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

by · The Markets Daily

Canoo (NASDAQ:GOEV – Get Free Report) had its price target reduced by equities researchers at HC Wainwright from $4.00 to $2.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s price objective indicates a potential upside of 297.38% from the company’s current price.

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

Check Out Our Latest Analysis on Canoo

Canoo Stock Performance

Shares of NASDAQ:GOEV opened at $0.50 on Friday. The company has a fifty day simple moving average of $0.89 and a 200 day simple moving average of $1.66. Canoo has a 12-month low of $0.37 and a 12-month high of $8.81.

Canoo (NASDAQ:GOEV – Get Free Report) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.77) by $0.68. The company had revenue of $0.61 million for the quarter, compared to the consensus estimate of $1.99 million. As a group, analysts expect that Canoo will post -3.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Canoo

Several institutional investors have recently made changes to their positions in the stock. State Street Corp boosted 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. Geode Capital Management LLC lifted its stake in Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after buying an additional 341,897 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Canoo during the second quarter valued at $392,000. EP Wealth Advisors LLC boosted its holdings in shares of Canoo by 74.9% during the second quarter. EP Wealth Advisors LLC now owns 121,739 shares of the company’s stock valued at $259,000 after acquiring an additional 52,131 shares during the period. Finally, Rhumbline Advisers bought a new position in shares of Canoo during the second quarter worth about $153,000. 36.23% of the stock is owned by institutional investors.

About Canoo

(Get Free Report)

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.

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