Brokerages Set Canoo Inc. (NASDAQ:GOEV) Target Price at $23.04

Canoo Inc. (NASDAQ:GOEV) has received an average rating of “Moderate Buy” from the seven research firms that are covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $23.04.

Several analysts have recently weighed in on GOEV shares. Roth Mkm decreased their target price on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research report on Thursday, August 15th. HC Wainwright cut their price objective on shares of Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th.

Insider Activity

In related news, General Counsel Hector M. Ruiz sold 10,937 shares of the business’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,483.21. Following the transaction, the general counsel now directly owns 181,513 shares in the company, valued at approximately $422,925.29. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Canoo news, CAO Ramesh Murthy sold 10,948 shares of Canoo stock in a transaction that occurred on Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total transaction of $25,508.84. Following the completion of the sale, the chief accounting officer now directly owns 181,447 shares in the company, valued at approximately $422,771.51. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,483.21. Following the transaction, the general counsel now directly owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,082 shares of company stock worth $59,599. Insiders own 9.70% of the company’s stock.

Institutional Trading of Canoo

A number of hedge funds have recently modified their holdings of the stock. MBL Wealth LLC acquired a new position in shares of Canoo in the 2nd quarter valued at $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Canoo in the 2nd quarter worth $35,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Canoo in the second quarter valued at about $35,000. Point72 DIFC Ltd acquired a new position in shares of Canoo during the 2nd quarter worth about $37,000. Finally, Curbstone Financial Management Corp purchased a new position in Canoo in the 2nd quarter valued at $43,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Canoo Stock Performance

GOEV opened at $1.05 on Tuesday. The stock has a market capitalization of $72.00 million, a price-to-earnings ratio of -0.10 and a beta of 1.29. The company has a fifty day moving average of $1.70 and a 200 day moving average of $2.21. Canoo has a fifty-two week low of $1.00 and a fifty-two week high of $11.65.

Canoo (NASDAQ:GOEV) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.68. The company had revenue of $0.61 million during the quarter, compared to the consensus estimate of $1.99 million. On average, equities research analysts forecast that Canoo will post -3.72 earnings per share for the current year.

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.