Short Interest in Canoo Inc. (NASDAQ:GOEV) Increases By 11.8%

Canoo Inc. (NASDAQ:GOEV - Get Free Report) was the target of a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 11,050,000 shares, a growth of 11.8% from the March 15th total of 9,880,000 shares. Based on an average daily trading volume, of 8,210,000 shares, the short-interest ratio is presently 1.3 days. Approximately 19.4% of the company's shares are sold short.

Analyst Upgrades and Downgrades

Several brokerages recently commented on GOEV. Stifel Nicolaus dropped their price target on shares of 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 shares of Canoo in a research report on Friday, January 5th. They set an "outperform" rating and a $92.00 price target for the company. Finally, Alliance Global Partners dropped their price target on shares of Canoo from $20.00 to $18.50 and set a "buy" rating for the company in a research report on Friday, March 15th.

Institutional Investors Weigh In On Canoo

Several large investors have recently made changes to their positions in GOEV. Advisor Group Holdings Inc. increased its position in shares of Canoo by 23.0% in the first quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company's stock worth $223,000 after acquiring an additional 7,544 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Canoo by 34.5% in the first quarter. JPMorgan Chase & Co. now owns 104,860 shares of the company's stock worth $579,000 after acquiring an additional 26,901 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Canoo by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company's stock worth $2,135,000 after acquiring an additional 8,479 shares in the last quarter. MetLife Investment Management LLC increased its position in shares of Canoo by 57.0% in the first quarter. MetLife Investment Management LLC now owns 63,583 shares of the company's stock worth $351,000 after acquiring an additional 23,084 shares in the last quarter. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Canoo in the first quarter worth $67,000. Institutional investors and hedge funds own 36.23% of the company's stock.

Canoo Stock Up 18.1 %

Shares of Canoo stock traded up $0.45 during trading hours on Tuesday, hitting $2.93. The company's stock had a trading volume of 14,670,437 shares, compared to its average volume of 7,735,797. Canoo has a 1-year low of $1.22 and a 1-year high of $19.50. The business has a fifty day moving average of $2.81 and a 200 day moving average of $4.99. The company has a market capitalization of $188.69 million, a PE ratio of -0.21 and a beta of 1.23.

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.

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