Canoo Inc. (NASDAQ:GOEV) Sees Significant Drop in Short Interest

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

Institutional Trading of Canoo

A number of large investors have recently made changes to their positions in the business. MBL Wealth LLC purchased a new position in Canoo in the second quarter worth about $31,000. The Manufacturers Life Insurance Company bought a new stake in shares of Canoo in the 2nd quarter valued at approximately $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Canoo in the 2nd quarter worth approximately $35,000. Point72 DIFC Ltd bought a new position in shares of Canoo during the 2nd quarter valued at approximately $37,000. Finally, XTX Topco Ltd raised its holdings in Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after buying an additional 20,805 shares during the period. 36.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GOEV has been the topic of a number of recent analyst reports. Roth Mkm decreased their price target on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday, August 15th. HC Wainwright cut their price objective on shares of Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a report on Friday, November 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $22.71.

Canoo Trading Down 3.9 %

GOEV traded down $0.01 during trading hours on Tuesday, hitting $0.36. The company’s stock had a trading volume of 6,257,078 shares, compared to its average volume of 5,393,854. The business’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.

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.