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

Shares of Canoo Inc. (NASDAQ:GOEV) have been assigned a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, 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 12 month target price among brokers that have issued ratings on the stock in the last year is $23.04.

Several analysts have recently commented on the company. HC Wainwright decreased their target price on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Roth Mkm reduced their price objective on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday, August 15th.

Canoo Trading Up 6.5 %

Shares of GOEV stock opened at $0.74 on Wednesday. Canoo has a 1 year low of $0.37 and a 1 year high of $8.81. The firm’s fifty day simple moving average is $0.97 and its 200 day simple moving average is $1.71. The firm has a market capitalization of $60.13 million, a P/E ratio of -0.09 and a beta of 1.29.

Canoo (NASDAQ:GOEV) last issued its earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.77) by $0.68. The business had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. Equities research analysts anticipate that Canoo will post -3.75 EPS for the current fiscal year.

Hedge Funds Weigh In On Canoo

Several institutional investors and hedge funds have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canoo in the first quarter valued at approximately $900,000. Bank of New York Mellon Corp acquired a new position in Canoo in the 2nd quarter worth $392,000. Rhumbline Advisers bought a new position in Canoo during the 2nd quarter worth about $153,000. EP Wealth Advisors LLC raised its stake in shares of Canoo by 74.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock valued at $259,000 after purchasing an additional 52,131 shares during the period. Finally, Daiwa Securities Group Inc. bought a new stake in shares of Canoo in the second quarter valued at about $70,000. 36.23% of the stock is currently owned by institutional investors and hedge funds.

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.