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

Canoo Inc. (NASDAQ:GOEV) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $23.04.

A number of brokerages have commented on GOEV. Roth Mkm reduced their price objective 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 reduced their target price on Canoo from $7.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th.

Canoo Trading Up 26.4 %

GOEV opened at $0.52 on Wednesday. The business has a 50 day moving average of $0.98 and a 200-day moving average of $1.74. The stock has a market capitalization of $42.38 million, a price-to-earnings ratio of -0.07 and a beta of 1.29. Canoo has a 1-year low of $0.37 and a 1-year high of $8.81.

Canoo (NASDAQ:GOEV) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share for the quarter, beating 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. Equities analysts predict that Canoo will post -3.75 EPS for the current year.

Hedge Funds Weigh In On Canoo

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GOEV. SG Americas Securities LLC grew 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 worth $79,000 after purchasing an additional 10,786 shares during the last quarter. MBL Wealth LLC bought a new stake in shares of Canoo during the second quarter valued at approximately $31,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Canoo in the second quarter valued at approximately $35,000. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Canoo during the 2nd quarter worth $35,000. Finally, Point72 DIFC Ltd bought a new position in Canoo in the 2nd 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.