Canoo (NASDAQ:GOEV) Shares Down 16% – Time to Sell?

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

Analyst Ratings Changes

Several brokerages have commented on GOEV. Alliance Global Partners reiterated a “neutral” rating on shares of Canoo in a research note on Monday, January 6th. Stifel Nicolaus downgraded Canoo from a “buy” rating to a “hold” rating and decreased their target price for the stock from $4.50 to $0.50 in a research report on Tuesday, December 31st. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $42.63.

Canoo Trading Down 16.0 %

The firm has a market capitalization of $1.66 million, a P/E ratio of 0.00 and a beta of 1.30. The firm has a 50 day moving average price of $0.35 and a 200-day moving average price of $6.79.

Institutional Trading of Canoo

A number of institutional investors have recently bought and sold shares of GOEV. State Street Corp raised its stake in shares of Canoo by 2.8% in the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after acquiring an additional 63,652 shares during the period. XTX Topco Ltd raised 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 during the period. Geode Capital Management LLC raised its position in Canoo by 25.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after purchasing an additional 341,897 shares during the period. Virtu Financial LLC bought a new stake in Canoo in the third quarter worth about $280,000. Finally, National Bank of Canada FI grew its stake 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 valued at $53,000 after buying an additional 45,039 shares during the last quarter. 36.23% of the stock is currently owned by institutional investors.

Canoo Company Profile

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.