Canoo Inc. [GOEV] is -69.82% lower this YTD. Is it still time to buy?

Canoo Inc. [NASDAQ: GOEV] loss -6.80% on the last trading session, reaching $2.33 price per share at the time. 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.”.

Canoo Inc. represents 305.55 million in outstanding shares, while the company has a total market value of $711.93 million with the latest information. GOEV stock price has been found in the range of $2.31 to $2.47.

If compared to the average trading volume of 14.02M shares, GOEV reached a trading volume of 4778056 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying 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 $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 2.30. 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.

Stifel have made an estimate for Canoo Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 16, 2022. While these analysts kept the previous recommendation, ROTH Capital dropped their target price from $9 to $14. The new note on the price target was released on December 16, 2021, representing the official price target for Canoo Inc. stock. Previously, the target price had yet another raise to $15, while H.C. Wainwright analysts kept a Buy rating on GOEV stock.

The Average True Range (ATR) for Canoo Inc. is set at 0.27 The Price to Book ratio for the last quarter was 2.99, with the Price to Cash per share for the same quarter was set at 0.11.

Trading performance analysis for GOEV stock

Canoo Inc. [GOEV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -8.63. With this latest performance, GOEV shares dropped by -36.34% in over the last four-week period, additionally sinking by -60.31% over the last 6 months – not to mention a drop of -65.63% 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 32.15, with the RSI for the last a single of trading hit 26.87, and the three-weeks RSI is set at 36.62 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 3.45, while it was recorded at 2.55 for the last single week of trading, and 4.85 for the last 200 days.

Canoo Inc. [GOEV]: A deeper dive into fundamental analysis

Canoo Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.40 and a Current Ratio set at 0.40.

An analysis of insider ownership at Canoo Inc. [GOEV]

There are presently around $110 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 $18.35 million in GOEV stocks shares; and INVESCO LTD., currently with $16.22 million in GOEV stock with ownership of nearly 90.734% of the company’s market capitalization.

75 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 11,424,859 shares. Additionally, 74 investors decreased positions by around 3,170,126 shares, while 33 investors held positions by with 32,439,383 shares. The mentioned changes placed institutional holdings at 47,034,368 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 33 institutional investors sold positions of 1,276,266 shares during the same period.

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