Canoo Inc. (NASDAQ:GOEV – Get Free Report) was the recipient of a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 9,230,000 shares, a decrease of 34.1% from the May 15th total of 14,000,000 shares. Based on an average daily trading volume, of 8,250,000 shares, the days-to-cover ratio is presently 1.1 days. Currently, 15.1% of the company’s shares are short sold.
Canoo Stock Performance
Shares of NASDAQ:GOEV traded down $0.38 during mid-day trading on Friday, hitting $1.80. 28,791,017 shares of the company traded hands, compared to its average volume of 2,933,100. The firm has a market cap of $123.43 million, a P/E ratio of -0.17 and a beta of 1.28. Canoo has a 52-week low of $1.22 and a 52-week high of $19.50. The firm’s 50 day simple moving average is $2.53 and its 200 day simple moving average is $3.54.
Canoo (NASDAQ:GOEV – Get Free Report) last announced its earnings results on Tuesday, May 14th. The company reported ($2.20) EPS for the quarter, missing the consensus estimate of ($0.97) by ($1.23). During the same quarter last year, the firm posted ($3.91) earnings per share. Equities research analysts expect that Canoo will post -4.37 EPS for the current fiscal year.
Institutional Investors Weigh In On Canoo
Analysts Set New Price Targets
Several equities analysts recently weighed in on the company. R. F. Lafferty downgraded Canoo from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Benchmark reiterated a “buy” rating and set a $5.00 target price on shares of Canoo in a research report on Wednesday, May 22nd. HC Wainwright restated a “buy” rating and issued a $7.00 price objective on shares of Canoo in a report on Wednesday, May 15th. Alliance Global Partners cut their price objective on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Finally, Roth Mkm cut their price objective on Canoo from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, May 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Canoo has a consensus rating of “Moderate Buy” and a consensus price target of $23.79.
View Our Latest Stock Analysis on GOEV
About Canoo
Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.
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