Alliance Global Partners Reaffirms “Neutral” Rating for Canoo (NASDAQ:GOEV)

Canoo (NASDAQ:GOEV)‘s stock had its “neutral” rating reissued by analysts at Alliance Global Partners in a research report issued to clients and investors on Monday, MarketBeat.com reports.

A number of other equities analysts have also recently issued reports on the company. Stifel Nicolaus cut Canoo from a “buy” rating to a “hold” rating and cut their target price for the stock from $4.50 to $0.50 in a report on Tuesday, December 31st. HC Wainwright reduced their price objective on shares of Canoo from $80.00 to $40.00 and set a “buy” rating for the company in a report on Friday, November 15th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Canoo presently has an average rating of “Hold” and a consensus target price of $108.10.

Canoo Stock Performance

GOEV stock opened at $1.34 on Monday. The stock’s 50 day simple moving average is $6.24 and its 200 day simple moving average is $21.99. The company has a market cap of $6.48 million, a P/E ratio of -0.38 and a beta of 1.30. Canoo has a fifty-two week low of $1.24 and a fifty-two week high of $141.68.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOEV. Virtu Financial LLC purchased a new position in shares of Canoo in the 3rd quarter worth about $280,000. Geode Capital Management LLC boosted its stake in Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock worth $1,652,000 after buying an additional 341,897 shares in the last quarter. XTX Topco Ltd grew its position in 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 during the last quarter. State Street Corp raised its stake in shares of Canoo by 2.8% during the third quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after acquiring an additional 63,652 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new stake in shares of Canoo in the 2nd quarter worth approximately $37,000. 36.23% of the stock is currently owned by hedge funds and other institutional investors.

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.