Canoo (NYSE:GOEV) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Canoo (NYSE:GOEV) from a buy rating to a hold rating in a report issued on Wednesday morning, 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. “

Other equities research analysts have also issued research reports about the company. Roth Capital lifted their price objective on Canoo from $7.00 to $10.00 and gave the company a neutral rating in a research note on Friday, June 18th. Bank of America began coverage on Canoo in a research note on Tuesday, April 20th. They set an underperform rating and a $6.00 price target for the company. Finally, R. F. Lafferty dropped their price target on Canoo from $23.00 to $18.00 and set a buy rating for the company in a research note on Tuesday, March 30th.

Canoo stock opened at $8.74 on Wednesday. Canoo has a one year low of $6.51 and a one year high of $24.90. The stock has a fifty day moving average of $8.91. The company has a quick ratio of 18.05, a current ratio of 18.05 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of -6.29 and a beta of 0.26.

Canoo (NYSE:GOEV) last posted its quarterly earnings results on Monday, May 17th. The company reported ($0.07) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.23) by $0.16. On average, research analysts forecast that Canoo will post -1.86 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in GOEV. BlackRock Inc. purchased a new position in shares of Canoo in the first quarter worth about $23,635,000. Geode Capital Management LLC purchased a new position in Canoo during the 1st quarter valued at about $11,894,000. Morgan Stanley increased its holdings in Canoo by 1,405.8% during the 1st quarter. Morgan Stanley now owns 1,091,749 shares of the company’s stock valued at $9,859,000 after purchasing an additional 1,019,244 shares during the period. Davidson Kempner Capital Management LP purchased a new position in Canoo during the 4th quarter valued at about $5,269,000. Finally, Northern Trust Corp purchased a new position in Canoo during the 1st quarter valued at about $2,428,000. Hedge funds and other 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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