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

Canoo Inc. (NASDAQ:GOEV) has received an average recommendation of “Moderate Buy” from the seven research firms that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $22.71.

GOEV has been the subject of several analyst reports. Roth Mkm decreased their price objective on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a report on Thursday, August 15th. HC Wainwright decreased their price target on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a report on Friday, November 15th.

Canoo Price Performance

NASDAQ:GOEV opened at $0.38 on Friday. The company’s fifty day moving average price is $0.75 and its 200-day moving average price is $1.51. Canoo has a 1-year low of $0.36 and a 1-year high of $7.49. The firm has a market capitalization of $37.07 million, a P/E ratio of -0.11 and a beta of 1.29.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp lifted its stake in 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 buying an additional 63,652 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after acquiring an additional 341,897 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Canoo in the third quarter worth approximately $280,000. Bank of New York Mellon Corp purchased a new stake in shares of Canoo during the second quarter worth approximately $392,000. Finally, EP Wealth Advisors LLC raised its stake in Canoo by 74.9% in the 2nd 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. Hedge funds and other institutional investors own 36.23% of the company’s stock.

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.