Canoo (NASDAQ:GOEV) Shares Down 4.7%

Shares of Canoo Inc. (NASDAQ:GOEV - Get Free Report) fell 4.7% during mid-day trading on Tuesday . The stock traded as low as $3.15 and last traded at $3.24. 2,043,293 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 7,575,390 shares. The stock had previously closed at $3.40.

Analysts Set New Price Targets

GOEV has been the subject of a number of research reports. Stifel Nicolaus dropped their price target on Canoo from $34.50 to $17.25 and set a "buy" rating for the company in a research note on Tuesday, January 23rd. Benchmark assumed coverage on Canoo in a research report on Wednesday, April 17th. They set a "buy" rating for the company. Wedbush initiated coverage on shares of Canoo in a research note on Friday, January 5th. They set an "outperform" rating and a $92.00 price target on the stock. Finally, Alliance Global Partners dropped their price objective on shares of Canoo from $20.00 to $18.50 and set a "buy" rating for the company in a research note on Friday, March 15th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $49.19.

Canoo Stock Performance

The company has a market cap of $204.15 million, a PE ratio of -0.24 and a beta of 1.23. The company has a fifty day moving average of $2.74 and a two-hundred day moving average of $4.68.

Hedge Funds Weigh In On Canoo

Several hedge funds have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC increased its stake in Canoo by 114.5% in the third quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company's stock worth $38,000 after purchasing an additional 41,100 shares during the period. Kestra Advisory Services LLC purchased a new position in Canoo in the 3rd quarter worth about $72,000. Kestra Private Wealth Services LLC increased 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 worth $85,000 after buying an additional 47,000 shares during the period. EP Wealth Advisors LLC bought a new stake in Canoo during the 3rd quarter valued at about $133,000. Finally, Swiss National Bank boosted its position in Canoo by 20.5% in 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 period. 36.23% of the stock is currently owned by institutional investors.

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.