Posted by MarketBeat News on Jun 19th, 2024
Shares of Canoo Inc. (NASDAQ:GOEV – Get Free Report) shot up 5.6% on Monday . The stock traded as high as $1.96 and last traded at $1.90. 2,288,606 shares were traded during trading, a decline of 64% from the average session volume of 6,381,718 shares. The stock had previously closed at $1.80.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on GOEV. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of Canoo in a research note on Wednesday, May 15th. Alliance Global Partners decreased their target price on Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research note on Friday, March 15th. Roth Mkm decreased their target price on Canoo from $4.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, May 15th. R. F. Lafferty cut Canoo from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Finally, Benchmark restated a “buy” rating and set a $5.00 target price on shares of Canoo in a research note on Wednesday, May 22nd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Canoo currently has an average rating of “Moderate Buy” and an average target price of $23.79.
View Our Latest Report on Canoo
Canoo Price Performance
The stock has a 50 day simple moving average of $2.52 and a two-hundred day simple moving average of $3.48. The company has a market cap of $124.11 million, a PE ratio of -0.17 and a beta of 1.28.
Canoo (NASDAQ:GOEV – Get Free Report) last issued its quarterly earnings data 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 in the prior year, the firm posted ($3.91) earnings per share. As a group, equities analysts anticipate that Canoo Inc. will post -4.37 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its holdings in shares of Canoo by 95.6% in the first quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after purchasing an additional 10,786 shares during the period. Kestra Advisory Services LLC acquired a new position in shares of Canoo in the third quarter valued at approximately $72,000. Swiss National Bank increased its holdings in shares of Canoo by 20.5% in the third quarter. Swiss National Bank now owns 935,200 shares of the company’s stock valued at $458,000 after purchasing an additional 159,400 shares during the period. Susquehanna Fundamental Investments LLC acquired a new position in shares of Canoo in the first quarter valued at approximately $900,000. Finally, EP Wealth Advisors LLC acquired a new position in shares of Canoo in the third quarter valued at approximately $133,000. Institutional investors and hedge funds own 36.23% of the company’s stock.
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.
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