Canoo (NYSE:GOEV) Rating Lowered to Hold at Zacks Investment Research

Canoo (NYSE:GOEV) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Zacks.com reports.

According to Zacks, “Canoo Inc. is engaged in developing breakthrough electric vehicles with a proprietary and highly versatile EV platform for personal and business use. Canoo Holdings Ltd., formerly known as Hennessy Capital Acquisition Corp. IV, is based in NEW YORK. “

GOEV has been the topic of a number of other research reports. R. F. Lafferty cut their target price on shares of Canoo from $23.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, March 30th. Bank of America began coverage on shares of Canoo in a research report on Tuesday, April 20th. They issued an “underperform” rating and a $6.00 target price on the stock. Finally, Roth Capital raised their target price on shares of Canoo from $7.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, June 18th.

Shares of NYSE GOEV traded up $0.23 during trading hours on Wednesday, hitting $8.74. 1,200,320 shares of the stock were exchanged, compared to its average volume of 5,277,728. The company has a current ratio of 18.05, a quick ratio of 18.05 and a debt-to-equity ratio of 0.01. The firm has a market cap of $2.08 billion, a P/E ratio of -6.29 and a beta of 0.26. The firm has a fifty day moving average of $8.91. Canoo has a 1-year low of $6.51 and a 1-year high of $24.90.

Canoo (NYSE:GOEV) last issued its earnings results on Monday, May 17th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.16. Equities analysts anticipate that Canoo will post -1.86 earnings per share for the current fiscal year.

Large investors have recently modified their holdings of the company. CenterStar Asset Management LLC acquired a new position in shares of Canoo during the first quarter worth $40,000. Close Asset Management Ltd acquired a new position in shares of Canoo during the first quarter worth $46,000. Wells Fargo & Company MN acquired a new position in shares of Canoo during the fourth quarter worth $62,000. Exane Derivatives acquired a new position in shares of Canoo during the first quarter worth $73,000. Finally, Cannon Global Investment Management LLC acquired a new position in shares of Canoo during the first quarter worth $90,000. Institutional investors own 9.54% of the company’s stock.

About Canoo

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers B2B delivery vehicles, multi-purpose delivery vehicles, and lifestyle vehicles using skateboard architecture technology.

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