Short Interest in Canoo Inc. (NASDAQ:GOEV) Declines By 11.5%

Canoo Inc. (NASDAQ:GOEV) was the recipient of a large drop in short interest during the month of November. As of November 15th, there was short interest totalling 9,510,000 shares, a drop of 11.5% from the October 31st total of 10,750,000 shares. Based on an average daily trading volume, of 5,080,000 shares, the days-to-cover ratio is presently 1.9 days. Currently, 10.8% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GOEV. HC Wainwright lowered their target price on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Roth Mkm lowered their target price on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a report on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.71.

Canoo Stock Down 3.9 %

Canoo stock traded down $0.01 during trading hours on Tuesday, hitting $0.36. The stock had a trading volume of 6,257,078 shares, compared to its average volume of 5,393,854. The stock’s 50-day moving average price is $0.74 and its 200-day moving average price is $1.47. Canoo has a 12-month low of $0.33 and a 12-month high of $7.08.

Institutional Trading of Canoo

Institutional investors have recently added to or reduced their stakes in the business. State Street Corp increased its position in shares of Canoo by 2.8% during the 3rd quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after purchasing an additional 63,652 shares during the last quarter. Geode Capital Management LLC grew its position in Canoo by 25.6% during the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after buying an additional 341,897 shares during the period. Virtu Financial LLC purchased a new stake in Canoo during the third quarter valued at approximately $280,000. Bank of New York Mellon Corp bought a new position in Canoo in the second quarter worth approximately $392,000. Finally, EP Wealth Advisors LLC boosted its stake in shares of Canoo by 74.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after acquiring an additional 52,131 shares during the last quarter. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

Canoo Company Profile

Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.