Canoo Inc. (NASDAQ:GOEV) Receives Average Rating of “Hold” from Brokerages

Shares of Canoo Inc. (NASDAQ:GOEV) have been assigned a consensus recommendation of “Hold” from the six ratings firms that are presently covering the stock, Marketbeat Ratings reports. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month target price among brokers that have covered the stock in the last year is $108.10.

A number of analysts recently issued reports on the stock. Stifel Nicolaus downgraded shares of Canoo from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $4.50 to $0.50 in a report on Tuesday, December 31st. HC Wainwright decreased their price objective on shares of Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th. Finally, Alliance Global Partners restated a “neutral” rating on shares of Canoo in a report on Monday, January 6th.

Hedge Funds Weigh In On Canoo

A number of large investors have recently modified their holdings of the company. The Manufacturers Life Insurance Company bought a new position in shares of Canoo in the second quarter valued at approximately $35,000. Point72 DIFC Ltd bought a new position in shares of Canoo in the second quarter valued at approximately $37,000. XTX Topco Ltd boosted its position in shares of Canoo by 191.7% in the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after acquiring an additional 20,805 shares during the period. EP Wealth Advisors LLC boosted its position in shares of Canoo by 74.9% in the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock valued at $259,000 after acquiring an additional 52,131 shares during the period. Finally, State Street Corp lifted its position in Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after purchasing an additional 63,652 shares during the last quarter. 36.23% of the stock is currently owned by institutional investors.

Canoo Trading Down 10.6 %

GOEV opened at $1.35 on Monday. The company’s fifty day moving average price is $4.74 and its two-hundred day moving average price is $19.82. Canoo has a 1-year low of $1.04 and a 1-year high of $102.07. The company has a market cap of $6.53 million, a price-to-earnings ratio of -0.02 and a beta of 1.30.

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.