Canoo Inc. (NASDAQ:GOEV) Receives $22.71 Consensus Price Target from Analysts

Shares of Canoo Inc. (NASDAQ:GOEV) have earned an average rating of “Moderate Buy” from the seven research firms that are covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $454.17.

Separately, HC Wainwright cut their price objective on shares of Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th.

Hedge Funds Weigh In On Canoo

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOEV. The Manufacturers Life Insurance Company acquired a new position in shares of Canoo during the second quarter valued at approximately $35,000. Point72 DIFC Ltd purchased a new position in Canoo in the 2nd quarter valued at $37,000. Headlands Technologies LLC purchased a new stake in shares of Canoo during the second quarter worth $60,000. CIBC Asset Management Inc acquired a new stake in shares of Canoo in the second quarter valued at about $67,000. Finally, XTX Topco Ltd lifted its stake in shares of Canoo by 191.7% in the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after buying an additional 20,805 shares in the last quarter. 36.23% of the stock is owned by hedge funds and other institutional investors.

Canoo Price Performance

NASDAQ:GOEV opened at $1.37 on Thursday. The company has a 50 day moving average price of $8.65 and a 200-day moving average price of $23.80. Canoo has a 1-year low of $1.34 and a 1-year high of $141.68. The firm has a market cap of $6.63 million, a price-to-earnings ratio of -0.39 and a beta of 1.14.

Canoo Company Profile

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.