Canoo (NASDAQ:GOEV) Stock Price Up 10.8%

Canoo Inc. (NASDAQ:GOEV - Get Free Report)'s stock price rose 10.8% on Monday . The company traded as high as $2.54 and last traded at $2.36. Approximately 4,718,022 shares changed hands during mid-day trading, a decline of 40% from the average daily volume of 7,920,372 shares. The stock had previously closed at $2.13.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Alliance Global Partners reduced 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. Stifel Nicolaus reduced 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. Finally, Wedbush assumed 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.

Canoo Trading Up 13.1 %

The stock has a 50 day moving average of $2.98 and a 200-day moving average of $5.29. The company has a market capitalization of $100.62 million, a P/E ratio of -0.18 and a beta of 1.23.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in Canoo by 49.1% during the 1st 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. raised its holdings in Canoo by 29.4% during the 3rd quarter. Vanguard Group Inc. now owns 25,131,977 shares of the company's stock valued at $12,315,000 after buying an additional 5,709,224 shares during the period. Renaissance Technologies LLC purchased a new stake in Canoo during the 1st quarter valued at $2,780,000. State Street Corp raised its holdings in Canoo by 122.7% during the 1st quarter. State Street Corp now owns 6,342,854 shares of the company's stock valued at $4,139,000 after buying an additional 3,494,923 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Canoo by 57.7% during the 1st quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company's stock valued at $4,110,000 after buying an additional 2,303,981 shares during the period. 36.23% of the stock is currently owned by institutional investors.

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.