Canoo (NASDAQ:GOEV) Trading 14.1% Higher

Canoo Inc. (NASDAQ:GOEV)’s share price traded up 14.1% during trading on Tuesday . The stock traded as high as $3.30 and last traded at $2.83. 7,405,847 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 7,585,319 shares. The stock had previously closed at $2.48.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Stifel Nicolaus dropped their price objective on Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Wedbush assumed coverage on shares of Canoo in a report on Friday, January 5th. They set an “outperform” rating and a $92.00 target price on the stock. Benchmark assumed coverage on shares of Canoo in a report on Wednesday. They set a “buy” rating on the stock. Finally, Alliance Global Partners lowered their target price on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, Canoo has an average rating of “Buy” and a consensus price target of $49.19.

Canoo Price Performance

The firm’s fifty day moving average price is $2.77 and its two-hundred day moving average price is $4.92.

Institutional Investors Weigh In On Canoo

A number of institutional investors and hedge funds have recently made changes to their positions in GOEV. BlackRock Inc. raised its position in shares of Canoo by 49.1% in the first quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock worth $12,236,000 after buying an additional 6,178,847 shares in the last quarter. Vanguard Group Inc. raised its position in shares of Canoo by 29.4% in the third quarter. Vanguard Group Inc. now owns 25,131,977 shares of the company’s stock worth $12,315,000 after buying an additional 5,709,224 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Canoo in the first quarter worth $2,780,000. State Street Corp raised its position 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 worth $4,139,000 after buying an additional 3,494,923 shares in the last quarter. Finally, Geode Capital Management LLC raised its position 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 worth $4,110,000 after buying an additional 2,303,981 shares in the last quarter. 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.