Short Interest in Canoo Inc. (NASDAQ:GOEV) Drops By 11.5%

Canoo Inc. (NASDAQ:GOEV) was the recipient of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 9,510,000 shares, a decrease of 11.5% from the October 31st total of 10,750,000 shares. Based on an average daily volume of 5,080,000 shares, the short-interest ratio is currently 1.9 days. Approximately 10.8% of the shares of the company are sold short.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on GOEV shares. HC Wainwright dropped their price target on shares of Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a research note on Friday, November 15th. Roth Mkm cut their price objective on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research report on Thursday, August 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, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.71.

Canoo Stock Performance

NASDAQ GOEV traded up $0.02 on Friday, reaching $0.38. 3,114,845 shares of the stock traded hands, compared to its average volume of 9,191,342. Canoo has a 12 month low of $0.36 and a 12 month high of $7.49. The company has a market cap of $37.07 million, a price-to-earnings ratio of -0.11 and a beta of 1.29. The company has a fifty day moving average price of $0.75 and a 200-day moving average price of $1.50.

Institutional Trading of Canoo

Institutional investors and hedge funds have recently made changes to their positions in the company. MBL Wealth LLC bought a new position in shares of Canoo in the 2nd quarter worth $31,000. The Manufacturers Life Insurance Company bought a new position in Canoo in the second quarter worth about $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Canoo during the second quarter valued at about $35,000. Point72 DIFC Ltd bought a new stake in shares of Canoo in the 2nd quarter valued at about $37,000. Finally, XTX Topco Ltd boosted its position in shares of Canoo by 191.7% in the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after purchasing an additional 20,805 shares in the last quarter. 36.23% of the stock is currently owned by institutional investors.

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.