Canoo Inc. [GOEV] Is Currently -6.97 below its 200 Period Moving Avg: What Does This Mean?

Canoo Inc. [NASDAQ: GOEV] loss -6.97% or -0.05 points to close at $0.73 with a heavy trading volume of 25899282 shares.

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It opened the trading session at $0.7642, the shares rose to $0.7842 and dropped to $0.7202, the range by which the price of stock traded the whole day. The daily chart for GOEV points out that the company has recorded -80.01% loss over the past six months. However, it is still 0.0% lower than its most recent low trading price.

If we look at the average trading volume of 15.63M shares, GOEV reached to a volume of 25899282 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 $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 0.10 The Price to Book ratio for the last quarter was 0.88, with the Price to Cash per share for the same quarter was set at 0.01.

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 -18.51. With this latest performance, GOEV shares dropped by -41.62% in over the last four-week period, additionally sinking by -80.01% over the last 6 months – not to mention a drop of -85.78% 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 27.28, with the RSI for the last a single of trading hit 20.18, and the three-weeks RSI is set at 31.93 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 1.1352, while it was recorded at 0.8162 for the last single week of trading, and 2.1728 for the last 200 days.

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

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 0.20 and a Current Ratio set at 0.20.

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

There are presently around $46 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 22,964,694, which is approximately 36.878% of the company’s market cap and around 3.00% of the total institutional ownership; BLACKROCK INC., holding 12,571,490 shares of the stock with an approximate value of $9.18 million in GOEV stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $2.92 million in GOEV stock with ownership of nearly 46.114% of the company’s market capitalization.

Positions in Canoo Inc. stocks held by institutional investors increased at the end of Monday and at the time of the Monday reporting period, where 120 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 18,858,227 shares. Additionally, 46 investors decreased positions by around 7,927,963 shares, while 36 investors held positions by with 35,788,463 shares. The mentioned changes placed institutional holdings at 62,574,653 shares, according to the latest SEC report filing. GOEV stock had 55 new institutional investments in for a total of 3,759,217 shares, while 20 institutional investors sold positions of 1,270,335 shares during the same period.


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