Despite a 50% increase today, shares of Canoo (NASDAQ:GOEV) stock are still down by over 45% year-to-date.
This morning, the electric vehicle (EV) company announced that the U.S. Department of Commerce had provided its Oklahoma City facility with clearance to become a Foreign Trade Zone (FTZ).
“FTZ designation allows for the elimination of all customs duties on vehicles sold to customers overseas and for deferral of customs duties on imported parts used in vehicles sold domestically,” said Canoo in a press release.
As a result of the approval, Canoo expects to save money on production costs, allowing it another step forward on the path to breakeven and profitability. For vehicles sold in the U.S., the time of port-of-entry imports and their customs, duties and tariffs will be deferred until the customer receives the vehicle. For international sales, vehicle costs will decline by as much as 5% when using parts sourced internationally and the resulting American-made vehicle is exported overseas.
Furthermore, Canoo expects cost savings through a simplified customs process and a more efficient supply chain. The company is still in the process of receiving additional FTZ approvals for its other facilities in Oklahoma.
5 Investors Betting Big on GOEV Stock
Tracking institutional ownership is important, as these large investors provide liquidity and support for stocks. During the fourth quarter, 123 13F filers disclosed a stake in GOEV stock, a decline of 15 filers from the prior quarter. These filers own a total of 68.14 million shares, down by a significant 13.48% compared to Q3. That’s a bearish signal.
Hedge funds, whose data is included in 13F metrics, were even more bearish. A total of 16 hedge funds reported a stake in Canoo, a decline of seven funds quarter-over-quarter. These hedge funds own 8.06% million shares, down by 36.45%.
With that in mind, let’s take a look at Canoo’s top five shareholders:
- Yorkville Advisors: 123.61 million shares. Yorkville’s stake is accurate as of Dec. 31.
- Tony Aquila, CEO and executive chairman: 94.26 million shares. Aquila’s stake is accurate as of August 2023. He also owns warrants to purchase 24.24 million shares.
- BlackRock (NYSE:BLK): 13.79 million shares. BlackRock acquired 3.52 million shares during Q4.
- Geode Capital Management: 6.36 million shares. Geode acquired 1.68 million shares during Q4.
- Charles Schwab (NYSE:SCHW): 3.91 million shares. Charles Schwab acquired 1.69 million shares during Q4.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
