Canoo Inc. (NASDAQ:GOEV) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Canoo Inc. (NASDAQ:GOEV) have earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $23.04.

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

Canoo Price Performance

Canoo stock opened at $0.96 on Friday. Canoo has a 12-month low of $0.88 and a 12-month high of $8.81. The stock has a market capitalization of $78.79 million, a PE ratio of -0.13 and a beta of 1.27. The firm has a 50 day simple moving average of $1.28 and a 200-day simple moving average of $2.03.

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, beating analysts’ consensus estimates of ($0.77) by $0.68. The firm had revenue of $0.61 million for the quarter, compared to the consensus estimate of $1.99 million. On average, analysts forecast that Canoo will post -3.72 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC raised its holdings in shares of Canoo by 95.6% during the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after acquiring an additional 10,786 shares during the period. MBL Wealth LLC acquired a new stake in Canoo during the 2nd quarter valued at $31,000. The Manufacturers Life Insurance Company purchased a new stake in shares of Canoo in the second quarter valued at $35,000. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in shares of Canoo in the second quarter worth $35,000. Finally, Point72 DIFC Ltd purchased a new position in shares of Canoo during the second quarter valued at $37,000. 36.23% of the stock is currently owned by institutional investors and hedge funds.

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.