Canoo Inc. [GOEV] Is Currently 0.00 below its 200 Period Moving Avg: What Does This Mean?

Canoo Inc. [NASDAQ: GOEV] traded at a low on 11/07/22, posting a 0.00 loss after which it closed the day’ session at $1.32. The company report on November 2, 2022 that Canoo Announces EV Battery Module Manufacturing Facility in Oklahoma.


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Canoo (NASDAQ: GOEV), a leading high-tech advanced mobility company has announced an EV Battery Module Manufacturing Facility at MidAmerica Industrial Park in Pryor, OK. The new facility will expand Canoo’s manufacturing and employment footprint in the region. Once ramped, the facility will be capable of approximately 320 MWhs of battery module manufacturing capacity.

This is the first building block for Canoo’s production ramp strategy, with more news coming very soon.

The results of the trading session contributed to over 5496448 shares changing hands. Over the past one week, the price volatility of Canoo Inc. stands at 5.65% while the volatility over the past one month is 8.25%.

The market cap for GOEV stock reached $360.84 million, with 273.37 million shares outstanding and 214.06 million shares in the current float. Compared to the average trading volume of 7.26M shares, GOEV reached a trading volume of 5496448 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 0.11 The Price to Book ratio for the last quarter was 1.69, with the Price to Cash per share for the same quarter was set at 0.12.

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 -3.65. With this latest performance, GOEV shares dropped by -12.00% in over the last four-week period, additionally sinking by -65.31% over the last 6 months – not to mention a drop of -84.58% 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 28.38, with the RSI for the last a single of trading hit 28.13, and the three-weeks RSI is set at 30.68 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 1.9735, while it was recorded at 1.3320 for the last single week of trading, and 3.7598 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 $62 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 $10.39 million in GOEV stocks shares; and INVESCO LTD., currently with $9.19 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 78 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 11,344,650 shares. Additionally, 67 investors decreased positions by around 3,011,434 shares, while 35 investors held positions by with 32,740,870 shares. The mentioned changes placed institutional holdings at 47,096,954 shares, according to the latest SEC report filing. GOEV stock had 37 new institutional investments in for a total of 3,802,182 shares, while 28 institutional investors sold positions of 1,298,720 shares during the same period.

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