Canoo (NASDAQ:GOEV) Trading Down 5.8%

Canoo Inc. (NASDAQ:GOEV - Get Free Report) shares fell 5.8% on Monday . The stock traded as low as $2.21 and last traded at $2.26. 820,964 shares were traded during mid-day trading, a decline of 89% from the average session volume of 7,594,583 shares. The stock had previously closed at $2.40.

Analysts Set New Price Targets

Several brokerages have weighed in on GOEV. Stifel Nicolaus cut their price target on Canoo from $34.50 to $17.25 and set a "buy" rating for the company in a report on Tuesday, January 23rd. Wedbush began coverage on Canoo in a report on Friday, January 5th. They set an "outperform" rating and a $92.00 price objective for the company. Finally, Alliance Global Partners dropped their price objective on Canoo from $20.00 to $18.50 and set a "buy" rating for the company in a report on Friday, March 15th.

Canoo Stock Performance

The firm has a market capitalization of $159.71 million, a price-to-earnings ratio of -0.19 and a beta of 1.23. The business has a fifty day moving average price of $2.81 and a 200 day moving average price of $4.99.

Institutional Trading of Canoo

Several large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. increased its holdings in Canoo by 32.9% in the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company's stock valued at $33,000 after purchasing an additional 4,448 shares in the last quarter. Rhumbline Advisers increased its holdings in Canoo by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 126,937 shares of the company's stock valued at $235,000 after purchasing an additional 5,592 shares in the last quarter. Advisor Group Holdings Inc. increased its holdings in Canoo by 23.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company's stock valued at $223,000 after purchasing an additional 7,544 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Canoo by 2.2% in the 1st quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company's stock valued at $2,135,000 after purchasing an additional 8,479 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Canoo by 11.2% in the 2nd quarter. JPMorgan Chase & Co. now owns 116,606 shares of the company's stock valued at $216,000 after purchasing an additional 11,746 shares in the last quarter. 36.23% of the stock is currently owned by institutional investors and hedge funds.

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.