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

Canoo Inc. (NASDAQ:GOEV) has earned an average rating of “Moderate Buy” from the seven ratings firms that are covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $23.04.

GOEV has been the topic of a number of research analyst reports. HC Wainwright cut their target price on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Roth Mkm cut 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.

Hedge Funds Weigh In On Canoo

Several institutional investors have recently bought and sold shares of the company. Point72 DIFC Ltd purchased a new position in Canoo in the second quarter valued at approximately $37,000. EP Wealth Advisors LLC lifted its stake in Canoo by 74.9% in the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock valued at $259,000 after purchasing an additional 52,131 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in Canoo in the second quarter valued at approximately $35,000. Headlands Technologies LLC purchased a new position in Canoo in the second quarter valued at approximately $60,000. Finally, Daiwa Securities Group Inc. purchased a new position in Canoo in the second quarter valued at approximately $70,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

Canoo Stock Performance

Shares of GOEV opened at $0.99 on Friday. The stock has a 50 day moving average price of $1.24 and a two-hundred day moving average price of $1.97. The firm has a market capitalization of $67.99 million, a P/E ratio of -0.09 and a beta of 1.27. Canoo has a 52 week low of $0.88 and a 52 week high of $8.81.

Canoo (NASDAQ:GOEV) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.68. The company had revenue of $0.61 million for the quarter, compared to the consensus estimate of $1.99 million. On average, equities analysts forecast that Canoo will post -3.72 earnings per share for the current year.

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.