Canoo (NASDAQ:GOEV) Stock Price Up 8%

Canoo Inc. (NASDAQ:GOEV)’s stock price shot up 8% during mid-day trading on Thursday . The company traded as high as $3.23 and last traded at $3.09. 3,265,238 shares traded hands during trading, a decline of 58% from the average session volume of 7,691,249 shares. The stock had previously closed at $2.86.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GOEV. Benchmark began coverage on Canoo in a report on Wednesday. They set a “buy” rating for the company. Stifel Nicolaus decreased their target price on Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a report on Tuesday, January 23rd. Alliance Global Partners reduced their price target on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research report on Friday, March 15th. Finally, Wedbush initiated coverage on Canoo in a research report on Friday, January 5th. They set an “outperform” rating and a $92.00 price target on the stock. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $49.19.

Canoo Trading Up 4.5 %

The firm has a 50-day moving average of $2.77 and a 200 day moving average of $4.92. The stock has a market capitalization of $192.56 million, a price-to-earnings ratio of -0.23 and a beta of 1.23.

Hedge Funds Weigh In On Canoo

A number of institutional investors have recently made changes to their positions in GOEV. BlackRock Inc. raised its position in shares of Canoo by 49.1% during the 1st quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after acquiring an additional 6,178,847 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Canoo by 29.4% in the third quarter. Vanguard Group Inc. now owns 25,131,977 shares of the company’s stock worth $12,315,000 after purchasing an additional 5,709,224 shares in the last quarter. Renaissance Technologies LLC bought a new position in shares of Canoo in the first quarter worth $2,780,000. State Street Corp raised its stake in shares of Canoo by 122.7% during the first quarter. State Street Corp now owns 6,342,854 shares of the company’s stock valued at $4,139,000 after purchasing an additional 3,494,923 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Canoo by 57.7% in the 1st quarter. Geode Capital Management LLC now owns 6,297,765 shares of the company’s stock valued at $4,110,000 after buying an additional 2,303,981 shares in the last quarter. 36.23% of the stock is owned by institutional investors and hedge funds.

Canoo Company Profile

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV.