Canoo Inc. (NASDAQ:GOEV) Receives Average Recommendation of “Moderate Buy” from Analysts

Canoo Inc. (NASDAQ:GOEV) has been assigned a consensus rating of “Moderate Buy” from the seven ratings firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $23.04.

A number of analysts recently commented on the company. HC Wainwright dropped their price target on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Roth Mkm lowered their target price on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a research note on Thursday, August 15th.

Canoo Price Performance

Shares of GOEV stock opened at $1.01 on Tuesday. The firm has a 50-day moving average of $1.65 and a 200-day moving average of $2.19. Canoo has a one year low of $1.00 and a one year high of $11.65. The company has a market cap of $69.25 million, a P/E ratio of -0.10 and a beta of 1.29.

Canoo (NASDAQ:GOEV) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.77) by $0.68. The firm had revenue of $0.61 million during the quarter, compared to analysts’ expectations of $1.99 million. As a group, research analysts expect that Canoo will post -3.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Canoo

In other news, General Counsel Hector M. Ruiz sold 10,937 shares of the stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,483.21. Following the completion of the transaction, the general counsel now owns 181,513 shares in the company, valued at approximately $422,925.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Canoo news, CAO Ramesh Murthy sold 10,948 shares of the business’s stock in a transaction on Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total transaction of $25,508.84. Following the sale, the chief accounting officer now owns 181,447 shares of the company’s stock, valued at approximately $422,771.51. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the firm’s stock in a transaction on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total value of $25,483.21. Following the completion of the transaction, the general counsel now directly owns 181,513 shares of the company’s stock, valued at $422,925.29. The disclosure for this sale can be found here. Insiders have sold a total of 30,082 shares of company stock worth $59,599 over the last ninety days. 9.70% of the stock is currently owned by company insiders.

Institutional Trading of Canoo

A number of institutional investors have recently added to or reduced their stakes in the stock. EP Wealth Advisors LLC increased its position in shares of Canoo by 269.3% during the fourth 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 during the period. Susquehanna Fundamental Investments LLC bought a new stake in Canoo during the 1st quarter worth approximately $900,000. Bank of New York Mellon Corp purchased a new stake in Canoo in the 2nd quarter worth approximately $392,000. Rhumbline Advisers bought a new position in Canoo in the 2nd quarter valued at $153,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Canoo during the 2nd quarter valued at $70,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

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.