Canoo (NASDAQ:GOEV) Rating Reiterated by Benchmark

Canoo (NASDAQ:GOEV)‘s stock had its “buy” rating reiterated by stock analysts at Benchmark in a research report issued to clients and investors on Wednesday, Benzinga reports. They currently have a $5.00 price target on the stock. Benchmark’s price target would suggest a potential upside of 111.86% from the company’s previous close.

Several other equities analysts have also issued reports on GOEV. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of Canoo in a research note on Wednesday, May 15th. Roth Mkm dropped 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. R. F. Lafferty lowered Canoo from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. Stifel Nicolaus dropped their price target on Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a research note on Tuesday, January 23rd. Finally, Alliance Global Partners dropped their price target on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a research note on Friday, March 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $23.79.

Canoo Price Performance

GOEV opened at $2.36 on Wednesday. The business’s 50-day moving average is $2.86 and its two-hundred day moving average is $4.07. Canoo has a 1 year low of $1.22 and a 1 year high of $19.50. The firm has a market capitalization of $151.98 million, a PE ratio of -0.23 and a beta of 1.26.

Canoo (NASDAQ:GOEV) last posted its earnings results on Tuesday, May 14th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing the consensus estimate 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, sell-side analysts expect that Canoo will post -3.71 EPS for the current year.

Institutional Investors Weigh In On Canoo

Several hedge funds have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its position in shares of Canoo by 95.6% during the 1st quarter. SG Americas Securities LLC now owns 22,065 shares of the company’s stock valued at $79,000 after buying an additional 10,786 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Canoo during the 3rd quarter valued at approximately $72,000. Kestra Private Wealth Services LLC lifted its position in shares of Canoo by 36.9% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock valued at $85,000 after buying an additional 47,000 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Canoo during the 1st quarter valued at approximately $900,000. Finally, EP Wealth Advisors LLC purchased a new position in shares of Canoo during the 3rd quarter valued at approximately $133,000. 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.