Canoo Inc. (NASDAQ:GOEV) Receives Average Recommendation of “Hold” from Brokerages

Canoo Inc. (NASDAQ:GOEV) has earned a consensus rating of “Hold” from the six brokerages that are currently covering the company, MarketBeat.com reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $108.10.

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

Institutional Trading of Canoo

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of Canoo by 2.8% during the 3rd quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after buying an additional 63,652 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Canoo by 25.6% during the 3rd quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after buying an additional 341,897 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Canoo during the 3rd quarter worth about $280,000. Jane Street Group LLC raised its position in shares of Canoo by 51.4% during the 4th quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock worth $238,000 after buying an additional 57,347 shares in the last quarter. Finally, Two Sigma Investments LP bought a new stake in shares of Canoo during the 4th quarter worth about $69,000. 36.23% of the stock is currently owned by institutional investors.

Canoo Stock Performance

Canoo stock opened at $0.34 on Tuesday. The firm’s 50-day moving average is $0.65 and its 200-day moving average is $9.93. Canoo has a 1 year low of $0.32 and a 1 year high of $102.07. The company has a market cap of $1.66 million, a P/E ratio of 0.00 and a beta of 1.30.

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.