Canoo (NYSE:GOEV) Shares Down 1.7%

Canoo Inc. (NYSE:GOEV) dropped 1.7% during mid-day trading on Wednesday . The company traded as low as $3.25 and last traded at $3.38. Approximately 2,603,482 shares traded hands during trading, a decline of 66% from the average daily volume of 7,767,949 shares. The stock had previously closed at $3.44.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on GOEV shares. Wedbush initiated coverage on shares of Canoo in a research report on Friday, January 5th. They set an “outperform” rating and a $92.00 target price for the company. Stifel Nicolaus reduced 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, Alliance Global Partners cut their price objective on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a report on Friday, March 15th.

Canoo Stock Performance

The firm’s fifty day moving average price is $3.14 and its 200 day moving average price is $5.78. 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 stock has a market capitalization of $149.05 million, a price-to-earnings ratio of -0.20 and a beta of 1.17.

Institutional Investors Weigh In On Canoo

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Canoo by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 26,036,884 shares of the company’s stock valued at $6,697,000 after buying an additional 904,907 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Canoo by 49.1% in the first quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after purchasing an additional 6,178,847 shares during the period. State Street Corp lifted its stake in shares of Canoo by 122.7% in the first quarter. State Street Corp now owns 6,342,854 shares of the company’s stock valued at $4,139,000 after purchasing an additional 3,494,923 shares during the period. Geode Capital Management LLC lifted its stake in shares of Canoo by 57.7% in the first quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company’s stock valued at $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. 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.