Canoo (NYSE:GOEV) Shares Gap Up to $10.71

Canoo Inc. (NYSE:GOEV)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $10.71, but opened at $11.43. Canoo shares last traded at $11.33, with a volume of 225,384 shares.

A number of brokerages have issued reports on GOEV. Bank of America assumed coverage on Canoo in a research report on Tuesday, April 20th. They issued an “underperform” rating and a $6.00 target price on the stock. Roth Capital downgraded Canoo from a “buy” rating to a “neutral” rating and cut their price objective for the company from $30.00 to $12.00 in a report on Tuesday, March 30th. Zacks Investment Research cut Canoo from a “hold” rating to a “sell” rating in a report on Friday, May 21st. Finally, R. F. Lafferty cut their price target on shares of Canoo from $23.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, March 30th.

The business’s 50-day moving average is $8.47. The firm has a market capitalization of $2.32 billion, a P/E ratio of -7.02 and a beta of 0.24. The company has a debt-to-equity ratio of 0.01, a quick ratio of 18.05 and a current ratio of 18.05.

Canoo (NYSE:GOEV) last announced its quarterly earnings data on Monday, May 17th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.16. On average, equities analysts predict that Canoo Inc. will post -1.23 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in GOEV. CenterStar Asset Management LLC acquired a new position in shares of Canoo during the first quarter worth about $40,000. Close Asset Management Ltd purchased a new position in Canoo in the first quarter worth approximately $46,000. Wells Fargo & Company MN acquired a new position in Canoo during the 4th quarter worth approximately $62,000. Trustcore Financial Services LLC purchased a new stake in shares of Canoo in the 4th quarter valued at approximately $69,000. Finally, Exane Derivatives acquired a new stake in shares of Canoo in the 1st quarter valued at $73,000. Institutional investors and hedge funds own 9.48% of the company’s stock.

Canoo Company Profile (NYSE:GOEV)

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers B2B delivery vehicles, multi-purpose delivery vehicles, and lifestyle vehicles using skateboard architecture technology.

Further Reading: P/E Growth (PEG)

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