Canoo (NASDAQ:GOEV) Stock Price Up 14.1%

Canoo Inc. (NASDAQ:GOEV - Get Free Report) was up 14.1% during mid-day trading on Tuesday . The stock traded as high as $3.30 and last traded at $2.83. Approximately 7,405,847 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 7,585,319 shares. The stock had previously closed at $2.48.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on GOEV shares. Alliance Global Partners lowered their price target on shares of Canoo from $20.00 to $18.50 and set a "buy" rating on the stock in a research report on Friday, March 15th. Wedbush started coverage on shares of Canoo in a research report on Friday, January 5th. They issued an "outperform" rating and a $92.00 price target on the stock. Finally, Stifel Nicolaus decreased their target price on shares of Canoo from $34.50 to $17.25 and set a "buy" rating on the stock in a report on Tuesday, January 23rd.

Canoo Stock Performance

The firm has a market cap of $188.69 million, a PE ratio of -0.22 and a beta of 1.23. The stock's 50 day simple moving average is $2.79 and its 200 day simple moving average is $4.93.

Institutional Investors Weigh In On Canoo

Institutional investors have recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV boosted its position in Canoo by 745.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 117,540 shares of the company's stock valued at $30,000 after buying an additional 103,630 shares during the period. Commonwealth Equity Services LLC purchased a new stake in Canoo during the 3rd quarter valued at $32,000. Principal Financial Group Inc. boosted its position in Canoo by 32.9% during the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company's stock valued at $33,000 after buying an additional 4,448 shares during the period. Envestnet Asset Management Inc. boosted its position in Canoo by 306.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 132,779 shares of the company's stock valued at $34,000 after buying an additional 100,079 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in Canoo by 1,133.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 27,745 shares of the company's stock valued at $34,000 after buying an additional 25,495 shares during the period. Hedge funds and other institutional investors own 36.23% of the company's stock.

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.