Canoo (NASDAQ:GOEV) Stock Price Down 16% – Here’s Why

Canoo Inc. (NASDAQ:GOEV)’s share price fell 16% on Monday . The stock traded as low as $0.35 and last traded at $0.34. 6,238,102 shares changed hands during trading, an increase of 26% from the average session volume of 4,965,205 shares. The stock had previously closed at $0.41.

Analysts Set New Price Targets

GOEV has been the subject of several analyst reports. Stifel Nicolaus lowered shares of Canoo from a “buy” rating to a “hold” rating and decreased their price objective for the company from $4.50 to $0.50 in a research note on Tuesday, December 31st. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canoo in a research report on Monday, January 6th. Finally, HC Wainwright cut their price objective on Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $108.10.

Canoo Stock Performance

The company has a market cap of $1.66 million, a PE ratio of 0.00 and a beta of 1.30. The company’s 50 day moving average price is $1.79 and its 200-day moving average price is $14.60.

Institutional Trading of Canoo

A number of large investors have recently bought and sold shares of GOEV. The Manufacturers Life Insurance Company bought a new position in shares of Canoo during the 2nd quarter worth $35,000. XTX Topco Ltd lifted its holdings in Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after purchasing an additional 20,805 shares during the last quarter. Virtu Financial LLC bought a new position in Canoo during the third quarter worth about $280,000. Geode Capital Management LLC increased its stake in shares of Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after purchasing an additional 341,897 shares in the last quarter. Finally, State Street Corp raised its position in shares of Canoo by 2.8% in the third 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 period. 36.23% of the stock is 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.