Canoo (NASDAQ:GOEV) Stock Rating Reaffirmed by HC Wainwright

Canoo (NASDAQ:GOEV - Get Free Report)'s stock had its "buy" rating restated by HC Wainwright in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $7.00 price target on the stock. HC Wainwright's target price indicates a potential upside of 164.15% from the stock's previous close.

A number of other analysts have also recently weighed in on GOEV. Benchmark restated a "buy" rating and issued a $5.00 price target on shares of Canoo in a research report on Wednesday. Stifel Nicolaus cut their target price on shares of Canoo from $34.50 to $17.25 and set a "buy" rating on the stock in a report on Tuesday, January 23rd. Alliance Global Partners lowered their target price on Canoo from $20.00 to $18.50 and set a "buy" rating for the company in a report on Friday, March 15th. Finally, R. F. Lafferty downgraded Canoo from a "buy" rating to a "hold" rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.79.

Canoo Trading Down 5.0 %

NASDAQ GOEV traded down $0.14 on Wednesday, hitting $2.65. 6,225,929 shares of the stock traded hands, compared to its average volume of 6,865,317. The stock has a 50-day moving average of $2.74 and a 200 day moving average of $4.21. Canoo has a twelve month low of $1.22 and a twelve month high of $19.50. The company has a market capitalization of $170.66 million, a P/E ratio of -0.19 and a beta of 1.26.

Canoo (NASDAQ:GOEV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.97) by ($1.23). During the same quarter last year, the company posted ($3.91) earnings per share. As a group, equities research analysts expect that Canoo will post -3.71 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. EP Wealth Advisors LLC raised its position in Canoo by 269.3% in the fourth quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company's stock worth $257,000 after acquiring an additional 729,236 shares in the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canoo in the 1st quarter worth approximately $900,000. Swiss National Bank raised its holdings in shares of Canoo by 20.5% in the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company's stock worth $458,000 after purchasing an additional 159,400 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Canoo during the third quarter valued at approximately $72,000. Finally, Kestra Private Wealth Services LLC boosted its holdings in Canoo by 36.9% during the third quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company's stock worth $85,000 after buying an additional 47,000 shares in the last quarter. Institutional investors own 36.23% of the company's stock.

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.