Canoo (NASDAQ:GOEV) Trading Down 4.7%

Canoo Inc. (NASDAQ:GOEV)’s stock price was down 4.7% on Tuesday . The stock traded as low as $3.15 and last traded at $3.24. Approximately 2,043,293 shares changed hands during trading, a decline of 73% from the average daily volume of 7,575,390 shares. The stock had previously closed at $3.40.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on GOEV. Alliance Global Partners lowered their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Benchmark began coverage on shares of Canoo in a research note on Wednesday, April 17th. They set a “buy” rating on the stock. Wedbush initiated coverage on Canoo in a research report on Friday, January 5th. They set an “outperform” rating and a $92.00 price target on the stock. Finally, Stifel Nicolaus cut their price objective on Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $49.19.

Canoo Price Performance

The firm has a market cap of $205.44 million, a PE ratio of -0.24 and a beta of 1.23. The business’s 50 day moving average price is $2.74 and its 200 day moving average price is $4.73.

Institutional Trading of Canoo

A number of institutional investors have recently made changes to their positions in GOEV. EP Wealth Advisors LLC boosted its position in Canoo by 269.3% during the fourth quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock worth $257,000 after acquiring an additional 729,236 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Canoo by 20.5% during the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company’s stock worth $458,000 after purchasing an additional 159,400 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Canoo in the third quarter valued at approximately $72,000. Kestra Private Wealth Services LLC increased its holdings in shares of Canoo by 36.9% in the third quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock valued at $85,000 after purchasing an additional 47,000 shares during the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in shares of Canoo by 114.5% in the third quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company’s stock valued at $38,000 after purchasing an additional 41,100 shares during the last quarter. 36.23% of the stock is owned by institutional investors and hedge funds.

About Canoo

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV.