Canoo Inc. [GOEV] fell -59.84% so far this year. What now?

Canoo Inc. [NASDAQ: GOEV] stock went on a downward path that fall over -6.63% on Tuesday, amounting to a one-week price decrease of less than -8.01%. The company report on August 23, 2022 that Canoo Vehicles for Walmart Complete Advanced Deliveries to Refine and Finalize Vehicle Custom Configuration.

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Within two weeks of signing an agreement to purchase 4,500 vehicles, Canoo (NASDAQ: GOEV), & Walmart (NYSE: WMT) InHome launched advanced deliveries to finalize their unique configuration for their Lifestyle Delivery Vehicles (LDV) order. Canoo LDV’s were deployed for real world deliveries in a 7-days-a-week program in the Dallas Fort Worth metroplex (DFW). InHome delivery is an optional add-on for Walmart+ members offering unlimited delivery from Walmart stores to their door and beyond.

“It’s been awesome to work with Walmart’s highly experienced team to rapidly deploy our LDV’s in real world use cases to finalize a configuration for Walmart,” said Tony Aquila, Investor, Chairman & CEO at Canoo. “Our LDV has been engineered to enable a wide range of package deliveries, including refrigerated items, groceries and general merchandise – and do it efficiently, emission free and with a high level of driver comfort and ergonomics. And we have been turning a lot of heads in the neighborhoods when driving by in our uniquely identifiable vehicles.”.

Over the last 12 months, GOEV stock dropped by -56.46%. The one-year Canoo Inc. stock forecast points to a potential upside of 67.37. The average equity rating for GOEV stock is currently 2.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $900.86 million, with 290.60 million shares outstanding and 213.14 million shares in the current float. Compared to the average trading volume of 13.24M shares, GOEV stock reached a trading volume of 6377281 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $9.50 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 2.00. 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 0.34 The Price to Book ratio for the last quarter was 3.97, with the Price to Cash per share for the same quarter was set at 0.12.

GOEV Stock Performance Analysis:

Canoo Inc. [GOEV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.01. With this latest performance, GOEV shares dropped by -9.36% in over the last four-week period, additionally sinking by -43.33% over the last 6 months – not to mention a drop of -56.46% 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 40.51, with the RSI for the last a single of trading hit 34.05, and the three-weeks RSI is set at 43.94 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 3.31, while it was recorded at 3.45 for the last single week of trading, and 5.42 for the last 200 days.

Insight into Canoo Inc. 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 0.40 and a Current Ratio set at 0.40.

Canoo Inc. [GOEV] Insider Position Details

There are presently around $146 million, or 36.50% of GOEV stock, in the hands of institutional investors. The top three institutional holders of GOEV stocks are: VANGUARD GROUP INC with ownership of 13,684,395, which is approximately 15.112% of the company’s market cap and around 2.00% of the total institutional ownership; BLACKROCK INC., holding 7,874,977 shares of the stock with an approximate value of $24.41 million in GOEV stocks shares; and INVESCO LTD., currently with $21.59 million in GOEV stock with ownership of nearly 90.734% of the company’s market capitalization.

Positions in Canoo Inc. stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 75 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 11,424,859 shares. Additionally, 75 investors decreased positions by around 3,170,175 shares, while 32 investors held positions by with 32,439,285 shares. The mentioned changes placed institutional holdings at 47,034,319 shares, according to the latest SEC report filing. GOEV stock had 37 new institutional investments in for a total of 3,825,319 shares, while 34 institutional investors sold positions of 1,276,315 shares during the same period.


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