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

Canoo Inc. (NASDAQ:GOEV) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $23.04.

Several research firms have recently weighed in on GOEV. HC Wainwright lowered their price objective on Canoo from $7.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, August 16th. Roth Mkm lowered their price objective on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research report on Thursday, August 15th.

Canoo Trading Up 4.5 %

Shares of GOEV opened at $0.99 on Friday. The company has a market capitalization of $67.99 million, a PE ratio of -0.09 and a beta of 1.27. Canoo has a 12 month low of $0.88 and a 12 month high of $8.81. The stock’s 50-day moving average price is $1.24 and its two-hundred day moving average price is $1.97.

Canoo (NASDAQ:GOEV) last announced its earnings results on Wednesday, August 14th. The company reported ($0.09) EPS 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 predict that Canoo will post -3.72 EPS for the current fiscal year.

Institutional Trading of Canoo

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC bought a new stake in Canoo in the 1st quarter valued at about $900,000. EP Wealth Advisors LLC increased its position in Canoo by 269.3% in the 4th quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock valued at $257,000 after buying an additional 729,236 shares in the last quarter. SG Americas Securities LLC increased its position in Canoo by 95.6% in the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after buying an additional 10,786 shares in the last quarter. MBL Wealth LLC bought a new stake in Canoo during the 2nd quarter worth approximately $31,000. Finally, Point72 DIFC Ltd bought a new stake in Canoo during the 2nd quarter worth approximately $37,000. 36.23% of the stock is owned by institutional investors.

About Canoo

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.