Short Interest in Canoo Inc. (NASDAQ:GOEV) Expands By 6.9%

Canoo Inc. (NASDAQ:GOEV) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 9,870,000 shares, a growth of 6.9% from the May 31st total of 9,230,000 shares. Based on an average daily volume of 5,010,000 shares, the short-interest ratio is currently 2.0 days. Approximately 15.5% of the shares of the stock are sold short.

Institutional Investors Weigh In On Canoo

Institutional investors have recently modified their holdings of the stock. Kestra Advisory Services LLC purchased a new stake in Canoo during the 3rd quarter valued at $72,000. EP Wealth Advisors LLC purchased a new stake in shares of Canoo in the third quarter valued at $133,000. SG Americas Securities LLC raised its stake in shares of Canoo by 95.6% in the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after acquiring an additional 10,786 shares during the period. Susquehanna Fundamental Investments LLC bought a new stake in shares of Canoo in the 1st quarter worth about $900,000. Finally, Curbstone Financial Management Corp purchased a new position in shares of Canoo during the 2nd quarter worth about $43,000. 36.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. R. F. Lafferty downgraded Canoo from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. Benchmark restated a “buy” rating and issued a $5.00 price target on shares of Canoo in a research note on Wednesday, May 22nd. Alliance Global Partners reduced their price objective on shares of Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research report on Friday, March 15th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of Canoo in a report on Wednesday, May 15th. Finally, Roth Mkm dropped their price objective on shares of Canoo from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Canoo presently has an average rating of “Moderate Buy” and an average target price of $23.79.

Canoo Stock Down 4.3 %

Canoo stock traded down $0.10 during mid-day trading on Wednesday, reaching $2.23. 2,438,523 shares of the company’s stock traded hands, compared to its average volume of 6,240,492. Canoo has a 12-month low of $1.22 and a 12-month high of $19.50. The stock has a 50 day moving average of $2.32 and a two-hundred day moving average of $3.16. The company has a market cap of $152.91 million, a price-to-earnings ratio of -0.21 and a beta of 1.28.

Canoo (NASDAQ:GOEV) last announced its earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.97) by ($1.23). During the same quarter in the previous year, the firm posted ($3.91) EPS. As a group, sell-side analysts forecast that Canoo will post -4.37 earnings per share for the current year.

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.