Canoo (NASDAQ:GOEV) Trading Down 16% – Here’s Why

Canoo Inc. (NASDAQ:GOEV)’s share price dropped 16% during mid-day trading on Monday . The company traded as low as $0.35 and last traded at $0.34. Approximately 6,238,102 shares traded hands during trading, an increase of 26% from the average daily volume of 4,965,205 shares. The stock had previously closed at $0.41.

Analysts Set New Price Targets

GOEV has been the topic of a number of recent analyst reports. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canoo in a research report on Monday, January 6th. Stifel Nicolaus lowered Canoo from a “buy” rating to a “hold” rating and dropped their price target for the company from $4.50 to $0.50 in a research report on Tuesday, December 31st. Finally, HC Wainwright dropped their price target on Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Canoo presently has a consensus rating of “Hold” and a consensus target price of $108.10.

Canoo Stock Down 16.0 %

The firm has a 50-day moving average of $0.65 and a two-hundred day moving average of $9.93. The stock has a market capitalization of $1.66 million, a price-to-earnings ratio of 0.00 and a beta of 1.30.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. XTX Topco Ltd increased its position in Canoo by 191.7% in the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after purchasing an additional 20,805 shares during the last quarter. National Bank of Canada FI increased its position in Canoo by 609.8% in the 4th quarter. National Bank of Canada FI now owns 37,653 shares of the company’s stock worth $53,000 after purchasing an additional 45,039 shares during the last quarter. Two Sigma Investments LP acquired a new position in Canoo in the 4th quarter worth about $69,000. Jane Street Group LLC increased its position in Canoo by 51.4% in the 4th quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock worth $238,000 after purchasing an additional 57,347 shares during the last quarter. Finally, Virtu Financial LLC acquired a new position in Canoo in the 3rd quarter worth about $280,000. 36.23% of the stock is owned by institutional investors and hedge funds.

Canoo Company Profile

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.