Canoo (NASDAQ:GOEV) Trading Down 4.7%

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

Wall Street Analyst Weigh In

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

Canoo Stock Down 6.2 %

The company has a market capitalization of $205.44 million, a P/E ratio of -0.24 and a beta of 1.23. The company has a 50-day moving average of $2.74 and a two-hundred day moving average of $4.73.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Arete Wealth Advisors LLC increased its position in Canoo by 114.5% during the 3rd quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company’s stock valued at $38,000 after buying an additional 41,100 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of Canoo during the third quarter valued at $72,000. Kestra Private Wealth Services LLC raised its position in shares of Canoo by 36.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock worth $85,000 after purchasing an additional 47,000 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Canoo in the 3rd quarter worth about $133,000. Finally, Swiss National Bank boosted its stake in Canoo by 20.5% in 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 in the last quarter. 36.23% of the stock is currently owned by institutional investors.

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.