Short Interest in Canoo Inc. (NASDAQ:GOEV) Increases By 6.9%

Canoo Inc. (NASDAQ:GOEV) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 9,870,000 shares, an increase of 6.9% from the May 31st total of 9,230,000 shares. Currently, 15.5% of the company’s stock are short sold. Based on an average trading volume of 5,010,000 shares, the days-to-cover ratio is currently 2.0 days.

Canoo Stock Down 4.3 %

NASDAQ:GOEV traded down $0.10 during trading hours on Wednesday, hitting $2.23. 2,438,523 shares of the company traded hands, compared to its average volume of 6,240,492. Canoo has a one year low of $1.22 and a one year high of $19.50. The company has a market cap of $152.91 million, a PE ratio of -0.21 and a beta of 1.28. The firm’s 50-day simple moving average is $2.32 and its 200-day simple moving average is $3.16.

Canoo (NASDAQ:GOEV) last released its quarterly earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share for the quarter, missing the consensus estimate of ($0.97) by ($1.23). During the same period last year, the firm posted ($3.91) EPS. As a group, equities research analysts expect that Canoo will post -4.37 EPS for the current year.

Institutional Investors Weigh In On Canoo

A number of hedge funds have recently made changes to their positions in GOEV. Curbstone Financial Management Corp bought a new position in Canoo during the second quarter valued at $43,000. Kestra Advisory Services LLC bought a new position in shares of Canoo during the 3rd quarter worth $72,000. SG Americas Securities LLC increased its holdings in Canoo by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock worth $79,000 after acquiring an additional 10,786 shares during the last quarter. EP Wealth Advisors LLC bought a new stake in Canoo in the 3rd quarter valued at about $133,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Canoo during the first quarter valued at about $900,000. 36.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of Canoo in a research note on Wednesday, May 15th. Roth Mkm decreased their price objective on Canoo from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, May 15th. Benchmark reiterated a “buy” rating and issued a $5.00 target price on shares of Canoo in a report on Wednesday, May 22nd. R. F. Lafferty lowered shares of Canoo from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, Alliance Global Partners dropped their price objective 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. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $23.79.

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.