Canoo Inc. (NASDAQ:GOEV) Receives Average Recommendation of "Moderate Buy" from Brokerages

Canoo Inc. (NASDAQ:GOEV - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven brokerages that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $23.79.

Several analysts have weighed in on GOEV shares. Roth Mkm lowered their price target on shares of Canoo from $4.00 to $3.00 and set a "neutral" rating for the company in a research note on Wednesday, May 15th. R. F. Lafferty downgraded shares of Canoo from a "buy" rating to a "hold" rating in a research note on Wednesday, May 15th. Alliance Global Partners lowered their price objective on shares of Canoo from $20.00 to $18.50 and set a "buy" rating for the company in a research note on Friday, March 15th. Benchmark reaffirmed a "buy" rating and set a $5.00 price objective on shares of Canoo in a research note on Wednesday, May 22nd. Finally, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of Canoo in a research note on Wednesday, May 15th.

Canoo Price Performance

Canoo stock traded down $0.10 during mid-day trading on Thursday, hitting $2.23. The company's stock had a trading volume of 2,438,523 shares, compared to its average volume of 5,127,159. The stock has a market cap of $152.91 million, a price-to-earnings ratio of -0.21 and a beta of 1.28. The business has a 50 day moving average price of $2.31 and a 200-day moving average price of $3.15. Canoo has a 12 month low of $1.22 and a 12 month high of $19.50.

Canoo (NASDAQ:GOEV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share for the quarter, missing the consensus estimate of ($0.97) by ($1.23). During the same period last year, the company earned ($3.91) EPS. On average, equities research analysts expect that Canoo will post -4.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canoo

Several hedge funds and other institutional investors have recently modified their holdings of GOEV. Curbstone Financial Management Corp purchased a new stake in Canoo in the second quarter worth about $43,000. SG Americas Securities LLC grew its holdings in Canoo by 95.6% in 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 period. Kestra Advisory Services LLC purchased a new stake in Canoo in the third quarter worth about $72,000. Susquehanna Fundamental Investments LLC purchased a new stake in Canoo in the first quarter worth about $900,000. Finally, EP Wealth Advisors LLC purchased a new stake in Canoo in the third quarter worth about $133,000. Hedge funds and other institutional investors own 36.23% of the company's stock.

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.