Short Interest in Canoo Inc. (NASDAQ:GOEV) Increases By 61.2%

Canoo Inc. (NASDAQ:GOEV) was the target of a significant growth in short interest in December. As of December 31st, there was short interest totalling 1,040,000 shares, a growth of 61.2% from the December 15th total of 645,300 shares. Based on an average daily trading volume, of 2,410,000 shares, the days-to-cover ratio is presently 0.4 days. Approximately 7.7% of the shares of the stock are short sold.

Canoo Trading Down 5.6 %

Canoo stock traded down $0.09 during midday trading on Friday, hitting $1.43. 1,192,777 shares of the stock were exchanged, compared to its average volume of 3,205,304. The stock’s 50-day simple moving average is $4.92 and its 200 day simple moving average is $20.45. Canoo has a fifty-two week low of $1.04 and a fifty-two week high of $102.07. The stock has a market capitalization of $6.90 million, a price-to-earnings ratio of -0.02 and a beta of 1.30.

Institutional Trading of Canoo

Several hedge funds have recently made changes to their positions in GOEV. XTX Topco Ltd raised its position in shares of 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. The Manufacturers Life Insurance Company acquired a new stake in Canoo during the second quarter worth $35,000. Point72 DIFC Ltd purchased a new stake in Canoo in the second quarter valued at $37,000. Headlands Technologies LLC acquired a new position in shares of Canoo in the 2nd quarter valued at $60,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Canoo during the 2nd quarter worth $70,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GOEV shares. Alliance Global Partners reissued a “neutral” rating on shares of Canoo in a research note on Monday, January 6th. HC Wainwright decreased their target price on shares of Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 15th. Finally, Stifel Nicolaus cut Canoo from a “buy” rating to a “hold” rating and lowered their target price for the stock from $4.50 to $0.50 in a report on Tuesday, December 31st. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $108.10.

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.