Canoo (NASDAQ:GOEV) Trading Down 4.5% (2024)

Canoo Inc. (NASDAQ:GOEV – Get Free Report)’s share price was down 4.5% on Tuesday . The stock traded as low as $1.86 and last traded at $1.89. Approximately 860,807 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 6,355,911 shares. The stock had previously closed at $1.98.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GOEV shares. Benchmark reaffirmed a “buy” rating and set a $5.00 target price on shares of Canoo in a research note on Wednesday, May 22nd. Alliance Global Partners decreased their price objective on Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a research note on Friday, March 15th. R. F. Lafferty downgraded shares of Canoo from a “buy” rating to a “hold” rating in a research report on Wednesday, May 15th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Canoo in a research report on Wednesday, May 15th. Finally, Roth Mkm cut their price target on Canoo from $4.00 to $3.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 15th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Canoo presently has a consensus rating of “Moderate Buy” and an average target price of $23.79.

Check Out Our Latest Stock Analysis on GOEV

Canoo Price Performance

The business’s 50-day moving average price is $2.52 and its 200-day moving average price is $3.48. The firm has a market capitalization of $124.74 million, a PE ratio of -0.18 and a beta of 1.28.

Canoo (NASDAQ:GOEV – Get Free Report) last posted its quarterly earnings data on Tuesday, May 14th. The company reported ($2.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.97) by ($1.23). During the same quarter in the prior year, the business posted ($3.91) EPS. Equities analysts forecast that Canoo Inc. will post -4.37 earnings per share for the current year.

Institutional Investors Weigh In On Canoo

Hedge funds have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC increased its stake in Canoo by 269.3% in the fourth quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock valued at $257,000 after purchasing an additional 729,236 shares during the last quarter. Swiss National Bank boosted its position in shares of Canoo by 20.5% in the third quarter. Swiss National Bank now owns 935,200 shares of the company’s stock worth $458,000 after buying an additional 159,400 shares during the period. Susquehanna Fundamental Investments LLC purchased a new stake in shares of Canoo during the 1st quarter valued at about $900,000. Kestra Advisory Services LLC purchased a new position in Canoo in the 3rd quarter worth approximately $72,000. Finally, SG Americas Securities LLC grew its position in 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 acquiring an additional 10,786 shares in the last quarter. Institutional investors and hedge funds own 36.23% of the company’s stock.

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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