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

Canoo Inc. (NASDAQ:GOEV) saw a significant 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 days-to-cover ratio is currently 0.4 days. Approximately 7.7% of the company’s shares are sold short.

Canoo Stock Down 7.0 %

NASDAQ:GOEV traded down $0.11 during trading hours on Friday, hitting $1.41. 1,395,670 shares of the company traded hands, compared to its average volume of 3,220,709. Canoo has a one year low of $1.04 and a one year high of $102.07. The company has a market cap of $6.80 million, a PE ratio of -0.02 and a beta of 1.30. The firm’s 50-day simple moving average is $4.92 and its 200-day simple moving average is $20.45.

Institutional Investors Weigh In On Canoo

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOEV. XTX Topco Ltd grew its holdings in shares of Canoo by 191.7% in 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 Canoo in the 2nd quarter valued at $35,000. Point72 DIFC Ltd bought a new position in Canoo in the 2nd quarter valued at $37,000. Headlands Technologies LLC purchased a new stake in shares of Canoo during the 2nd quarter valued at $60,000. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Canoo during the 2nd quarter worth $70,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Analysts Set New Price Targets

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