 million shares of the company’s stock, all valued at over $4.31 million. The company bought an additional 0.94 million shares recently to bring their total holdings to about 2.27% of the shares outstanding. Vanguard Extended Market Index Fu sold -0.22 million shares to see its total holdings shrink to 7.11 million shares valued at over $1.95 million and representing 1.02% of the shares outstanding. iShares Tr. – Self-Driving EV & T now owns shares totaling to 0.30% of the shares outstanding.
However, the script later moved the day high at 0.2549, down -0.88%. The company’s stock has a 5-day price change of -14.55% and -52.37% over the past three months. GOEV shares are trading -79.85% year to date (YTD), with the 12-month market performance down to -81.91% lower. It has a 12-month low price of $0.22 and touched a high of $1.47 over the same period. GOEV has an average intraday trading volume of 23.72 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 -14.82%, -21.48%, and -52.83% respectively.
Institutional ownership of Canoo Inc (NASDAQ: GOEV) shares accounts for 10.18% of the company’s 786.08M shares outstanding. Mutual fund holders own 5.22%, while other institutional holders and individual stakeholders account for 6.36% and 23.95% respectively.
It has a market capitalization of $194.79M and a beta (3y monthly) value of 1.35. The earnings-per-share (ttm) stands at -$0.78. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.04% over the week and 10.91% over the month.
Analysts forecast that Canoo Inc (GOEV) will achieve an EPS of -$0.08 for the current quarter, -$0.08 for the next quarter and -$0.41 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.1 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.25 a year ago. Earnings per share for the fiscal year are expected to increase by 66.16%, and 33.06% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Canoo Inc (GOEV) as a “Strong Buy” at a consensus score of 1.40. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 5 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.
