Canoo (NASDAQ:GOEV) Price Target Cut to $2.00 by Analysts at HC Wainwright

Canoo (NASDAQ:GOEV) had its price target lowered by HC Wainwright from $4.00 to $2.00 in a research report sent to investors on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Roth Mkm cut their target price on Canoo from $3.00 to $1.50 and set a “neutral” rating for the company in a research report on Thursday, August 15th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.71.

Canoo Stock Down 6.1 %

NASDAQ:GOEV traded down $0.03 during trading hours on Friday, hitting $0.50. 4,408,610 shares of the stock traded hands, compared to its average volume of 5,399,573. The stock has a 50 day moving average price of $0.89 and a 200 day moving average price of $1.66. The company has a market cap of $41.17 million, a price-to-earnings ratio of -0.14 and a beta of 1.29. Canoo has a 1 year low of $0.37 and a 1 year high of $8.81.

Canoo (NASDAQ:GOEV) last issued its earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.77) by $0.68. The firm had revenue of $0.61 million during the quarter, compared to the consensus estimate of $1.99 million. Equities analysts forecast that Canoo will post -3.75 earnings per share for the current fiscal year.

Institutional Trading of Canoo

A number of large investors have recently added to or reduced their stakes in GOEV. MBL Wealth LLC bought a new position in shares of Canoo in the 2nd quarter valued at about $31,000. XTX Topco Ltd raised its position in Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after purchasing an additional 20,805 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Canoo in the 2nd quarter valued at approximately $35,000. The Manufacturers Life Insurance Company purchased a new position in shares of Canoo in the 2nd quarter worth approximately $35,000. Finally, Point72 DIFC Ltd bought a new position in shares of Canoo during the 2nd quarter valued at approximately $37,000. Institutional investors own 36.23% of the company’s stock.

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.