Canoo (NASDAQ:GOEV) Trading Down 16% – Here’s What Happened

Canoo Inc. (NASDAQ:GOEV) was down 16% during trading on Monday . The company traded as low as $0.35 and last traded at $0.34. Approximately 6,238,102 shares traded hands during trading, an increase of 26% from the average daily volume of 4,965,205 shares. The stock had previously closed at $0.41.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GOEV. Stifel Nicolaus downgraded shares of Canoo from a “buy” rating to a “hold” rating and reduced their price objective for the company from $4.50 to $0.50 in a research note on Tuesday, December 31st. Alliance Global Partners restated a “neutral” rating on shares of Canoo in a report on Monday, January 6th. Finally, HC Wainwright decreased their price objective on Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $108.10.

Canoo Stock Performance

The company’s fifty day moving average is $0.61 and its two-hundred day moving average is $9.66. The firm has a market cap of $1.66 million, a price-to-earnings ratio of 0.00 and a beta of 1.30.

Institutional Investors Weigh In On Canoo

A number of institutional investors have recently modified their holdings of GOEV. XTX Topco Ltd raised its stake in Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after buying an additional 20,805 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Canoo by 609.8% during the fourth quarter. National Bank of Canada FI now owns 37,653 shares of the company’s stock worth $53,000 after purchasing an additional 45,039 shares during the period. Two Sigma Investments LP bought a new stake in Canoo in the fourth quarter valued at $69,000. Jane Street Group LLC boosted its stake in Canoo by 51.4% during the 4th quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock valued at $238,000 after purchasing an additional 57,347 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Canoo during the third quarter worth approximately $280,000. Institutional investors and hedge funds own 36.23% of the company’s stock.

About Canoo

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.