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

Charles Schwab Investment Management Inc. cut its position in shares of Canoo Inc. (NASDAQ:GOEV) by 69.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 164,122 shares of the company’s stock after selling 372,500 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.20% of Canoo worth $161,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in Canoo in the second quarter worth approximately $392,000. EP Wealth Advisors LLC boosted its stake in shares of Canoo by 74.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock valued at $259,000 after purchasing an additional 52,131 shares in the last quarter. Rhumbline Advisers bought a new position in shares of Canoo during the 2nd quarter valued at $153,000. Daiwa Securities Group Inc. purchased a new position in Canoo in the 2nd quarter worth $70,000. Finally, CIBC Asset Management Inc bought a new stake in Canoo in the second quarter worth $67,000. 36.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, HC Wainwright reduced their price objective on Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a research note 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $22.71.

Canoo Trading Down 25.2 %

GOEV stock opened at $0.09 on Friday. The stock has a market capitalization of $9.13 million, a price-to-earnings ratio of -0.03 and a beta of 1.14. The firm’s 50-day moving average price is $0.54 and its two-hundred day moving average price is $1.28. Canoo Inc. has a 12-month low of $0.08 and a 12-month high of $7.08.

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.