Canoo (NYSE:GOEV) Trading Down 19%

Canoo Inc. (NYSE:GOEV)’s share price fell 19% during trading on Tuesday . The company traded as low as $3.22 and last traded at $3.40. 8,188,311 shares traded hands during mid-day trading, an increase of 6% from the average session volume of 7,744,179 shares. The stock had previously closed at $4.20.

Analyst Ratings Changes

A number of research firms recently issued reports on GOEV. Stifel Nicolaus decreased their price objective on Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Wedbush initiated coverage on shares of Canoo in a report on Friday, January 5th. They set an “outperform” rating and a $92.00 target price for the company. Finally, Alliance Global Partners lowered their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research note on Friday, March 15th.

Canoo Price Performance

The firm’s 50 day moving average is $3.15 and its two-hundred day moving average is $5.79. The company has a quick ratio of 0.14, a current ratio of 0.17 and a debt-to-equity ratio of 0.27.

Institutional Investors Weigh In On Canoo

Several hedge funds have recently bought and sold shares of GOEV. BlackRock Inc. raised its stake in Canoo by 49.1% in the first quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after buying an additional 6,178,847 shares during the period. Vanguard Group Inc. boosted its position in Canoo by 29.4% during the third quarter. Vanguard Group Inc. now owns 25,131,977 shares of the company’s stock worth $12,315,000 after purchasing an additional 5,709,224 shares during the period. Renaissance Technologies LLC bought a new position in shares of Canoo in the first quarter valued at about $2,780,000. State Street Corp boosted its holdings in shares of Canoo by 122.7% during the 1st quarter. State Street Corp now owns 6,342,854 shares of the company’s stock worth $4,139,000 after buying an additional 3,494,923 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Canoo by 57.7% in the 1st quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company’s stock valued at $4,110,000 after acquiring an additional 2,303,981 shares during the period. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Canoo Company Profile

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.