Canoo (NASDAQ:GOEV) Stock Price Up 8%

Canoo Inc. (NASDAQ:GOEV)’s stock price rose 8% during mid-day trading on Thursday . The stock traded as high as $3.23 and last traded at $3.09. Approximately 3,265,238 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 7,691,249 shares. The stock had previously closed at $2.86.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Wedbush assumed coverage on Canoo in a research note on Friday, January 5th. They set an “outperform” rating and a $92.00 price target for the company. Benchmark began coverage on Canoo in a report on Wednesday. They set a “buy” rating on the stock. Stifel Nicolaus reduced their price objective on Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a report on Tuesday, January 23rd. Finally, Alliance Global Partners reduced their price objective on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Canoo presently has an average rating of “Buy” and an average target price of $49.19.

Canoo Price Performance

The stock has a 50-day moving average price of $2.74 and a two-hundred day moving average price of $4.85.

Institutional Trading of Canoo

A number of institutional investors have recently made changes to their positions in GOEV. Integrated Wealth Concepts LLC acquired a new stake in Canoo during the 1st quarter worth about $67,000. Hsbc Holdings PLC acquired a new stake in Canoo during the 1st quarter worth about $95,000. XTX Topco Ltd acquired a new stake in Canoo during the 1st quarter worth about $93,000. Commonwealth Equity Services LLC acquired a new stake in Canoo during the 3rd quarter worth about $32,000. Finally, Principal Financial Group Inc. lifted its position in Canoo by 32.9% during the 2nd quarter. Principal Financial Group Inc. now owns 17,951 shares of the company’s stock worth $33,000 after acquiring an additional 4,448 shares during the period. Institutional investors and hedge funds own 36.23% of the company’s stock.

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.