Brokerages Set Canoo Inc. (NASDAQ:GOEV) Price Target at $22.71

Canoo Inc. (NASDAQ:GOEV) has received a consensus rating of “Moderate Buy” from the seven ratings firms that are currently covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $396.75.

A number of analysts recently weighed in on the stock. Stifel Nicolaus cut shares of Canoo from a “buy” rating to a “hold” rating and decreased their price target for the stock from $4.50 to $0.50 in a research report on Tuesday. HC Wainwright decreased their target price on Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a research report on Friday, November 15th.

Canoo Stock Up 2.9 %

Shares of GOEV stock opened at $1.41 on Thursday. Canoo has a fifty-two week low of $1.34 and a fifty-two week high of $141.68. The firm’s 50 day moving average price is $7.94 and its two-hundred day moving average price is $23.26.

Institutional Trading of Canoo

Several large investors have recently modified their holdings of GOEV. Point72 DIFC Ltd acquired a new position in shares of Canoo in the second quarter worth about $37,000. Headlands Technologies LLC acquired a new position in shares of Canoo in the 2nd quarter valued at approximately $60,000. CIBC Asset Management Inc purchased a new position in shares of Canoo during the 2nd quarter valued at approximately $67,000. Bank of New York Mellon Corp acquired a new stake in shares of Canoo during the second quarter worth approximately $392,000. Finally, Rhumbline Advisers bought a new stake in shares of Canoo in the second quarter worth $153,000. 36.23% of the stock is currently owned by institutional investors and hedge funds.

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.