Canoo (NASDAQ:GOEV) Stock Price Down 0.3%

Shares of Canoo Inc. (NASDAQ:GOEV) fell 0.3% on Wednesday . The stock traded as low as $3.09 and last traded at $3.16. 897,163 shares were traded during trading, a decline of 88% from the average session volume of 7,512,656 shares. The stock had previously closed at $3.17.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on GOEV. Stifel Nicolaus dropped 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. Wedbush began coverage on Canoo in a research report on Friday, January 5th. They issued an “outperform” rating and a $92.00 target price for the company. Alliance Global Partners dropped their target price on Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Benchmark began coverage on Canoo in a research report on Wednesday, April 17th. They issued a “buy” rating for the company. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $49.19.

Canoo Stock Down 8.5 %

The firm has a 50 day moving average of $2.74 and a 200 day moving average of $4.68. The firm has a market cap of $186.76 million, a price-to-earnings ratio of -0.22 and a beta of 1.23.

Institutional Investors Weigh In On Canoo

Several large investors have recently added to or reduced their stakes in GOEV. Arete Wealth Advisors LLC grew its stake in 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 acquiring an additional 41,100 shares during the period. Kestra Advisory Services LLC acquired a new stake in Canoo in the third quarter valued at approximately $72,000. Kestra Private Wealth Services LLC grew its stake in 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 acquiring an additional 47,000 shares during the period. EP Wealth Advisors LLC acquired a new stake in Canoo in the third quarter valued at approximately $133,000. Finally, Swiss National Bank grew its stake in Canoo by 20.5% in the third quarter. Swiss National Bank now owns 935,200 shares of the company’s stock valued at $458,000 after acquiring an additional 159,400 shares during the period. Institutional investors and hedge funds own 36.23% of the company’s stock.

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.