Canoo Inc. (NASDAQ:GOEV) Sees Significant Growth in Short Interest

Canoo Inc. (NASDAQ:GOEV) saw a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 1,040,000 shares, an increase of 61.2% from the December 15th total of 645,300 shares. Currently, 7.7% of the shares of the company are sold short. Based on an average daily volume of 2,410,000 shares, the short-interest ratio is presently 0.4 days.

Wall Street Analysts Forecast Growth

GOEV has been the topic of several research analyst reports. HC Wainwright reduced their price objective on Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th. Stifel Nicolaus downgraded Canoo from a “buy” rating to a “hold” rating and cut their price target for the stock from $4.50 to $0.50 in a research note on Tuesday, December 31st. Finally, Alliance Global Partners restated a “neutral” rating on shares of Canoo in a research note on Monday, January 6th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Canoo presently has an average rating of “Hold” and an average price target of $108.10.

Canoo Trading Down 7.0 %

Shares of NASDAQ GOEV traded down $0.11 during mid-day trading on Friday, hitting $1.41. The company had a trading volume of 1,395,670 shares, compared to its average volume of 3,220,709. The stock’s 50-day moving average price is $4.92 and its 200-day moving average price is $20.45. The company has a market capitalization of $6.80 million, a price-to-earnings ratio of -0.02 and a beta of 1.30. Canoo has a 1 year low of $1.04 and a 1 year high of $102.07.

Institutional Investors Weigh In On Canoo

Hedge funds and other institutional investors have recently modified their holdings of the stock. XTX Topco Ltd grew 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 acquiring an additional 20,805 shares in the last quarter. The Manufacturers Life Insurance Company bought a new position in shares of Canoo in the second quarter worth $35,000. Point72 DIFC Ltd bought a new stake in Canoo during the second quarter valued at $37,000. Headlands Technologies LLC bought a new position in Canoo in the 2nd quarter worth about $60,000. Finally, Daiwa Securities Group Inc. purchased a new stake in shares of Canoo in the 2nd quarter valued at about $70,000. 36.23% of the stock is currently owned by institutional investors.

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.