Written by Cláudio Afonso | LinkedIn | X
Geode Capital Management has increased its stake in electric vehicle startup Canoo over the past three quarters, a new filing showed.
Despite surging more than 84% over the past week, the stock is still down 25% over the past month as the company prepares to report its third-quarter earnings results later today, November 13, after the market close.
The latest filing from the Boston-based asset manager reveals that as of September 30, the firm held 1,679,627 Canoo shares, valued at approximately $1.65 million. This marks a 25.56% increase, or 341,897 additional shares, compared to the previous quarter’s position of 1,337,730 shares as of the end of the second quarter.
Between April and June, Geode had also increased its position in the EV maker by 150.61%, or 803,944 shares. During the first quarter, Geode held 533,786 shares, valued at about $1.9 million.
In March, the Texas-based EV maker executed a 1-for-23 reverse stock split aiming to remain compliant with Nasdaq’s listing requirements.
Canoo shares closed 6.5% higher on Tuesday after reversing from a 10% intraday drop.
The stock reached a new record low last week at $0.37 after the company announced that it is furloughing 30 factory workers in its Oklahoma plant until late January next year as a timeline for mass production start remains unknown.
As reported by EV on Tuesday, the UK’s largest electric fleet operator Royal Mail has started piloting Canoo‘s electric delivery vehicles. The pilots with the British postal company began earlier this month as Royal Mail aims to further electrify its fleet of over 43,000 delivery vehicles.
Last month, Canoo said it received Individual Vehicle Approval (IVA) regulatory certification in the UK, confirming that its right-hand drive electric commercial vans meet the national technical requirements.
Last week, the startup announced it entered into a $12 million secured revolving credit facility with AFV Management Advisors, LLC, an entity founded by the company’s CEO.
Two years ago, in November 2022, Canoo said it had acquired $2 billion in customer orders claiming they were ready for the start of production set for later that month.
Written by Cláudio Afonso | LinkedIn | X
The post Geode Capital Increases Stake in Canoo by 25% in Q3 first appeared on EV.