Canoo (NASDAQ:GOEV) Given New $2.00 Price Target at HC Wainwright

Canoo (NASDAQ:GOEV) had its price objective reduced by analysts at HC Wainwright from $4.00 to $2.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. HC Wainwright’s price target indicates a potential upside of 273.00% from the stock’s previous close.

Separately, Roth Mkm cut 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.71.

Canoo Price Performance

Canoo stock opened at $0.54 on Friday. The company has a market capitalization of $43.86 million, a price-to-earnings ratio of -0.15 and a beta of 1.29. The firm’s fifty day moving average price is $0.91 and its 200 day moving average price is $1.68. Canoo has a 12-month low of $0.37 and a 12-month high of $8.81.

Canoo (NASDAQ:GOEV) last announced its quarterly earnings data 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 firm had revenue of $0.61 million for the quarter, compared to the consensus estimate of $1.99 million. Analysts forecast that Canoo will post -3.75 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Canoo

Several hedge funds have recently made changes to their positions in GOEV. Bank of New York Mellon Corp acquired a new position in shares of Canoo in the 2nd quarter valued at $392,000. EP Wealth Advisors LLC boosted its stake in shares of 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 in the last quarter. Rhumbline Advisers bought a new stake in shares of Canoo in the 2nd quarter worth about $153,000. Daiwa Securities Group Inc. bought a new position in shares of Canoo in the second quarter valued at approximately $70,000. Finally, CIBC Asset Management Inc bought a new stake in shares of Canoo during the second quarter worth $67,000. 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.