Canoo (NASDAQ:GOEV) Trading Down 2.2%

Canoo Inc. (NASDAQ:GOEVGet Free Report) dropped 2.2% during trading on Monday . The company traded as low as $3.42 and last traded at $3.49. Approximately 4,644,837 shares were traded during mid-day trading, a decline of 41% from the average daily volume of 7,827,703 shares. The stock had previously closed at $3.57.

Analyst Upgrades and Downgrades

GOEV has been the topic of a number of research reports. Stifel Nicolaus lowered their price objective on shares of Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Alliance Global Partners decreased their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research note on Friday, March 15th. Finally, Wedbush initiated coverage on shares of Canoo in a research note on Friday, January 5th. They set an “outperform” rating and a $92.00 price target on the stock.

View Our Latest Stock Analysis on GOEV

Canoo Price Performance

The company’s 50 day simple moving average is $3.10 and its 200-day simple moving average is $5.52. The company has a current ratio of 0.17, a quick ratio of 0.14 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $103.13 million, a price-to-earnings ratio of -0.14 and a beta of 1.23.

Institutional Investors Weigh In On Canoo

Several hedge funds have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new stake in shares of Canoo during the first quarter valued at approximately $67,000. Hsbc Holdings PLC acquired a new position in shares of Canoo during the first quarter valued at $95,000. XTX Topco Ltd acquired a new position in shares of Canoo during the first quarter valued at $93,000. Commonwealth Equity Services LLC bought a new stake in shares of Canoo during the third quarter valued at about $32,000. Finally, Principal Financial Group Inc. raised its stake in shares of Canoo by 32.9% during the second quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock valued at $33,000 after purchasing an additional 4,448 shares in the last quarter. 36.23% of the stock is owned by institutional investors and hedge funds.

About Canoo

(Get Free Report)

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.

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