Canoo Inc. [NASDAQ: GOEV] stock went on a downward path that fall over -0.92% on Monday, amounting to a one-week price decrease of less than -12.20%. The company report on November 9, 2022 that CANOO INC. ANNOUNCES THIRD QUARTER 2022 RESULTS.
Strong Customer Demand: Growing Order Book at +$2B with $750M Binding Orders.
Product Validated: Completed Advanced Deliveries to Refine and Finalize Vehicle Custom Configuration for Walmart.
Over the last 12 months, GOEV stock dropped by -84.53%. The one-year Canoo Inc. stock forecast points to a potential upside of 79.43. 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 $400.00 million, with 345.02 million shares outstanding and 298.19 million shares in the current float. Compared to the average trading volume of 10.06M shares, GOEV stock reached a trading volume of 10020311 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 $5.25 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 1.30, with the Price to Cash per share for the same quarter was set at 0.02.
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 -12.20. With this latest performance, GOEV shares dropped by -21.17% in over the last four-week period, additionally sinking by -54.43% over the last 6 months – not to mention a drop of -84.53% 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 39.25, with the RSI for the last a single of trading hit 36.34, and the three-weeks RSI is set at 40.07 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 1.2633, while it was recorded at 1.1660 for the last single week of trading, and 2.8206 for the last 200 days.
Insight into Canoo Inc. Fundamentals:
Canoo Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.20 and a Current Ratio set at 0.20.
Canoo Inc. [GOEV] Insider Position Details
There are presently around $55 million, or 29.90% of GOEV stock, in the hands of institutional investors. The top three institutional holders of GOEV stocks are: VANGUARD GROUP INC with ownership of 16,777,485, which is approximately 22.603% of the company’s market cap and around 3.00% of the total institutional ownership; BLACKROCK INC., holding 9,781,605 shares of the stock with an approximate value of $10.56 million in GOEV stocks shares; and INVESCO LTD., currently with $7.64 million in GOEV stock with ownership of nearly 1.56% of the company’s market capitalization.
Positions in Canoo Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 94 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 8,959,943 shares. Additionally, 57 investors decreased positions by around 4,764,729 shares, while 28 investors held positions by with 37,526,785 shares. The mentioned changes placed institutional holdings at 51,251,457 shares, according to the latest SEC report filing. GOEV stock had 36 new institutional investments in for a total of 1,622,881 shares, while 32 institutional investors sold positions of 2,798,908 shares during the same period.