Canoo Inc. (NASDAQ:GOEV) Short Interest Down 95.5% in December

Canoo Inc. (NASDAQ:GOEV) was the target of a large drop in short interest during the month of December. As of December 15th, there was short interest totalling 645,300 shares, a drop 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.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reduced their target price on shares of Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $454.17.

Canoo Stock Performance

Shares of NASDAQ:GOEV traded down $0.01 during trading on Friday, reaching $1.54. The stock had a trading volume of 2,571,194 shares, compared to its average volume of 723,933. Canoo has a 52 week low of $1.37 and a 52 week high of $141.68. The firm’s fifty day moving average is $8.65 and its 200 day moving average is $24.03. The stock has a market cap of $7.45 million, a price-to-earnings ratio of -0.44 and a beta of 1.14.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GOEV. State Street Corp grew its stake in Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after purchasing an additional 63,652 shares during the period. Geode Capital Management LLC increased its stake in shares of Canoo by 25.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after acquiring an additional 341,897 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Canoo in the 3rd quarter valued at $280,000. Bank of New York Mellon Corp bought a new position in Canoo during the second quarter worth $392,000. Finally, EP Wealth Advisors LLC grew its holdings in Canoo by 74.9% in the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after purchasing an additional 52,131 shares during the period. 36.23% of the stock is 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.