Canoo (NASDAQ:GOEV) Trading Down 3.7%

Canoo Inc. (NASDAQ:GOEV)’s share price was down 3.7% during mid-day trading on Friday . The company traded as low as $2.83 and last traded at $2.89. Approximately 1,511,306 shares were traded during trading, a decline of 80% from the average daily volume of 7,643,142 shares. The stock had previously closed at $3.00.

Analysts Set New Price Targets

A number of research analysts have issued reports on GOEV shares. Benchmark initiated coverage on shares of Canoo in a research report on Wednesday. They set a “buy” rating on the stock. Alliance Global Partners reduced their target price on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a report on Friday, March 15th. Wedbush initiated coverage on shares of Canoo in a report on Friday, January 5th. They set an “outperform” rating and a $92.00 price objective for the company. Finally, Stifel Nicolaus cut their price objective on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $49.19.

Canoo Price Performance

The company has a market capitalization of $177.74 million, a P/E ratio of -0.21 and a beta of 1.23. The business has a 50-day moving average of $2.76 and a 200-day moving average of $4.90.

Institutional Trading of Canoo

Institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in shares of Canoo during the first quarter worth $67,000. Hsbc Holdings PLC purchased a new position in shares of Canoo during the first quarter valued at $95,000. XTX Topco Ltd purchased a new position in shares of Canoo during the first quarter valued at $93,000. Commonwealth Equity Services LLC purchased a new position in shares of Canoo during the third quarter valued at $32,000. Finally, Principal Financial Group Inc. grew its stake in Canoo by 32.9% in the second 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 during the last quarter. 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.