Canoo (NASDAQ:GOEV) Stock Price Down 2.9%

Canoo Inc. (NASDAQ:GOEV - Get Free Report) shares fell 2.9% during trading on Wednesday . The stock traded as low as $2.31 and last traded at $2.35. 977,266 shares traded hands during trading, a decline of 87% from the average session volume of 7,812,701 shares. The stock had previously closed at $2.42.

Analyst Ratings Changes

GOEV has been the subject of several recent analyst reports. Stifel Nicolaus reduced their target price 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. Alliance Global Partners dropped their target price on Canoo from $20.00 to $18.50 and set a "buy" rating on the stock in a research report on Friday, March 15th. Finally, Wedbush initiated coverage on Canoo in a research note on Friday, January 5th. They set an "outperform" rating and a $92.00 target price for the company.

Canoo Price Performance

The company has a market capitalization of $98.95 million, a price-to-earnings ratio of -0.18 and a beta of 1.23. The firm's 50-day simple moving average is $2.94 and its two-hundred day simple moving average is $5.23.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in GOEV. Swiss National Bank grew its holdings in Canoo by 20.5% during the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company's stock valued at $458,000 after buying an additional 159,400 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Canoo during the third quarter valued at $72,000. MBL Wealth LLC acquired a new position in Canoo in the 3rd quarter valued at about $53,000. Kestra Private Wealth Services LLC raised its stake in Canoo by 36.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company's stock valued at $85,000 after purchasing an additional 47,000 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted its holdings in Canoo by 114.5% in the 3rd quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company's stock valued at $38,000 after purchasing an additional 41,100 shares in the last quarter. Institutional investors and hedge funds 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.