Short Interest in Canoo Inc. (NASDAQ:GOEV) Expands By 61.2%

Canoo Inc. (NASDAQ:GOEV) saw a large increase in short interest in 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. Based on an average trading volume of 2,410,000 shares, the short-interest ratio is currently 0.4 days. Approximately 7.7% of the shares of the stock are sold short.

Canoo Stock Down 7.6 %

Shares of GOEV stock traded down $0.12 during mid-day trading on Friday, hitting $1.40. 1,417,737 shares of the company’s stock were exchanged, compared to its average volume of 3,225,315. The stock has a market cap of $6.75 million, a price-to-earnings ratio of -0.02 and a beta of 1.30. Canoo has a fifty-two week low of $1.04 and a fifty-two week high of $102.07. The stock has a 50-day simple moving average of $4.92 and a two-hundred day simple moving average of $20.45.

Institutional Trading of Canoo

A number of hedge funds have recently added to or reduced their stakes in GOEV. The Manufacturers Life Insurance Company acquired a new position in shares of Canoo during the 2nd quarter valued at about $35,000. Point72 DIFC Ltd purchased a new position in Canoo during the second quarter worth approximately $37,000. XTX Topco Ltd boosted its holdings in shares of 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 purchasing an additional 20,805 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Canoo during the 2nd quarter valued at $60,000. Finally, Daiwa Securities Group Inc. acquired a new stake in shares of Canoo during the 2nd quarter worth $70,000. 36.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on GOEV shares. Stifel Nicolaus cut Canoo from a “buy” rating to a “hold” rating and lowered their price target for the stock from $4.50 to $0.50 in a report on Tuesday, December 31st. HC Wainwright cut their price target on Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th. Finally, Alliance Global Partners reaffirmed a “neutral” rating on shares of Canoo in a research note on Monday, January 6th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $108.10.

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.