Canoo Inc. (NASDAQ:GOEV) Short Interest Update

Canoo Inc. (NASDAQ:GOEV) was the recipient of a large drop in short interest in 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 volume of 1,920,000 shares, the short-interest ratio is currently 0.3 days.

Wall Street Analyst Weigh In

Separately, HC Wainwright dropped their price objective on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $22.71.

Canoo Stock Performance

NASDAQ GOEV traded up $0.08 during mid-day trading on Thursday, reaching $1.55. 5,122,089 shares of the stock were exchanged, compared to its average volume of 716,434. The stock has a market capitalization of $7.50 million, a PE ratio of -0.44 and a beta of 1.14. Canoo has a 1-year low of $1.37 and a 1-year high of $141.68. The business’s fifty day simple moving average is $0.54 and its 200 day simple moving average is $1.24.

Institutional Investors Weigh In On Canoo

Hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company purchased a new stake in Canoo in the second quarter valued at approximately $35,000. Point72 DIFC Ltd acquired a new stake in shares of Canoo during the 2nd quarter worth $37,000. XTX Topco Ltd increased its holdings in shares of Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after buying an additional 20,805 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Canoo in the 2nd quarter worth $60,000. Finally, CIBC Asset Management Inc acquired a new position in Canoo in the second quarter valued at $67,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

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.