Canoo (NASDAQ:GOEV) Trading Down 16% – Here’s Why

Shares of Canoo Inc. (NASDAQ:GOEV) fell 16% during mid-day trading on Monday . The company traded as low as $0.35 and last traded at $0.34. 6,238,102 shares were traded during trading, an increase of 26% from the average session volume of 4,965,205 shares. The stock had previously closed at $0.41.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GOEV. Alliance Global Partners reiterated a “neutral” rating on shares of Canoo in a research report on Monday, January 6th. Stifel Nicolaus lowered Canoo from a “buy” rating to a “hold” rating and reduced their price target for the stock from $4.50 to $0.50 in a research report on Tuesday, December 31st. Finally, HC Wainwright cut their price objective on Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Canoo has a consensus rating of “Hold” and a consensus target price of $108.10.

Canoo Price Performance

The firm has a market cap of $1.66 million, a price-to-earnings ratio of 0.00 and a beta of 1.30. The company has a fifty day moving average price of $0.65 and a two-hundred day moving average price of $9.93.

Institutional Trading of Canoo

Several institutional investors have recently modified their holdings of the company. XTX Topco Ltd raised its position in shares of Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after purchasing an additional 20,805 shares during the period. National Bank of Canada FI raised its position in shares of Canoo by 609.8% during the fourth quarter. National Bank of Canada FI now owns 37,653 shares of the company’s stock worth $53,000 after purchasing an additional 45,039 shares during the period. Two Sigma Investments LP acquired a new stake in shares of Canoo during the fourth quarter worth $69,000. Jane Street Group LLC raised its position in shares of Canoo by 51.4% during the fourth quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock worth $238,000 after purchasing an additional 57,347 shares during the period. Finally, State Street Corp raised its position in shares of Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after purchasing an additional 63,652 shares during the period. Institutional investors and hedge funds own 36.23% of the company’s stock.

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.