Canoo Inc. (NASDAQ:GOEV) Sees Large Drop in Short Interest

Canoo Inc. (NASDAQ:GOEV) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 9,510,000 shares, a decline of 11.5% from the October 31st total of 10,750,000 shares. Currently, 10.8% of the shares of the company are sold short. Based on an average daily trading volume, of 5,080,000 shares, the short-interest ratio is presently 1.9 days.

Institutional Investors Weigh In On Canoo

A number of institutional investors have recently modified their holdings of GOEV. MBL Wealth LLC acquired a new position in Canoo during the 2nd quarter worth about $31,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Canoo during the second quarter worth about $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Canoo in the second quarter valued at approximately $35,000. Point72 DIFC Ltd acquired a new position in shares of Canoo in the second quarter valued at approximately $37,000. Finally, XTX Topco Ltd increased its stake in Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after buying an additional 20,805 shares during the period. 36.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOEV has been the topic of several recent research reports. Roth Mkm dropped their price objective on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday, August 15th. HC Wainwright dropped their price target on shares of Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Canoo has an average rating of “Moderate Buy” and a consensus price target of $22.71.

Canoo Stock Performance

Shares of Canoo stock traded up $0.02 on Friday, reaching $0.38. The company had a trading volume of 3,114,845 shares, compared to its average volume of 9,191,342. The firm’s 50 day moving average price is $0.75 and its two-hundred day moving average price is $1.50. Canoo has a 52-week low of $0.36 and a 52-week high of $7.49. The firm has a market cap of $37.07 million, a PE ratio of -0.11 and a beta of 1.29.

Canoo Company Profile

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.