HC Wainwright Cuts Canoo (NASDAQ:GOEV) Price Target to $2.00

Canoo (NASDAQ:GOEV) had its price target trimmed by HC Wainwright from $4.00 to $2.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Roth Mkm reduced their target price on Canoo from $3.00 to $1.50 and set a “neutral” rating on the stock in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $22.71.

Canoo Stock Performance

NASDAQ GOEV traded down $0.03 during trading on Friday, hitting $0.50. The stock had a trading volume of 4,408,610 shares, compared to its average volume of 5,399,573. Canoo has a one year low of $0.37 and a one year high of $8.81. The stock has a 50 day simple moving average of $0.89 and a 200 day simple moving average of $1.66. The stock has a market capitalization of $41.17 million, a price-to-earnings ratio of -0.14 and a beta of 1.29.

Canoo (NASDAQ:GOEV) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.77) by $0.68. The business had revenue of $0.61 million for the quarter, compared to the consensus estimate of $1.99 million. On average, sell-side analysts predict that Canoo will post -3.75 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GOEV. Geode Capital Management LLC grew 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. XTX Topco Ltd grew its holdings in Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after acquiring an additional 20,805 shares in the last quarter. State Street Corp increased its position in Canoo by 2.8% during 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. Point72 DIFC Ltd bought a new stake in shares of Canoo in the 2nd quarter valued at about $37,000. Finally, EP Wealth Advisors LLC lifted its position in shares of Canoo by 74.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock worth $259,000 after purchasing an additional 52,131 shares during the period. 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.