Canoo Inc. (NASDAQ:GOEV) Short Interest Update

Canoo Inc. (NASDAQ:GOEV) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 1,040,000 shares, a growth of 61.2% from the December 15th total of 645,300 shares. Based on an average daily volume of 2,410,000 shares, the short-interest ratio is presently 0.4 days. Approximately 7.7% of the shares of the company are sold short.

Hedge Funds Weigh In On Canoo

A number of large investors have recently bought and sold shares of the company. Geode Capital Management LLC increased its position in Canoo by 25.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after purchasing an additional 341,897 shares during the period. Virtu Financial LLC purchased a new stake in shares of Canoo in the third quarter valued at approximately $280,000. Bank of New York Mellon Corp acquired a new position in Canoo during the second quarter worth $392,000. Rhumbline Advisers purchased a new position in Canoo in the second quarter worth $153,000. Finally, State Street Corp lifted its holdings in Canoo by 2.8% in the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after acquiring an additional 63,652 shares during the period. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GOEV. Alliance Global Partners reissued a “neutral” rating on shares of Canoo in a research report on Monday, January 6th. Stifel Nicolaus downgraded Canoo from a “buy” rating to a “hold” rating and decreased their price objective for the company from $4.50 to $0.50 in a report on Tuesday, December 31st. Finally, HC Wainwright cut their target price on shares of Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Canoo has a consensus rating of “Hold” and an average target price of $108.10.

Canoo Price Performance

Shares of NASDAQ:GOEV traded down $0.12 during trading on Friday, reaching $1.40. The company had a trading volume of 1,417,737 shares, compared to its average volume of 3,225,315. Canoo has a fifty-two week low of $1.04 and a fifty-two week high of $102.07. The stock’s fifty day moving average price is $4.92 and its 200 day moving average price is $20.45. The firm has a market capitalization of $6.75 million, a price-to-earnings ratio of -0.02 and a beta of 1.30.

About Canoo

Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.