Canoo Inc. (NASDAQ:GOEV) Receives $23.04 Consensus Target Price from Brokerages

Shares of Canoo Inc. (NASDAQ:GOEV - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the seven analysts that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to 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 issued reports on the company. Roth Mkm cut their price objective on Canoo from $3.00 to $1.50 and set a "neutral" rating on the stock in a research note on Thursday, August 15th. HC Wainwright reduced their price objective on Canoo from $7.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, August 16th.

Canoo Stock Up 4.0 %

Shares of Canoo stock traded up $0.04 on Friday, hitting $0.96. 2,378,809 shares of the company's stock traded hands, compared to its average volume of 5,125,076. Canoo has a 52-week low of $0.88 and a 52-week high of $8.81. The stock has a market cap of $78.79 million, a P/E ratio of -0.13 and a beta of 1.27. The firm's 50-day moving average is $1.28 and its 200 day moving average is $2.02.

Canoo (NASDAQ:GOEV - Get Free Report) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.68. The company had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. Equities research analysts forecast that Canoo will post -3.72 EPS for the current year.

Hedge Funds Weigh In On Canoo

Several institutional investors have recently modified their holdings of GOEV. EP Wealth Advisors LLC grew its holdings in Canoo by 269.3% in the 4th quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company's stock worth $257,000 after buying an additional 729,236 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in shares of Canoo in the first quarter worth $900,000. Bank of New York Mellon Corp acquired a new position in shares of Canoo during the second quarter valued at $392,000. Rhumbline Advisers bought a new stake in shares of Canoo during the second quarter valued at about $153,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Canoo in the second quarter worth about $70,000. Institutional investors own 36.23% of the company's stock.

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.