Canoo (NASDAQ:GOEV) Earns Buy Rating from Analysts at Benchmark

Equities research analysts at Benchmark assumed coverage on shares of Canoo (NASDAQ:GOEV) in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating on the stock.

Other equities analysts also recently issued reports about the company. Stifel Nicolaus cut their target price on Canoo from $34.50 to $17.25 and set a “buy” rating on the stock in a research report on Tuesday, January 23rd. Wedbush initiated coverage on Canoo in a research report on Friday, January 5th. They issued an “outperform” rating and a $92.00 target price on the stock. Finally, Alliance Global Partners reduced their target price on shares of Canoo from $20.00 to $18.50 and set a “buy” rating for the company in a report on Friday, March 15th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, Canoo presently has a consensus rating of “Buy” and an average price target of $49.19.

Canoo Price Performance

NASDAQ:GOEV traded up $0.03 during trading hours on Wednesday, hitting $2.88. 949,255 shares of the company were exchanged, compared to its average volume of 7,581,956. Canoo has a 52-week low of $1.22 and a 52-week high of $19.50. The stock has a market capitalization of $185.46 million, a price-to-earnings ratio of -0.21 and a beta of 1.23. The company’s 50 day moving average price is $2.74 and its 200-day moving average price is $4.78.

Institutional Investors Weigh In On Canoo

Several hedge funds have recently bought and sold shares of GOEV. EP Wealth Advisors LLC raised its position in shares of Canoo by 269.3% in the fourth quarter. EP Wealth Advisors LLC now owns 1,000,000 shares of the company’s stock worth $257,000 after acquiring an additional 729,236 shares during the period. Swiss National Bank raised its holdings in Canoo by 20.5% in the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company’s stock worth $458,000 after purchasing an additional 159,400 shares during the period. Kestra Advisory Services LLC purchased a new position in Canoo during the third quarter worth approximately $72,000. Kestra Private Wealth Services LLC grew its holdings in Canoo by 36.9% in the third quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock valued at $85,000 after purchasing an additional 47,000 shares during the period. Finally, Arete Wealth Advisors LLC increased its position in shares of Canoo by 114.5% in the third quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company’s stock valued at $38,000 after buying an additional 41,100 shares in the last quarter. Hedge funds and other institutional investors own 36.23% of the company’s stock.

About Canoo

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV.