Canoo Inc. [NASDAQ: GOEV] closed the trading session at $0.58 on 03/10/23. The day’s price range saw the stock hit a low of $0.5602, while the highest price level was $0.60. The company report on February 6, 2023 that Canoo Inc. Announces $52.5 Million Registered Direct Offering.
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Canoo Inc. (Nasdaq: GOEV) (the “Company” or “Canoo”), a high-tech advanced mobility company, announced today that it has entered into definitive agreements with certain institutional investors for the purchase and sale of 50,000,000 shares of the Company’s common stock together with warrants to purchase up to 50,000,000 shares of common stock at a combined purchase price of $1.05 per share and accompanying warrant, pursuant to a registered direct offering. The warrants will have an exercise price of $1.30 per share, will be initially exercisable beginning six months following the date of issuance and will expire five years from the initial exercise date.
The closing of the offering is expected to occur on or about February 8, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds from the offering are expected to be approximately $52.5 million. The Company intends to use the net proceeds from the offering for general working capital purposes.
The stocks have a year to date performance of -52.66 percent and weekly performance of -21.57 percent. The stock has been moved at -78.27 percent over the last six months. The stock has performed -44.54 percent around the most recent 30 days and changed -57.50 percent over the most recent 3-months.
If compared to the average trading volume of 18.59M shares, GOEV reached to a volume of 15483351 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to 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 $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 0.07 The Price to Book ratio for the last quarter was 0.70, with the Price to Cash per share for the same quarter was set at 0.02.
GOEV stock trade performance evaluation
Canoo Inc. [GOEV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -21.57. With this latest performance, GOEV shares dropped by -44.54% in over the last four-week period, additionally sinking by -78.27% over the last 6 months – not to mention a drop of -90.03% 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 26.35, with the RSI for the last a single of trading hit 21.91, and the three-weeks RSI is set at 30.17 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 1.0319, while it was recorded at 0.6309 for the last single week of trading, and 2.0403 for the last 200 days.
Canoo Inc. [GOEV]: An insightful look at the core 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 0.20 and a Current Ratio set at 0.20.
Canoo Inc. [GOEV]: Insider Ownership positions
There are presently around $36 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 $7.32 million in GOEV stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $2.32 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 119 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 18,843,102 shares. Additionally, 46 investors decreased positions by around 7,860,188 shares, while 36 investors held positions by with 35,870,588 shares. The mentioned changes placed institutional holdings at 62,573,878 shares, according to the latest SEC report filing. GOEV stock had 54 new institutional investments in for a total of 3,744,092 shares, while 19 institutional investors sold positions of 1,201,785 shares during the same period.