Canoo Inc. [GOEV] stock Upgrade by ROTH Capital analyst, price target now $14

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Canoo Inc. [NASDAQ: GOEV] traded at a low on 05/11/22, posting a -22.71 loss after which it closed the day’ session at $2.79. The company report on May 10, 2022 that CANOO INC. ANNOUNCES FIRST QUARTER 2022 RESULTS.

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$300 million in total funding via a committed PIPE from an existing shareholder and an equity purchase agreement with financing partner Yorkville Advisors.

In addition, the Company has filed a $300 million universal shelf.

The results of the trading session contributed to over 7183114 shares changing hands. Over the past one week, the price volatility of Canoo Inc. stands at 14.75% while the volatility over the past one month is 8.44%.

The market cap for GOEV stock reached $669.71 million, with 240.04 million shares outstanding and 174.89 million shares in the current float. Compared to the average trading volume of 2.31M shares, GOEV reached a trading volume of 7183114 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Canoo Inc. [GOEV]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GOEV shares is $13.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GOEV stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

ROTH Capital have made an estimate for Canoo Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 16, 2021. While these analysts kept the previous recommendation, H.C. Wainwright raised their target price to Buy. The new note on the price target was released on September 07, 2021, representing the official price target for Canoo Inc. stock.

The Average True Range (ATR) for Canoo Inc. is set at 0.41 The Price to Book ratio for the last quarter was 1.87, with the Price to Cash per share for the same quarter was set at 0.94.

How has GOEV stock performed recently?

Canoo Inc. [GOEV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -43.18. With this latest performance, GOEV shares dropped by -46.14% in over the last four-week period, additionally sinking by -67.22% over the last 6 months – not to mention a drop of -62.14% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GOEV stock in for the last two-week period is set at 21.57, with the RSI for the last a single of trading hit 14.47, and the three-weeks RSI is set at 27.18 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 5.21, while it was recorded at 3.83 for the last single week of trading, and 7.01 for the last 200 days.

Canoo Inc. [GOEV]: Deeper insight into the fundamentals

Return on Equity for this stock declined to -75.73, with Return on Assets sitting at -54.33.

Canoo Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.10 and a Current Ratio set at 2.10.

Insider trade positions for Canoo Inc. [GOEV]

There are presently around $138 million, or 38.70% of GOEV stock, in the hands of institutional investors. The top three institutional holders of GOEV stocks are: VANGUARD GROUP INC with ownership of 11,896,215, which is approximately -0.245% of the company’s market cap and around 26.40% of the total institutional ownership; BLACKROCK INC., holding 7,693,198 shares of the stock with an approximate value of $27.77 million in GOEV stocks shares; and INVESCO LTD., currently with $10.18 million in GOEV stock with ownership of nearly -35.203% of the company’s market capitalization.

Positions in Canoo Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 81 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 5,165,319 shares. Additionally, 49 investors decreased positions by around 3,927,755 shares, while 33 investors held positions by with 29,101,008 shares. The mentioned changes placed institutional holdings at 38,194,082 shares, according to the latest SEC report filing. GOEV stock had 34 new institutional investments in for a total of 1,770,686 shares, while 21 institutional investors sold positions of 512,183 shares during the same period.