Canoo (NASDAQ:GOEV) Downgraded to “Hold” Rating by Stifel Nicolaus

Canoo (NASDAQ:GOEV) was downgraded by equities research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Tuesday, MarketBeat.com reports.

Separately, HC Wainwright cut their price objective on shares of Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, November 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $454.17.

Canoo Stock Performance

Canoo stock opened at $1.37 on Tuesday. Canoo has a fifty-two week low of $1.34 and a fifty-two week high of $141.68. The firm’s fifty day moving average price is $8.65 and its 200-day moving average price is $23.80. The stock has a market cap of $6.63 million, a P/E ratio of -0.39 and a beta of 1.14.

Institutional Trading of Canoo

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company purchased a new stake in shares of Canoo in the second quarter worth $35,000. Point72 DIFC Ltd bought a new stake in Canoo during the second quarter valued at about $37,000. XTX Topco Ltd lifted its position in shares of Canoo by 191.7% in the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after acquiring an additional 20,805 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Canoo in the second quarter worth about $60,000. Finally, CIBC Asset Management Inc bought a new stake in Canoo during the 2nd quarter valued at approximately $67,000. 36.23% of the stock is owned by hedge funds and other institutional investors.

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.