Canoo (NASDAQ:GOEV) Price Target Cut to $2.00 by Analysts at HC Wainwright

Canoo (NASDAQ:GOEV) had its target price lowered by stock analysts at HC Wainwright from $4.00 to $2.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 297.38% from the company’s current price.

Separately, Roth Mkm reduced their price target on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research note on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $22.71.

Canoo Trading Down 6.1 %

Shares of GOEV stock opened at $0.50 on Friday. Canoo has a 1 year low of $0.37 and a 1 year high of $8.81. The stock has a fifty day moving average of $0.89 and a two-hundred day moving average of $1.66.

Canoo (NASDAQ:GOEV) last posted 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 during the quarter, compared to analyst estimates of $1.99 million. As a group, research analysts predict that Canoo will post -3.75 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. MBL Wealth LLC bought a new position in shares of Canoo during the 2nd quarter valued at about $31,000. XTX Topco Ltd boosted its holdings in Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after buying an additional 20,805 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Canoo in the second quarter worth approximately $35,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Canoo during the 2nd quarter valued at $35,000. Finally, Point72 DIFC Ltd acquired a new stake in shares of Canoo during the 2nd quarter valued at $37,000. 36.23% of the stock is 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.