Brokerages Set Canoo Inc. (NASDAQ:GOEV) Price Target at $23.04

Shares of Canoo Inc. (NASDAQ:GOEV) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $23.04.

A number of research analysts have issued reports on the company. HC Wainwright reduced their price objective on Canoo from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Friday, August 16th. Roth Mkm reduced their price objective on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research note on Thursday, August 15th.

Canoo Trading Up 3.3 %

Shares of Canoo stock opened at $1.01 on Friday. The stock has a fifty day simple moving average of $1.21 and a 200 day simple moving average of $1.94. Canoo has a 12-month low of $0.88 and a 12-month high of $8.81. The company has a market capitalization of $69.25 million, a P/E ratio of -0.10 and a beta of 1.27.

Canoo (NASDAQ:GOEV) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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, analysts predict that Canoo will post -3.72 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GOEV. EP Wealth Advisors LLC lifted its position in shares of Canoo by 269.3% during the 4th 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 last quarter. SG Americas Securities LLC lifted its position in shares of 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 position in shares of Canoo during the 1st quarter valued at $900,000. Curbstone Financial Management Corp purchased a new position in shares of Canoo during the 2nd quarter valued at $43,000. Finally, MBL Wealth LLC purchased a new stake in Canoo during the 2nd quarter worth about $31,000. 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.