Short Interest in Canoo Inc. (NASDAQ:GOEV) Drops By 95.5%

Canoo Inc. (NASDAQ:GOEV) was the recipient of a significant decrease in short interest in December. As of December 15th, there was short interest totalling 645,300 shares, a decrease 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 presently 0.3 days.

Canoo Trading Down 0.6 %

NASDAQ:GOEV traded down $0.01 during trading hours on Friday, hitting $1.54. 2,571,194 shares of the company traded hands, compared to its average volume of 723,933. Canoo has a twelve month low of $1.37 and a twelve month high of $141.68. The firm has a 50-day moving average of $8.65 and a 200 day moving average of $24.03. The stock has a market capitalization of $7.45 million, a price-to-earnings ratio of -0.44 and a beta of 1.14.

Institutional Trading of Canoo

Institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in Canoo during the second quarter worth $37,000. Headlands Technologies LLC bought a new position in Canoo during the second quarter worth about $60,000. CIBC Asset Management Inc acquired a new stake in Canoo during the second quarter valued at approximately $67,000. Bank of New York Mellon Corp bought a new stake in shares of Canoo in the 2nd quarter valued at approximately $392,000. Finally, Rhumbline Advisers acquired a new position in shares of Canoo in the 2nd quarter worth approximately $153,000. Institutional investors and hedge funds own 36.23% of the company’s stock.

Wall Street Analyst Weigh In

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

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.