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

Canoo Inc. (NASDAQ:GOEVGet Free Report) was the recipient of a large drop in short interest during the month of May. As of May 31st, there was short interest totalling 9,230,000 shares, a drop of 34.1% from the May 15th total of 14,000,000 shares. Approximately 15.1% of the shares of the company are short sold. Based on an average daily volume of 8,250,000 shares, the days-to-cover ratio is currently 1.1 days.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GOEV shares. Benchmark reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Canoo in a research report on Wednesday, May 22nd. R. F. Lafferty lowered shares of Canoo from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. HC Wainwright reissued a “buy” rating and set a $7.00 price target on shares of Canoo in a research report on Wednesday, May 15th. Alliance Global Partners reduced their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research report on Friday, March 15th. Finally, Roth Mkm reduced their price target on shares of Canoo from $4.00 to $3.00 and set a “neutral” rating for the company in a research report on Wednesday, May 15th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Canoo currently has an average rating of “Moderate Buy” and a consensus target price of $23.79.

View Our Latest Research Report on GOEV

Institutional Investors Weigh In On Canoo

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank grew its stake in Canoo by 20.5% in the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company’s stock valued at $458,000 after acquiring an additional 159,400 shares during the period. Kestra Advisory Services LLC acquired a new stake in Canoo in the 3rd quarter valued at $72,000. EP Wealth Advisors LLC acquired a new stake in Canoo in the 3rd quarter valued at $133,000. SG Americas Securities LLC grew its stake in Canoo by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after acquiring an additional 10,786 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in Canoo in the 1st quarter valued at $900,000. Institutional investors and hedge funds own 36.23% of the company’s stock.

Canoo Stock Down 17.4 %

Shares of NASDAQ GOEV traded down $0.38 during midday trading on Friday, reaching $1.80. 28,791,017 shares of the stock were exchanged, compared to its average volume of 2,933,100. The firm has a market cap of $123.43 million, a price-to-earnings ratio of -0.17 and a beta of 1.28. Canoo has a twelve month low of $1.22 and a twelve month high of $19.50. The firm has a 50-day simple moving average of $2.53 and a two-hundred day simple moving average of $3.54.

Canoo (NASDAQ:GOEVGet Free Report) last issued its quarterly earnings data on Tuesday, May 14th. The company reported ($2.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.97) by ($1.23). During the same period last year, the business earned ($3.91) EPS. Research analysts expect that Canoo will post -4.37 EPS for the current fiscal year.

About Canoo

(Get Free Report)

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.

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