Canoo (NYSE:GOEV) Stock Price Down 19%

Canoo Inc. (NYSE:GOEV)’s share price traded down 19% during trading on Tuesday . The stock traded as low as $3.22 and last traded at $3.40. 8,188,311 shares were traded during mid-day trading, an increase of 6% from the average session volume of 7,744,179 shares. The stock had previously closed at $4.20.

Analysts Set New Price Targets

GOEV has been the topic of a number of research analyst reports. Stifel Nicolaus cut their price objective on shares of Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a report on Tuesday, January 23rd. Wedbush initiated coverage on shares of Canoo in a research report on Friday, January 5th. They issued an “outperform” rating and a $92.00 price target for the company. Finally, Alliance Global Partners dropped their price objective on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th.

Canoo Price Performance

The company has a quick ratio of 0.14, a current ratio of 0.17 and a debt-to-equity ratio of 0.27. The company has a fifty day moving average price of $3.15 and a two-hundred day moving average price of $5.79.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Principal Financial Group Inc. boosted its holdings in Canoo by 32.9% in the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock valued at $33,000 after purchasing an additional 4,448 shares in the last quarter. Rhumbline Advisers boosted its position in Canoo by 4.6% during the second quarter. Rhumbline Advisers now owns 126,937 shares of the company’s stock worth $235,000 after purchasing an additional 5,592 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in Canoo by 23.0% in the 1st quarter. Advisor Group Holdings Inc. now owns 40,363 shares of the company’s stock valued at $223,000 after acquiring an additional 7,544 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Canoo by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 386,691 shares of the company’s stock valued at $2,135,000 after purchasing an additional 8,479 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Canoo by 11.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 116,606 shares of the company’s stock valued at $216,000 after buying an additional 11,746 shares during the last quarter. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Canoo Company Profile

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.