Canoo (NYSE:GOEV) Shares Up 5.2%

Canoo Inc. (NYSE:GOEV) shares shot up 5.2% on Thursday . The company traded as high as $3.57 and last traded at $3.42. 3,804,431 shares were traded during trading, a decline of 51% from the average session volume of 7,769,542 shares. The stock had previously closed at $3.25.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GOEV. Wedbush began coverage on shares of Canoo in a report on Friday, January 5th. They set an “outperform” rating and a $92.00 target price on the stock. Stifel Nicolaus reduced their price objective on shares of Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Finally, Alliance Global Partners reduced their price objective 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 Stock Performance

The company has a current ratio of 0.17, a quick ratio of 0.14 and a debt-to-equity ratio of 0.27. The company’s 50 day moving average is $3.15 and its 200-day moving average is $5.79. The company has a market capitalization of $149.05 million, a P/E ratio of -0.19 and a beta of 1.17.

Institutional Investors Weigh In On Canoo

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Canoo by 3.6% during the fourth quarter. Vanguard Group Inc. now owns 26,036,884 shares of the company’s stock valued at $6,697,000 after buying an additional 904,907 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Canoo by 49.1% during the first quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after purchasing an additional 6,178,847 shares during the period. State Street Corp boosted its stake in shares of Canoo by 122.7% during the first quarter. State Street Corp now owns 6,342,854 shares of the company’s stock valued at $4,139,000 after purchasing an additional 3,494,923 shares during the period. Geode Capital Management LLC boosted its stake in shares of Canoo by 57.7% during the first quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company’s stock valued at $4,110,000 after purchasing an additional 2,303,981 shares during the period. Finally, Renaissance Technologies LLC bought a new stake in shares of Canoo in the first quarter valued at about $2,780,000. Institutional investors 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.