Canoo (NASDAQ:GOEV) Trading Down 4.7%

Canoo Inc. (NASDAQ:GOEV) shares fell 4.7% during mid-day trading on Tuesday . The stock traded as low as $3.15 and last traded at $3.24. 2,043,293 shares changed hands during trading, a decline of 73% from the average session volume of 7,575,390 shares. The stock had previously closed at $3.40.

Analyst Upgrades and Downgrades

Several research firms have issued reports on GOEV. Alliance Global Partners decreased their price objective 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. Stifel Nicolaus reduced their target price on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Wedbush began coverage on shares of Canoo in a research report on Friday, January 5th. They issued an “outperform” rating and a $92.00 target price for the company. Finally, Benchmark began coverage on shares of Canoo in a research report on Wednesday, April 17th. They issued a “buy” rating for the company. Five equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $49.19.

Canoo Stock Performance

The company’s 50 day simple moving average is $2.73 and its two-hundred day simple moving average is $4.67.

Canoo (NASDAQ:GOEV) last announced its earnings results on Monday, April 1st. The company reported ($0.93) earnings per share for the quarter. The business had revenue of $0.37 million for the quarter. As a group, equities analysts forecast that Canoo Inc. will post -3.09 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Arete Wealth Advisors LLC boosted its stake in shares of Canoo by 114.5% in the third quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company’s stock valued at $38,000 after purchasing an additional 41,100 shares during the period. Kestra Advisory Services LLC purchased a new position in shares of Canoo in the third quarter valued at approximately $72,000. Kestra Private Wealth Services LLC boosted its stake in shares of Canoo by 36.9% in the third quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock valued at $85,000 after purchasing an additional 47,000 shares during the period. EP Wealth Advisors LLC purchased a new position in shares of Canoo in the third quarter valued at approximately $133,000. Finally, Swiss National Bank lifted its stake in Canoo by 20.5% in the third quarter. Swiss National Bank now owns 935,200 shares of the company’s stock worth $458,000 after acquiring an additional 159,400 shares during 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.