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

Canoo Inc. (NASDAQ:GOEV)’s stock price fell 16% during trading on Tuesday . The company traded as low as $0.35 and last traded at $0.34. 6,238,102 shares traded hands during trading, an increase of 134% from the average session volume of 2,662,201 shares. The stock had previously closed at $0.41.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GOEV shares. Alliance Global Partners reaffirmed a “neutral” rating on shares of Canoo in a report on Monday, January 6th. Stifel Nicolaus cut shares of Canoo from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $4.50 to $0.50 in a research report on Tuesday, December 31st. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $42.63.

Canoo Price Performance

The stock’s fifty day moving average price is $0.35 and its 200-day moving average price is $6.70. The firm has a market cap of $1.66 million, a PE ratio of 0.00 and a beta of 1.30.

Institutional Trading of Canoo

Several large investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in shares of Canoo in the third quarter valued at approximately $280,000. State Street Corp boosted its stake in Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after buying an additional 63,652 shares during the last quarter. XTX Topco Ltd grew its holdings in Canoo by 191.7% in the 3rd 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. Two Sigma Investments LP acquired a new stake in shares of Canoo in the 4th quarter worth $69,000. Finally, Jane Street Group LLC raised its holdings in shares of Canoo by 51.4% during the 4th quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock worth $238,000 after acquiring an additional 57,347 shares during the period. Hedge funds and other institutional investors 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.