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

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

GOEV has been the topic of a number of analyst reports. Stifel Nicolaus cut shares of Canoo from a “buy” rating to a “hold” rating and decreased their price objective for the company from $4.50 to $0.50 in a research report on Tuesday, December 31st. HC Wainwright reduced their price target on Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, November 15th. Finally, Alliance Global Partners reiterated a “neutral” rating on shares of Canoo in a report on Monday, January 6th.

Canoo Stock Down 16.0 %

Shares of NASDAQ GOEV opened at $0.34 on Friday. The firm’s fifty day moving average is $1.01 and its 200 day moving average is $12.78. Canoo has a 52 week low of $0.32 and a 52 week high of $102.07. The company has a market cap of $1.66 million, a price-to-earnings ratio of 0.00 and a beta of 1.30.

Hedge Funds Weigh In On Canoo

A number of institutional investors have recently bought and sold shares of GOEV. The Manufacturers Life Insurance Company bought a new stake in Canoo during the 2nd quarter valued at approximately $35,000. State Street Corp lifted its stake in shares of Canoo by 2.8% in the 3rd 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 period. XTX Topco Ltd boosted its position in shares of Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after purchasing an additional 20,805 shares in the last quarter. Geode Capital Management LLC grew its stake in Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after purchasing an additional 341,897 shares during the period. Finally, Virtu Financial LLC bought a new position in Canoo in the third quarter worth $280,000. 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.