Canoo Inc. (NASDAQ:GOEV) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of Canoo Inc. (NASDAQ:GOEV) have earned an average rating of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $22.71.

Separately, 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.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. XTX Topco Ltd lifted its holdings in shares of Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after buying an additional 20,805 shares during the period. The Manufacturers Life Insurance Company bought a new position in Canoo in the second quarter valued at about $35,000. Point72 DIFC Ltd purchased a new position in Canoo in the second quarter worth about $37,000. Headlands Technologies LLC bought a new stake in shares of Canoo during the 2nd quarter valued at about $60,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Canoo during the 2nd quarter valued at about $67,000. Institutional investors own 36.23% of the company’s stock.

Canoo Stock Down 7.0 %

Shares of GOEV opened at $1.47 on Thursday. Canoo has a 52 week low of $1.37 and a 52 week high of $141.68. The stock has a market cap of $7.11 million, a P/E ratio of -0.42 and a beta of 1.14. The business’s 50 day moving average price is $0.52 and its 200-day moving average price is $1.24.

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.