Charles Schwab Investment Management Inc. Sells 372,500 Shares of Canoo Inc. (NASDAQ:GOEV)

Charles Schwab Investment Management Inc. lowered its stake in Canoo Inc. (NASDAQ:GOEV) by 69.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,122 shares of the company’s stock after selling 372,500 shares during the period. Charles Schwab Investment Management Inc.’s holdings in Canoo were worth $161,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new stake in shares of Canoo in the 2nd quarter worth about $35,000. Point72 DIFC Ltd bought a new position in Canoo in the second quarter worth about $37,000. Headlands Technologies LLC purchased a new stake in Canoo in the second quarter worth about $60,000. CIBC Asset Management Inc bought a new stake in Canoo during the 2nd quarter valued at approximately $67,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Canoo during the 2nd quarter worth approximately $70,000. 36.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, HC Wainwright lowered their target price on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $22.71.

Canoo Price Performance

NASDAQ:GOEV opened at $0.09 on Friday. The firm has a market capitalization of $9.13 million, a P/E ratio of -0.03 and a beta of 1.14. Canoo Inc. has a one year low of $0.08 and a one year high of $7.08. The company’s 50-day simple moving average is $0.54 and its 200 day simple moving average is $1.28.

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.