Canoo Inc. (NASDAQ:GOEV) Given Consensus Recommendation of “Hold” by Analysts

Shares of Canoo Inc. (NASDAQ:GOEV) have earned an average recommendation of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat reports. Four research analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $108.10.

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

Canoo Stock Down 10.6 %

Shares of NASDAQ GOEV opened at $1.35 on Monday. Canoo has a 52 week low of $1.04 and a 52 week high of $102.07. The firm’s fifty day moving average is $4.74 and its 200 day moving average is $19.82. The company has a market cap of $6.53 million, a price-to-earnings ratio of -0.02 and a beta of 1.30.

Institutional Trading of Canoo

A number of hedge funds and other institutional investors have recently modified their holdings of GOEV. Bank of New York Mellon Corp purchased a new stake in shares of Canoo in the 2nd quarter worth about $392,000. Rhumbline Advisers purchased a new stake in shares of Canoo in the 2nd quarter worth about $153,000. Point72 DIFC Ltd purchased a new stake in shares of Canoo in the 2nd quarter worth about $37,000. The Manufacturers Life Insurance Company bought a new position in Canoo in the 2nd quarter worth about $35,000. Finally, EP Wealth Advisors LLC boosted its stake in Canoo by 74.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after purchasing an additional 52,131 shares in the last quarter. 36.23% of the stock is owned by hedge funds and other institutional investors.

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.