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

Canoo (NASDAQ:GOEV) was downgraded by research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Tuesday, MarketBeat reports. They currently have a $0.50 price objective on the stock, down from their previous price objective of $4.50. Stifel Nicolaus’ target price suggests a potential downside of 64.54% from the stock’s current price.

Separately, HC Wainwright reduced 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, Canoo presently has a consensus rating of “Moderate Buy” and a consensus price target of $396.75.

Canoo Stock Performance

Canoo stock opened at $1.41 on Tuesday. The company has a market cap of $6.82 million, a P/E ratio of -0.40 and a beta of 1.14. Canoo has a one year low of $1.34 and a one year high of $141.68. The business has a fifty day moving average of $7.94 and a two-hundred day moving average of $23.26.

Institutional Investors Weigh In On Canoo

Several institutional investors and hedge funds have recently made changes to their positions in the business. 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 worth $31,000 after acquiring an additional 20,805 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Canoo during the 2nd quarter worth approximately $35,000. Point72 DIFC Ltd acquired a new position in shares of Canoo during the 2nd quarter worth approximately $37,000. Headlands Technologies LLC purchased a new stake in Canoo in the 2nd quarter valued at approximately $60,000. Finally, CIBC Asset Management Inc acquired a new stake in Canoo during the 2nd quarter valued at $67,000. 36.23% of the stock is currently owned by hedge funds and other 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.