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

Canoo Inc. (NASDAQ:GOEV) has earned a consensus rating of “Moderate Buy” from the seven analysts that are currently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $23.04.

Several research firms have weighed in on GOEV. Roth Mkm lowered their price target on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a report on Thursday, August 15th. HC Wainwright reduced their price objective on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a research report on Friday, August 16th.

Canoo Stock Up 3.3 %

NASDAQ:GOEV opened at $1.01 on Friday. The business’s 50-day moving average price is $1.21 and its two-hundred day moving average price is $1.94. Canoo has a twelve month low of $0.88 and a twelve month high of $8.81. The stock has a market cap of $69.25 million, a P/E ratio of -0.10 and a beta of 1.27.

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

Hedge Funds Weigh In On Canoo

Several institutional investors and hedge funds have recently bought and sold shares of GOEV. EP Wealth Advisors LLC grew its position in Canoo by 269.3% during the 4th quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock worth $257,000 after acquiring an additional 729,236 shares during the last quarter. SG Americas Securities LLC raised its holdings in Canoo by 95.6% during the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after buying an additional 10,786 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Canoo during the 1st quarter valued at $900,000. Curbstone Financial Management Corp bought a new stake in Canoo in the 2nd quarter worth $43,000. Finally, MBL Wealth LLC purchased a new position in shares of Canoo in the second quarter valued at about $31,000. 36.23% of the stock is currently owned by institutional investors.

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.