Analysts Set Canoo Inc. (NASDAQ:GOEV) PT at $23.04

Canoo Inc. (NASDAQ:GOEV) has earned a consensus rating of “Moderate Buy” from the seven analysts that are covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $23.04.

A number of analysts have issued reports on the company. HC Wainwright decreased their price target on Canoo from $7.00 to $4.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Roth Mkm decreased their target price on shares of Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a research report on Thursday, August 15th.

Canoo Stock Performance

Shares of NASDAQ GOEV opened at $0.98 on Tuesday. The firm has a market cap of $67.22 million, a P/E ratio of -0.09 and a beta of 1.29. Canoo has a 1 year low of $0.93 and a 1 year high of $11.65. The firm’s 50 day moving average price is $1.61 and its 200 day moving average price is $2.19.

Canoo (NASDAQ:GOEV) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.77) by $0.68. The business had revenue of $0.61 million for the quarter, compared to analyst estimates of $1.99 million. As a group, equities analysts predict that Canoo will post -3.72 EPS for the current year.

Insider Transactions at Canoo

In other Canoo news, General Counsel Hector M. Ruiz sold 10,937 shares of Canoo 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 $25,483.21. Following the transaction, the general counsel now directly owns 181,513 shares of the company’s stock, valued at $422,925.29. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Ramesh Murthy sold 10,948 shares of the business’s stock in a transaction that occurred on Wednesday, July 3rd. The stock was sold at an average price of $2.33, for a total transaction of $25,508.84. Following the transaction, the chief accounting officer now directly owns 181,447 shares of the company’s stock, valued at approximately $422,771.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Hector M. Ruiz sold 10,937 shares of the 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 $25,483.21. Following the completion of the sale, the general counsel now directly owns 181,513 shares of the company’s stock, valued at approximately $422,925.29. The disclosure for this sale can be found here. Insiders have sold a total of 30,082 shares of company stock worth $59,599 in the last three months. 9.70% of the stock is currently owned by company insiders.

Institutional Trading of Canoo

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Point72 DIFC Ltd bought a new stake in shares of Canoo in the second quarter worth $37,000. EP Wealth Advisors LLC grew its holdings in Canoo by 74.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after acquiring an additional 52,131 shares in the last quarter. The Manufacturers Life Insurance Company bought a new stake in shares of Canoo in the 2nd quarter worth about $35,000. Headlands Technologies LLC acquired a new stake in shares of Canoo in the 2nd quarter valued at about $60,000. Finally, Daiwa Securities Group Inc. bought a new position in shares of Canoo during the second quarter worth about $70,000. 36.23% of the stock is 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.