Canoo Inc. (NASDAQ:GOEV) Receives $23.79 Consensus Target Price from Analysts

Shares of Canoo Inc. (NASDAQ:GOEV) have earned an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $23.79.

Several research firms recently commented on GOEV. Benchmark reissued a “buy” rating and set a $5.00 target price on shares of Canoo in a research note on Wednesday, May 22nd. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Canoo in a research report on Wednesday, May 15th. Roth Mkm reduced their target price on shares of Canoo from $4.00 to $3.00 and set a “neutral” rating on the stock in a report on Wednesday, May 15th. Finally, R. F. Lafferty downgraded shares of Canoo from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th.

Insider Buying and Selling at Canoo

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

Hedge Funds Weigh In On Canoo

Hedge funds have recently modified their holdings of the business. EP Wealth Advisors LLC grew its position in 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 purchasing an additional 729,236 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new stake in Canoo during the 1st quarter worth approximately $900,000. Bank of New York Mellon Corp purchased a new position in shares of Canoo in the 2nd quarter valued at approximately $392,000. Rhumbline Advisers acquired a new position in shares of Canoo in the second quarter valued at approximately $153,000. Finally, CIBC Asset Management Inc purchased a new stake in shares of Canoo during the second quarter worth approximately $67,000. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

Canoo Stock Performance

Shares of GOEV opened at $1.80 on Monday. The company’s 50-day simple moving average is $2.13 and its 200-day simple moving average is $2.67. Canoo has a 1 year low of $1.22 and a 1 year high of $15.96. The stock has a market capitalization of $123.42 million, a PE ratio of -0.17 and a beta of 1.28.

Canoo (NASDAQ:GOEV) last released its earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.97) by ($1.23). During the same period in the prior year, the business posted ($3.91) EPS. On average, sell-side analysts predict that Canoo will post -4.37 earnings per share for the current year.

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.