Stifel lifts Canoo Inc. [GOEV] price estimate. Who else is bullish?

Canoo Inc. [NASDAQ: GOEV] price plunged by -1.86 percent to reach at -$0.02. The company report on April 10, 2023 at 6:00 AM that Canoo Secures Oklahoma City Manufacturing Facility.

Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company has entered into a long-term lease agreement with an affiliate of AFV Partners, a related party, for its recently announced Vehicle Manufacturing Facility in Oklahoma City.  Canoo will initially occupy close to 500,000 square feet, with the ability to expand. In phase 1, Canoo expects to employ more than 500 people, ramping teams over the coming months.

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“One of the reasons we picked Oklahoma is because it has one of the most amazing work forces in America. They have proven themselves across many industries, including aviation and aero defense, which is why we are excited to announce our second manufacturing facility in Oklahoma City, following our Vehicle Module Manufacturing Facility event on April 5, in Pryor, OK,” said Tony Aquila, Chairman and CEO at Canoo. “I want to thank Mayor Holt and the people of Oklahoma City for welcoming us. I also want to thank Secretary of Commerce Mariska and his team for all their help, as well as Terex leadership for allowing us to get started with our teams prior to the close.”.

A sum of 9589787 shares traded at recent session while its average daily volume was at 23.14M shares. Canoo Inc. shares reached a high of $0.778 and dropped to a low of $0.7301 until finishing in the latest session at $0.76.

The one-year GOEV stock forecast points to a potential upside of 80.56. The average equity rating for GOEV stock is currently 2.00, trading closer to a bullish pattern in the stock market.

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 $3.91 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 1.06, with the Price to Cash per share for the same quarter was set at 0.08.

GOEV Stock Performance Analysis:

Canoo Inc. [GOEV] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 12.26. With this latest performance, GOEV shares gained by 30.43% in over the last four-week period, additionally sinking by -46.42% over the last 6 months – not to mention a drop of -84.44% 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 60.41, with the RSI for the last a single of trading hit 67.50, and the three-weeks RSI is set at 54.38 for Canoo Inc. [GOEV]. The present Moving Average for the last 50 days of trading for this stock 0.6917, while it was recorded at 0.7479 for the last single week of trading, and 1.7343 for the last 200 days.

Insight into Canoo Inc. Fundamentals:

Return on Equity for this stock declined to -168.00, with Return on Assets sitting at -95.67.

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 $47 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 $9.57 million in GOEV stocks shares; and GEODE CAPITAL MANAGEMENT, LLC, currently with $3.04 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 110 institutional holders increased their position in Canoo Inc. [NASDAQ:GOEV] by around 18,410,571 shares. Additionally, 52 investors decreased positions by around 8,016,544 shares, while 37 investors held positions by with 35,625,362 shares. The mentioned changes placed institutional holdings at 62,052,477 shares, according to the latest SEC report filing. GOEV stock had 45 new institutional investments in for a total of 3,521,702 shares, while 26 institutional investors sold positions of 1,319,861 shares during the same period.


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