Canoo Inc. (NASDAQ:GOEV) Given Average Recommendation of “Hold” by Brokerages

Shares of Canoo Inc. (NASDAQ:GOEV) have received a consensus recommendation of “Hold” from the six research firms that are presently covering the firm, MarketBeat reports. Four analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $42.63.

GOEV has been the subject of several recent research reports. Alliance Global Partners reissued a “neutral” rating on shares of Canoo in a research note on Monday, January 6th. Stifel Nicolaus lowered Canoo from a “buy” rating to a “hold” rating and lowered their target price for the company from $4.50 to $0.50 in a research note on Tuesday, December 31st.

Canoo Stock Performance

Shares of GOEV opened at $0.34 on Tuesday. Canoo has a fifty-two week low of $0.32 and a fifty-two week high of $96.18. The firm has a market cap of $1.66 million, a price-to-earnings ratio of 0.00 and a beta of 1.30. The firm has a 50 day moving average price of $0.55 and a 200-day moving average price of $8.91.

Hedge Funds Weigh In On Canoo

Hedge funds have recently modified their holdings of the company. XTX Topco Ltd raised its holdings in shares of Canoo by 191.7% during the third quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock valued at $31,000 after acquiring an additional 20,805 shares in the last quarter. National Bank of Canada FI increased its position in Canoo by 609.8% during the 4th quarter. National Bank of Canada FI now owns 37,653 shares of the company’s stock valued at $53,000 after purchasing an additional 45,039 shares during the period. Two Sigma Investments LP purchased a new position in Canoo during the 4th quarter valued at $69,000. Jane Street Group LLC raised its holdings in Canoo by 51.4% in the 4th quarter. Jane Street Group LLC now owns 168,884 shares of the company’s stock worth $238,000 after purchasing an additional 57,347 shares in the last quarter. Finally, Virtu Financial LLC purchased a new stake in shares of Canoo in the 3rd quarter worth about $280,000. Hedge funds and other institutional investors own 36.23% of the company’s stock.

About Canoo

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.