Gogoro Inc. (NASDAQ:GGR) Sees Large Decrease in Short Interest

Gogoro Inc. (NASDAQ:GGR) saw a large drop in short interest during the month of December. As of December 31st, there was short interest totalling 2,980,000 shares, a drop of 12.9% from the December 15th total of 3,420,000 shares. Based on an average trading volume of 1,090,000 shares, the days-to-cover ratio is currently 2.7 days. Approximately 1.7% of the shares of the company are short sold.

Institutional Investors Weigh In On Gogoro

A number of institutional investors and hedge funds have recently modified their holdings of the company. State Street Corp raised its position in shares of Gogoro by 105.3% in the third quarter. State Street Corp now owns 134,806 shares of the company’s stock worth $71,000 after buying an additional 69,142 shares in the last quarter. Senator Investment Group LP purchased a new stake in shares of Gogoro in the 2nd quarter valued at about $2,079,000. Renaissance Technologies LLC boosted its position in shares of Gogoro by 76.7% during the 2nd quarter. Renaissance Technologies LLC now owns 93,100 shares of the company’s stock valued at $143,000 after acquiring an additional 40,400 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Gogoro by 113.0% during the third quarter. Jane Street Group LLC now owns 89,216 shares of the company’s stock worth $47,000 after purchasing an additional 47,336 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Gogoro by 130.5% in the third quarter. JPMorgan Chase & Co. now owns 563,316 shares of the company’s stock worth $299,000 after purchasing an additional 318,897 shares during the last quarter. 15.87% of the stock is owned by hedge funds and other institutional investors.

Gogoro Price Performance

GGR traded up $0.00 during trading on Friday, reaching $0.47. 429,902 shares of the company were exchanged, compared to its average volume of 731,252. Gogoro has a 12-month low of $0.40 and a 12-month high of $2.27. The company’s 50-day moving average is $0.53 and its two-hundred day moving average is $0.83. The company has a quick ratio of 1.02, a current ratio of 1.29 and a debt-to-equity ratio of 1.32. The company has a market cap of $138.06 million, a price-to-earnings ratio of -1.46 and a beta of 0.67.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on GGR shares. Citigroup reiterated a “neutral” rating and set a $0.50 target price (down previously from $2.30) on shares of Gogoro in a research report on Friday, November 15th. Benchmark reaffirmed a “hold” rating on shares of Gogoro in a report on Monday, November 18th.

Gogoro Company Profile

Gogoro Inc provides battery swapping services in Taiwan, India, and internationally. It also develops Swap and Go battery system that delivers full power to electric-powered two-wheelers. In addition, the company offers battery swapping technology in the form of hardware, software, and service, including Gogoro Smart Batteries, GoStation, Gogoro Network Software & Battery Management Systems, Smartscooter, GoReward, and related components and kits.