Canoo Inc [GOEV] Revenue clocked in at $0.52 million, down -75.49% YTD: What’s Next?

Canoo Inc [NASDAQ: GOEV] price surged by 15.96 percent to reach at $0.04. The company report on November 16, 2023 at 12:30 PM that Canoo Contracts with Prime Time Shuttle for Up to 550 Electric Vehicles.

Luxury and airport transportation service will purchase vehicles over multiple years, enhance sustainable fleet.

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Canoo Inc. (Nasdaq: GOEV), a leading high-tech mobility company, today announced a contract with Los Angeles-based Prime Time Shuttle for the purchase of up to 550 electric vehicles.

A sum of 39288797 shares traded at recent session while its average daily volume was at 23.60M shares. Canoo Inc shares reached a high of $0.3027 and dropped to a low of $0.2657 until finishing in the latest session at $0.30.

The one-year GOEV stock forecast points to a potential upside of 81.37. The average equity rating for GOEV stock is currently 1.40, 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 $1.61 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 1.40. 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.

The Average True Range (ATR) for Canoo Inc is set at 0.03, with the Price to Sales ratio for GOEV stock in the period of the last 12 months amounting to 421.11. The Price to Book ratio for the last quarter was 1.18, with the Price to Cash per share for the same quarter was set at 0.02.

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 23.06. With this latest performance, GOEV shares gained by 7.68% in over the last four-week period, additionally sinking by -55.01% over the last 6 months – not to mention a drop of -77.33% 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 51.57, with the RSI for the last a single of trading hit 61.08, and the three-weeks RSI is set at 46.38 for Canoo Inc [GOEV]. The present Moving Average for the last 50 days of trading for this stock 0.3608, while it was recorded at 0.2713 for the last single week of trading, and 0.5685 for the last 200 days.

Insight into Canoo Inc Fundamentals:

Return on Total Capital for GOEV is now -151.60, given the latest momentum, and Return on Invested Capital for the company is -154.09. Return on Equity for this stock declined to -168.00, with Return on Assets sitting at -95.67. When it comes to the capital structure of this company, Canoo Inc [GOEV] has a Total Debt to Total Equity ratio set at 31.04. Additionally, GOEV Total Debt to Total Capital is recorded at 23.69, with Total Debt to Total Assets ending up at 14.79. Long-Term Debt to Equity for the company is recorded at 16.32, with the Long-Term Debt to Total Capital now at 12.45.

Reflecting on the efficiency of the workforce at the company, Canoo Inc [GOEV] managed to generate an average of -$600,608 per employee.Canoo Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.14 and a Current Ratio set at 0.17.

Canoo Inc [GOEV] Institutonal Ownership Details

The top three institutional holders of GOEV stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in GOEV stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in GOEV stock with ownership which is approximately 5.7994%.