Canoo Inc. (NASDAQ:GOEV) Receives $108.10 Consensus Price Target from Brokerages

Shares of Canoo Inc. (NASDAQ:GOEV) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $108.10.

A number of research analysts recently weighed in on the stock. Alliance Global Partners restated a “neutral” rating on shares of Canoo in a report on Monday, January 6th. HC Wainwright cut their price target on shares of Canoo from $80.00 to $40.00 and set a “buy” rating on the stock in a research note on Friday, November 15th. Finally, Stifel Nicolaus cut Canoo from a “buy” rating to a “hold” rating and reduced their price objective for the company from $4.50 to $0.50 in a research note on Tuesday, December 31st.

Canoo Stock Performance

Shares of GOEV stock opened at $0.37 on Monday. Canoo has a fifty-two week low of $0.32 and a fifty-two week high of $102.07. The firm has a market capitalization of $1.80 million, a P/E ratio of -0.01 and a beta of 1.30. The stock’s fifty day moving average is $3.97 and its two-hundred day moving average is $19.09.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. State Street Corp increased its holdings in shares of Canoo by 2.8% in the 3rd 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. Geode Capital Management LLC grew its position in shares of Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after purchasing an additional 341,897 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Canoo during the third quarter worth approximately $280,000. Bank of New York Mellon Corp bought a new stake in Canoo in the 2nd quarter valued at $392,000. Finally, EP Wealth Advisors LLC grew its position in Canoo by 74.9% during the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after buying an additional 52,131 shares in the last quarter. 36.23% of the stock is currently owned by institutional investors.

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.