Canoo Inc. (NASDAQ:GOEV) Receives $22.71 Average Target Price from Brokerages

Shares of Canoo Inc. (NASDAQ:GOEV) have been given an average recommendation of “Moderate Buy” by the seven ratings firms that are currently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $22.71.

Several analysts have weighed in on GOEV shares. HC Wainwright lowered their price objective on Canoo from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Friday, November 15th. Roth Mkm reduced their price objective on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a research report on Thursday, August 15th.

Hedge Funds Weigh In On Canoo

Several large investors have recently made changes to their positions in GOEV. Geode Capital Management LLC raised its holdings in Canoo by 25.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after acquiring an additional 341,897 shares during the last quarter. Virtu Financial LLC bought a new position in Canoo during the 3rd quarter valued at about $280,000. Bank of New York Mellon Corp bought a new stake in shares of Canoo in the second quarter worth approximately $392,000. Rhumbline Advisers purchased a new position in shares of Canoo during the second quarter valued at approximately $153,000. Finally, State Street Corp lifted its position in Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock valued at $2,272,000 after purchasing an additional 63,652 shares during the period. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

Canoo Trading Down 4.1 %

Shares of NASDAQ:GOEV opened at $0.34 on Friday. Canoo has a 12-month low of $0.33 and a 12-month high of $7.08. The stock’s 50-day moving average price is $0.71 and its 200-day moving average price is $1.45. The stock has a market capitalization of $32.73 million, a P/E ratio of -0.10 and a beta of 1.14.

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.