Canoo (NYSE:GOEV) Shares Gap Up to $6.55

Canoo Inc. (NYSE:GOEV)’s stock price gapped up before the market opened on Thursday . The stock had previously closed at $6.55, but opened at $6.79. Canoo shares last traded at $7.29, with a volume of 126,657 shares.

GOEV has been the subject of a number of research reports. Roth Capital decreased their target price on Canoo from $10.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, August 17th. Zacks Investment Research lowered Canoo from a “hold” rating to a “sell” rating in a research report on Thursday, August 19th. HC Wainwright assumed coverage on Canoo in a research report on Tuesday, September 7th. They set a “buy” rating and a $15.00 price target on the stock. Finally, R. F. Lafferty boosted their price target on Canoo from $18.00 to $19.00 and gave the stock a “buy” rating in a research report on Monday, July 26th. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $11.25.

The stock has a 50-day simple moving average of $7.49 and a 200-day simple moving average of $8.91. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -6.50 and a beta of 0.23.

Canoo (NYSE:GOEV) last announced its earnings results on Sunday, August 15th. The company reported ($0.50) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.36) by ($0.14). As a group, equities research analysts predict that Canoo Inc. will post -1.89 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Canoo by 38.7% in the 2nd quarter. Vanguard Group Inc. now owns 13,156,911 shares of the company’s stock valued at $130,779,000 after acquiring an additional 3,669,279 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Canoo by 138.3% in the 2nd quarter. BlackRock Inc. now owns 6,238,716 shares of the company’s stock valued at $62,013,000 after acquiring an additional 3,621,196 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Canoo by 40.0% in the 2nd quarter. Invesco Ltd. now owns 3,713,751 shares of the company’s stock valued at $36,914,000 after acquiring an additional 1,061,344 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Canoo by 53.5% in the 2nd quarter. Geode Capital Management LLC now owns 2,022,344 shares of the company’s stock valued at $20,102,000 after acquiring an additional 705,165 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Canoo by 1,849.8% in the 2nd quarter. State Street Corp now owns 1,743,115 shares of the company’s stock valued at $17,327,000 after acquiring an additional 1,653,715 shares during the last quarter. Institutional investors and hedge funds own 15.74% of the company’s stock.

Canoo Company Profile (NYSE:GOEV)

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 B2B delivery vehicles, multi-purpose delivery vehicles, and lifestyle vehicles using skateboard architecture technology.

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