Canoo (NASDAQ:GOEV) Shares Down 16% – Time to Sell?

Canoo Inc. (NASDAQ:GOEV)’s share price was down 16% during trading on Tuesday . The company traded as low as $0.35 and last traded at $0.34. Approximately 6,238,102 shares were traded during trading, an increase of 134% from the average daily volume of 2,662,201 shares. The stock had previously closed at $0.41.

Analysts Set New Price Targets

Several brokerages have issued reports on GOEV. Stifel Nicolaus cut Canoo from a “buy” rating to a “hold” rating and dropped their target price for the stock from $4.50 to $0.50 in a research report on Tuesday, December 31st. Alliance Global Partners restated a “neutral” rating on shares of Canoo in a research report on Monday, January 6th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $42.63.

Canoo Stock Performance

The stock has a 50-day moving average price of $0.35 and a two-hundred day moving average price of $6.79. The stock has a market capitalization of $1.66 million, a PE ratio of 0.00 and a beta of 1.30.

Hedge Funds Weigh In On Canoo

A number of hedge funds have recently modified their holdings of the company. Virtu Financial LLC purchased a new position in shares of Canoo during the 3rd quarter valued at $280,000. State Street Corp lifted its position in shares of Canoo by 2.8% in the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after acquiring an additional 63,652 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Canoo by 191.7% in the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after acquiring an additional 20,805 shares during the period. Two Sigma Investments LP purchased a new stake in shares of Canoo during the fourth quarter worth about $69,000. Finally, Jane Street Group LLC raised its stake in Canoo by 51.4% during the 4th quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock valued at $238,000 after purchasing an additional 57,347 shares during the period. 36.23% of the stock is currently owned by institutional investors.

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.