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

Shares of Canoo Inc. (NASDAQ:GOEV) fell 16% during trading on Tuesday . The stock traded as low as $0.35 and last traded at $0.34. 6,238,102 shares traded hands during trading, an increase of 134% from the average session volume of 2,662,201 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 Canoo from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $4.50 to $0.50 in a research report on Tuesday, December 31st. Alliance Global Partners reiterated a “neutral” rating on shares of Canoo in a report on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Canoo currently has an average rating of “Hold” and an average target price of $42.63.

Canoo Stock Down 16.0 %

The business has a 50-day simple moving average of $0.35 and a 200-day simple moving average of $6.70. The company has a market cap of $1.66 million, a PE ratio of 0.00 and a beta of 1.30.

Institutional Investors Weigh In On Canoo

Several institutional investors and hedge funds have recently modified their holdings of GOEV. Virtu Financial LLC acquired a new position in Canoo in the 3rd quarter valued at about $280,000. State Street Corp increased its stake in Canoo by 2.8% during the 3rd quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after buying an additional 63,652 shares during the period. XTX Topco Ltd grew its stake in shares of Canoo by 191.7% in the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after acquiring an additional 20,805 shares in the last quarter. Two Sigma Investments LP purchased a new stake in shares of Canoo during the fourth quarter worth $69,000. Finally, Jane Street Group LLC raised its stake in shares of Canoo by 51.4% in the fourth quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock valued at $238,000 after acquiring an additional 57,347 shares in the last quarter. Hedge funds and other institutional investors own 36.23% of the company’s stock.

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.