Canoo (NASDAQ:GOEV) Stock Price Down 6.4%

Canoo Inc. (NASDAQ:GOEVGet Free Report) fell 6.4% during trading on Wednesday . The stock traded as low as $2.58 and last traded at $2.62. 3,144,987 shares changed hands during trading, a decline of 61% from the average session volume of 7,980,967 shares. The stock had previously closed at $2.80.

Analyst Ratings Changes

Several equities research analysts recently issued reports on GOEV shares. Stifel Nicolaus reduced their price objective on Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a research note on Tuesday, January 23rd. Wedbush started coverage on Canoo in a research note on Friday, January 5th. They issued an “outperform” rating and a $92.00 price objective for the company. Finally, Alliance Global Partners reduced their price objective on Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research note on Friday, March 15th.

Get Our Latest Stock Analysis on Canoo

Canoo Stock Performance

The company has a current ratio of 0.17, a quick ratio of 0.14 and a debt-to-equity ratio of 0.27. The firm has a 50-day simple moving average of $3.10 and a two-hundred day simple moving average of $5.52. The company has a market capitalization of $104.38 million, a price-to-earnings ratio of -0.14 and a beta of 1.23.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC acquired a new stake in Canoo in the 1st quarter valued at approximately $67,000. Hsbc Holdings PLC bought a new stake in shares of Canoo in the 1st quarter worth approximately $95,000. XTX Topco Ltd bought a new stake in Canoo during the 1st quarter worth about $93,000. Commonwealth Equity Services LLC bought a new stake in Canoo during the 3rd quarter worth about $32,000. Finally, Principal Financial Group Inc. lifted its position in Canoo by 32.9% during the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock worth $33,000 after buying an additional 4,448 shares in the last quarter. Institutional investors and hedge funds own 36.23% of the company’s stock.

Canoo Company Profile

(Get Free Report)

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.

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