HC Wainwright Cuts Canoo (NASDAQ:GOEV) Price Target to $4.00

Canoo (NASDAQ:GOEV) had its price target trimmed by HC Wainwright from $7.00 to $4.00 in a research note released on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

GOEV has been the topic of several other reports. Benchmark reaffirmed a buy rating and set a $5.00 target price on shares of Canoo in a report on Wednesday, May 22nd. Roth Mkm dropped their price objective on shares of Canoo from $3.00 to $1.50 and set a neutral rating on the stock in a research note on Thursday. Finally, R. F. Lafferty lowered shares of Canoo from a buy rating to a hold rating in a report on Wednesday, May 15th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $23.04.

Canoo Stock Performance

NASDAQ GOEV opened at $1.50 on Friday. The firm has a market capitalization of $102.85 million, a P/E ratio of -0.14 and a beta of 1.28. The stock has a 50-day simple moving average of $2.01 and a two-hundred day simple moving average of $2.50. Canoo has a fifty-two week low of $1.22 and a fifty-two week high of $15.96.

Insider Activity

In other Canoo news, CAO Ramesh Murthy sold 10,948 shares of the company’s stock in a transaction 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 transaction, the chief accounting officer now directly owns 181,447 shares in the company, valued at $422,771.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Ramesh Murthy sold 10,948 shares of Canoo stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,508.84. Following the sale, the chief accounting officer now directly owns 181,447 shares in the company, valued at approximately $422,771.51. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Hector M. Ruiz sold 10,937 shares of Canoo stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,483.21. Following the completion of the sale, the general counsel now owns 181,513 shares in the company, valued at $422,925.29. The disclosure for this sale can be found here. Company insiders own 9.70% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. MBL Wealth LLC acquired a new stake in Canoo during the 2nd quarter worth $31,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Canoo in the second quarter valued at about $35,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Canoo in the second quarter worth about $35,000. Point72 DIFC Ltd acquired a new position in Canoo during the second quarter worth about $37,000. Finally, Curbstone Financial Management Corp acquired a new position in Canoo during the second quarter worth about $43,000. 36.23% of the stock is 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.