Canoo (NASDAQ:GOEV) Stock Price Up 8%

Canoo Inc. (NASDAQ:GOEV) shares rose 8% on Thursday . The company traded as high as $3.23 and last traded at $3.09. Approximately 3,265,238 shares were traded during trading, a decline of 58% from the average daily volume of 7,691,249 shares. The stock had previously closed at $2.86.

Wall Street Analysts Forecast Growth

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

Canoo Trading Up 4.5 %

The firm’s 50-day simple moving average is $2.77 and its two-hundred day simple moving average is $4.92. The company has a market cap of $192.56 million, a PE ratio of -0.23 and a beta of 1.23.

Institutional Trading of Canoo

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Canoo by 3.6% in the 4th quarter. Vanguard Group Inc. now owns 26,036,884 shares of the company’s stock valued at $6,697,000 after purchasing an additional 904,907 shares during the period. BlackRock Inc. lifted its stake in shares of Canoo by 49.1% in the 1st quarter. BlackRock Inc. now owns 18,750,337 shares of the company’s stock valued at $12,236,000 after purchasing an additional 6,178,847 shares during the period. State Street Corp lifted its stake in shares of Canoo by 122.7% in the 1st 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 during the period. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 2,303,981 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Canoo in the 1st quarter valued at $2,780,000. 36.23% of the stock is currently owned by institutional investors and hedge funds.

About Canoo

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.