Canoo (NASDAQ:GOEV) Stock Price Down 2.9%

Canoo Inc. (NASDAQ:GOEV) fell 2.9% during trading on Wednesday . The stock traded as low as $2.31 and last traded at $2.35. 977,266 shares were traded during trading, a decline of 87% from the average session volume of 7,812,701 shares. The stock had previously closed at $2.42.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Alliance Global Partners lowered their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research note on Friday, March 15th. Stifel Nicolaus dropped their target price on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Finally, Wedbush assumed coverage on shares of Canoo in a research report on Friday, January 5th. They set an “outperform” rating and a $92.00 price target for the company.

Canoo Trading Down 2.1 %

The stock’s 50 day moving average is $2.94 and its 200 day moving average is $5.23. The stock has a market capitalization of $98.95 million, a price-to-earnings ratio of -0.18 and a beta of 1.23.

Institutional Investors Weigh In On Canoo

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in Canoo by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 26,036,884 shares of the company’s stock worth $6,697,000 after buying an additional 904,907 shares in the last quarter. BlackRock Inc. grew its position in Canoo by 49.1% during the first quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after acquiring an additional 6,178,847 shares during the period. State Street Corp lifted its position in Canoo by 122.7% during the first quarter. State Street Corp now owns 6,342,854 shares of the company’s stock valued at $4,139,000 after buying an additional 3,494,923 shares in the last quarter. Geode Capital Management LLC boosted its position in Canoo by 57.7% during the 1st quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company’s stock worth $4,110,000 after purchasing an additional 2,303,981 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Canoo in the first quarter valued at about $2,780,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

About Canoo

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.