Canoo (NASDAQ:GOEV) Trading Down 4.7%

Shares of Canoo Inc. (NASDAQ:GOEV) fell 4.7% on Tuesday . The stock traded as low as $3.15 and last traded at $3.24. 2,043,293 shares were traded during mid-day trading, a decline of 73% from the average session volume of 7,575,390 shares. The stock had previously closed at $3.40.

Analyst Ratings Changes

A number of research analysts have recently commented on GOEV shares. Benchmark started coverage on shares of Canoo in a research note on Wednesday, April 17th. They set a “buy” rating for the company. Stifel Nicolaus cut their price target on shares of Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a report on Tuesday, January 23rd. Wedbush assumed coverage on shares of Canoo in a report on Friday, January 5th. They issued an “outperform” rating and a $92.00 price target on the stock. Finally, Alliance Global Partners lowered their price objective 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. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Canoo has an average rating of “Buy” and an average target price of $49.19.

Canoo Stock Performance

The business’s 50-day moving average price is $2.73 and its two-hundred day moving average price is $4.67.

Canoo (NASDAQ:GOEV) last released its quarterly earnings results on Monday, April 1st. The company reported ($0.93) earnings per share for the quarter. The firm had revenue of $0.37 million for the quarter. Research analysts expect that Canoo Inc. will post -3.09 EPS for the current fiscal year.

Hedge Funds Weigh In On Canoo

A number of hedge funds have recently added to or reduced their stakes in GOEV. Arete Wealth Advisors LLC boosted its holdings in Canoo by 114.5% in the third quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company’s stock worth $38,000 after purchasing an additional 41,100 shares during the period. Kestra Advisory Services LLC acquired a new position in Canoo in the third quarter worth $72,000. Kestra Private Wealth Services LLC boosted its holdings in Canoo by 36.9% in the third quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock worth $85,000 after purchasing an additional 47,000 shares during the period. EP Wealth Advisors LLC bought a new stake in Canoo in the third quarter valued at $133,000. Finally, Swiss National Bank lifted its stake in Canoo by 20.5% in the third quarter. Swiss National Bank now owns 935,200 shares of the company’s stock valued at $458,000 after buying an additional 159,400 shares during the last quarter. Institutional investors and hedge funds own 36.23% of the company’s stock.

About Canoo

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.