Canoo Inc. [GOEV] stock Initiated by Stifel analyst, price target now $4

Canoo Inc. [NASDAQ: GOEV] traded at a low on 10/10/22, posting a -8.67 loss after which it closed the day’ session at $1.37. 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.”.

The results of the trading session contributed to over 5694965 shares changing hands. Over the past one week, the price volatility of Canoo Inc. stands at 9.90% while the volatility over the past one month is 8.66%.

The market cap for GOEV stock reached $404.52 million, with 273.37 million shares outstanding and 214.06 million shares in the current float. Compared to the average trading volume of 13.88M shares, GOEV reached a trading volume of 5694965 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 $8.12 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.

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 0.18 The Price to Book ratio for the last quarter was 1.76, with the Price to Cash per share for the same quarter was set at 0.11.

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 -25.54. With this latest performance, GOEV shares dropped by -49.26% in over the last four-week period, additionally sinking by -73.90% over the last 6 months – not to mention a drop of -78.83% 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 20.14, with the RSI for the last a single of trading hit 13.29, and the three-weeks RSI is set at 26.56 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 2.9066, while it was recorded at 1.6180 for the last single week of trading, and 4.3430 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 0.40 and a Current Ratio set at 0.40.

Insider trade positions for Canoo Inc. [GOEV]

There are presently around $64 million, or 36.30% 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 2.10% of the total institutional ownership; BLACKROCK INC., holding 7,874,977 shares of the stock with an approximate value of $10.79 million in GOEV stocks shares; and INVESCO LTD., currently with $9.54 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 November and at the time of the November reporting period, where 73 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 11,407,581 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 47,017,090 shares, according to the latest SEC report filing. GOEV stock had 35 new institutional investments in for a total of 3,808,041 shares, while 33 institutional investors sold positions of 1,276,266 shares during the same period.


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