Canoo Inc. (NASDAQ:GOEV) Sees Large Decline in Short Interest

Canoo Inc. (NASDAQ:GOEV) was the target of a large decrease in short interest in the month of December. As of December 15th, there was short interest totalling 645,300 shares, a decrease of 95.5% from the November 30th total of 14,470,000 shares. Based on an average daily trading volume, of 1,920,000 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. XTX Topco Ltd grew its position in Canoo by 191.7% in the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after purchasing an additional 20,805 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Canoo during the second quarter valued at approximately $35,000. Point72 DIFC Ltd bought a new stake in Canoo during the second quarter worth $37,000. Headlands Technologies LLC purchased a new position in Canoo in the second quarter worth $60,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Canoo during the 2nd quarter valued at $67,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright reduced their price objective on Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $454.17.

Canoo Stock Down 0.6 %

GOEV stock traded down $0.01 during mid-day trading on Friday, reaching $1.54. 2,571,194 shares of the company traded hands, compared to its average volume of 723,933. The stock has a market cap of $7.45 million, a price-to-earnings ratio of -0.44 and a beta of 1.14. Canoo has a fifty-two week low of $1.37 and a fifty-two week high of $141.68. The firm’s 50 day moving average price is $8.65 and its 200 day moving average price is $24.03.

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.