Canoo Inc. (NASDAQ:GOEV – Get Free Report) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 1,040,000 shares, an increase of 61.2% from the December 15th total of 645,300 shares. Approximately 7.7% of the company’s stock are sold short. Based on an average trading volume of 2,410,000 shares, the days-to-cover ratio is presently 0.4 days.
Institutional Investors Weigh In On Canoo
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company acquired a new stake in shares of Canoo in the second quarter valued at about $35,000. Point72 DIFC Ltd acquired a new stake in Canoo in the 2nd quarter worth about $37,000. Headlands Technologies LLC acquired a new stake in Canoo in the 2nd quarter worth about $60,000. XTX Topco Ltd increased its stake in Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after buying an additional 20,805 shares in the last quarter. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Canoo in the second quarter valued at approximately $70,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on GOEV shares. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canoo in a research report on Monday, January 6th. HC Wainwright lowered their target price on Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th. Finally, Stifel Nicolaus downgraded Canoo from a “buy” rating to a “hold” rating and cut their price target for the company from $4.50 to $0.50 in a report on Tuesday, December 31st. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $108.10.
Canoo Stock Down 5.6 %
Shares of Canoo stock traded down $0.09 on Friday, reaching $1.43. The company’s stock had a trading volume of 1,192,777 shares, compared to its average volume of 3,205,304. The company has a market capitalization of $6.90 million, a P/E ratio of -0.02 and a beta of 1.30. The stock has a 50-day moving average price of $4.92 and a 200-day moving average price of $20.45. Canoo has a 52-week low of $1.04 and a 52-week high of $102.07.
About Canoo
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.
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