Canoo Inc. (NASDAQ:GOEV) Short Interest Down 34.1% in May (2024)

Canoo Inc. (NASDAQ:GOEV - Get Free Report) was the recipient of a significant decline in short interest in May. As of May 31st, there was short interest totalling 9,230,000 shares, a decline of 34.1% from the May 15th total of 14,000,000 shares. Based on an average daily trading volume, of 8,250,000 shares, the short-interest ratio is presently 1.1 days. Approximately 15.1% of the shares of the company are short sold.

Canoo Price Performance

Shares of Canoo stock traded down $0.38 during trading on Friday, hitting $1.80. 28,791,017 shares of the company were exchanged, compared to its average volume of 2,933,100. The firm has a market capitalization of $123.43 million, a P/E ratio of -0.17 and a beta of 1.28. Canoo has a 1-year low of $1.22 and a 1-year high of $19.50. The firm's fifty day moving average price is $2.53 and its 200 day moving average price is $3.54.

Canoo (NASDAQ:GOEV - Get Free Report) last posted 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 period in the prior year, the business posted ($3.91) earnings per share. As a group, equities research analysts anticipate that Canoo will post -4.37 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Roth Mkm decreased their price target on shares of Canoo from $4.00 to $3.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 15th. Alliance Global Partners cut their price target on Canoo from $20.00 to $18.50 and set a "buy" rating for the company in a report on Friday, March 15th. Benchmark reissued a "buy" rating and set a $5.00 price objective on shares of Canoo in a report on Wednesday, May 22nd. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of Canoo in a report on Wednesday, May 15th. Finally, R. F. Lafferty cut Canoo from a "buy" rating to a "hold" rating in a report on Wednesday, May 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Canoo currently has an average rating of "Moderate Buy" and an average target price of $23.79.

Check Out Our Latest Stock Report on GOEV

Hedge Funds Weigh In On Canoo

Institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC grew its position in shares of Canoo by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company's stock valued at $79,000 after purchasing an additional 10,786 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Canoo in the 3rd quarter valued at approximately $72,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canoo in the 1st quarter valued at approximately $900,000. EP Wealth Advisors LLC acquired a new position in shares of Canoo in the 3rd quarter valued at approximately $133,000. Finally, Swiss National Bank grew its position in shares of Canoo by 20.5% in the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company's stock valued at $458,000 after purchasing an additional 159,400 shares during the period. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Canoo Company Profile

(Get Free Report)

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.

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