Canoo (NASDAQ:GOEV) Stock Price Up 8%

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

Analyst Ratings Changes

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

Canoo Trading Down 5.0 %

The firm’s 50 day moving average price is $2.74 and its two-hundred day moving average price is $4.85.

Institutional Investors Weigh In On Canoo

Several hedge funds have recently made changes to their positions in GOEV. Vanguard Group Inc. lifted its position in Canoo by 3.6% in the fourth quarter. Vanguard Group Inc. now owns 26,036,884 shares of the company’s stock valued at $6,697,000 after purchasing an additional 904,907 shares during the period. BlackRock Inc. lifted its position 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 purchasing an additional 6,178,847 shares during the period. State Street Corp lifted its position in Canoo by 122.7% in 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 lifted its position in Canoo by 57.7% in 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 acquired a new stake in shares of Canoo during the 1st quarter valued at approximately $2,780,000. 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.