Canoo (NASDAQ:GOEV) Shares Down 3.7%

Canoo Inc. (NASDAQ:GOEV) fell 3.7% during mid-day trading on Friday . The company traded as low as $2.83 and last traded at $2.89. 1,511,306 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 7,643,142 shares. The stock had previously closed at $3.00.

Wall Street Analysts Forecast Growth

GOEV has been the subject of a number of recent analyst reports. Alliance Global Partners cut their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a report on Friday, March 15th. Stifel Nicolaus cut their price target on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Wedbush initiated coverage on shares of Canoo in a report on Friday, January 5th. They set an “outperform” rating and a $92.00 price target for the company. Finally, Benchmark initiated coverage on shares of Canoo in a report on Wednesday. They set a “buy” rating for the company. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $49.19.

Canoo Trading Down 5.0 %

The stock’s 50-day moving average is $2.74 and its 200-day moving average is $4.81. The firm has a market capitalization of $183.54 million, a price-to-earnings ratio of -0.21 and a beta of 1.23.

Hedge Funds Weigh In On Canoo

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its stake in Canoo by 32.9% during the second quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock worth $33,000 after acquiring an additional 4,448 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Canoo by 4.6% in the second quarter. Rhumbline Advisers now owns 126,937 shares of the company’s stock valued at $235,000 after buying an additional 5,592 shares in the last quarter. Advisor Group Holdings Inc. raised its holdings in shares of Canoo by 23.0% in the first quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company’s stock valued at $223,000 after purchasing an additional 7,544 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Canoo by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company’s stock valued at $2,135,000 after purchasing an additional 8,479 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Canoo by 11.2% in the second quarter. JPMorgan Chase & Co. now owns 116,606 shares of the company’s stock valued at $216,000 after purchasing an additional 11,746 shares during the last quarter. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Canoo Company Profile

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.