Canoo (NYSE:GOEV) Shares Down 1.7%

Shares of Canoo Inc. (NYSE:GOEV) traded down 1.7% during trading on Wednesday . The company traded as low as $3.25 and last traded at $3.38. 2,603,482 shares traded hands during trading, a decline of 66% from the average session volume of 7,767,949 shares. The stock had previously closed at $3.44.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Stifel Nicolaus decreased their price target on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Wedbush initiated coverage on shares of Canoo in a research note on Friday, January 5th. They issued an “outperform” rating and a $92.00 target price for the company. Finally, Alliance Global Partners reduced their target price on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research note on Friday, March 15th.

Canoo Stock Performance

The company has a market cap of $149.05 million, a P/E ratio of -0.20 and a beta of 1.17. The company’s 50-day moving average is $3.14 and its two-hundred day moving average is $5.78. The company has a quick ratio of 0.14, a current ratio of 0.17 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On Canoo

Several institutional investors have recently added to or reduced their stakes in GOEV. BlackRock Inc. grew its position in Canoo by 49.1% during the first quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after buying an additional 6,178,847 shares during the period. Vanguard Group Inc. lifted its holdings in Canoo by 29.4% during the third quarter. Vanguard Group Inc. now owns 25,131,977 shares of the company’s stock valued at $12,315,000 after purchasing an additional 5,709,224 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Canoo during the first quarter valued at about $2,780,000. State Street Corp lifted its holdings in Canoo by 122.7% during the first quarter. State Street Corp now owns 6,342,854 shares of the company’s stock valued at $4,139,000 after purchasing an additional 3,494,923 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Canoo by 57.7% during the first quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company’s stock valued at $4,110,000 after purchasing an additional 2,303,981 shares during the last quarter. Institutional investors own 36.23% of the company’s stock.

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.