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

Shares of Canoo Inc. (NASDAQ:GOEV) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price target among brokers that have covered the stock in the last year is $23.79.

GOEV has been the subject of a number of analyst reports. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Canoo in a research report on Wednesday, May 15th. Roth Mkm cut their price target on shares of Canoo from $4.00 to $3.00 and set a “neutral” rating for the company in a report on Wednesday, May 15th. Alliance Global Partners cut their price target on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a report on Friday, March 15th. R. F. Lafferty downgraded shares of Canoo from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Finally, Benchmark reiterated a “buy” rating and issued a $5.00 price target on shares of Canoo in a report on Wednesday, May 22nd.

Canoo Price Performance

GOEV stock opened at $2.44 on Thursday. The company has a fifty day moving average price of $2.27 and a 200 day moving average price of $3.04. Canoo has a 12 month low of $1.22 and a 12 month high of $19.50. The company has a market cap of $167.31 million, a price-to-earnings ratio of -0.23 and a beta of 1.28.

Canoo (NASDAQ:GOEV) last announced its quarterly earnings data on Tuesday, May 14th. The company reported ($2.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.97) by ($1.23). During the same period in the prior year, the firm posted ($3.91) EPS. As a group, analysts anticipate that Canoo will post -4.37 earnings per share for the current year.

Insider Activity at Canoo

In related news, General Counsel Hector M. Ruiz sold 10,937 shares of the stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total value of $25,483.21. Following the sale, the general counsel now directly owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Canoo news, General Counsel Hector M. Ruiz sold 10,937 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The shares were sold at an average price of $2.33, for a total transaction of $25,483.21. Following the sale, the general counsel now directly owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Ramesh Murthy sold 10,948 shares of the firm’s stock in a transaction dated Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,508.84. Following the sale, the chief accounting officer now directly owns 181,447 shares in the company, valued at $422,771.51. The disclosure for this sale can be found here. 9.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Canoo

Hedge funds have recently modified their holdings of the company. EP Wealth Advisors LLC lifted its holdings 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 worth $257,000 after acquiring an additional 729,236 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Canoo during the 1st quarter worth about $900,000. Kestra Advisory Services LLC purchased a new position in shares of Canoo during the 3rd quarter worth about $72,000. Curbstone Financial Management Corp purchased a new position in shares of Canoo during the 2nd quarter worth about $43,000. Finally, SG Americas Securities LLC lifted its holdings 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 worth $79,000 after acquiring an additional 10,786 shares during the period. 36.23% of the stock is owned by institutional investors and hedge funds.

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.