Canoo Inc. (NASDAQ:GOEV) Short Interest Update

Canoo Inc. (NASDAQ:GOEV) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totalling 9,870,000 shares, an increase of 6.9% from the May 31st total of 9,230,000 shares. Based on an average trading volume of 5,010,000 shares, the short-interest ratio is currently 2.0 days. Approximately 15.5% of the shares of the company are short sold.

Institutional Investors Weigh In On Canoo

A number of institutional investors and hedge funds have recently made changes to their positions in GOEV. Kestra Advisory Services LLC bought a new stake in Canoo in the 3rd quarter valued at $72,000. SG Americas Securities LLC grew its position in Canoo by 95.6% in the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after acquiring an additional 10,786 shares during the last quarter. EP Wealth Advisors LLC bought a new position in Canoo in the third quarter valued at about $133,000. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Canoo during the first quarter worth about $900,000. Institutional investors own 36.23% of the company’s stock.

Canoo Stock Performance

NASDAQ:GOEV traded up $0.31 on Tuesday, hitting $2.33. 7,540,907 shares of the stock were exchanged, compared to its average volume of 6,270,547. The stock has a market capitalization of $159.77 million, a price-to-earnings ratio of -0.22 and a beta of 1.28. Canoo has a 52 week low of $1.22 and a 52 week high of $19.50. The company’s 50-day moving average price is $2.33 and its 200 day moving average price is $3.17.

Canoo (NASDAQ:GOEV) last announced its quarterly earnings results on Tuesday, May 14th. The company reported ($2.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.97) by ($1.23). During the same quarter in the prior year, the company earned ($3.91) earnings per share. As a group, equities research analysts predict that Canoo will post -4.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

GOEV has been the topic of a number of recent research reports. R. F. Lafferty downgraded shares of Canoo from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Roth Mkm decreased their price target on shares of Canoo from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 15th. Benchmark reiterated a “buy” rating and set a $5.00 price target on shares of Canoo in a research note on Wednesday, May 22nd. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of Canoo in a research note on Wednesday, May 15th. Finally, Alliance Global Partners reduced their target price on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $23.79.

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.