What You Need To Know About Canoo Inc. (GOEV)

Canoo Inc. (NASDAQ:GOEV) trading with a subtraction of -$0.08 to $7.14 on Thursday, a downside of -1.18 percent. An average of 1,493,755 shares of common stock have been traded in the last five days. There was a gain of $0.54 in the past week, and it reached a new high 13 times over the past 12 months. The last 20 days have seen an average of 4,996,874 shares traded, while the 50-day average volume stands at 3,796,209.

GOEV stock has increased by 4.94% in the last month. The company shares reached their 1-month lowest point of $6.29 on 09/22/21. With the stock rallying to its 52-week high on 01/13/21, shares of the company touched a low of $5.75 and a high of $24.90 in 52 weeks. It has reached a new high 6 times so far this year and lost -47.68% or -$6.62 in price. In spite of this, the price is down -71.35% from the 52-week high.


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Valuation Metrics

Canoo Inc. (GOEV) has a trailing price-to-earnings (P/E) ratio of 15.45 for the broader industry and 31.25 for the sector. Other valuation ratios to consider include the trailing price-to-sales (P/S) ratio at 676.79, the price-to-book (PB) ratio at 3.13.

The quick ratio of Canoo Inc. for the three months ended June 29 was 5.00, and the current ratio was 5.00, indicating that the company is able to meet its debt obligations. Further, the company has a long term debt to equity ratio of 0.00 and a total debt to equity ratio of 0.00 for the quarter ending June 29. Canoo Inc.’s EBITDA margin for the year ending June 29 is -7527.88%. Its gross profit as reported stood at $1.88 million compared to revenue of $2.55 million.

For investors, determining the potential profitability of the investment also depends on the performance of the company’s management. In the past 12 months, Canoo Inc.’s return on assets was -35.10%. For the broader industry, ROE averaged 10.14 over the past year.

Earnings Surprise

In the quarter under review, the net income was up than the previous quarter. The company posted a net income of -$112.55 million in the quarter, while revenues of -$15.23 million were grew 100.0%. The analyst consensus anticipated Canoo Inc.’s latest quarter earnings to come in at -$0.35 per share, but it turned out to be -$0.5, a -42.90% surprise. For the quarter, EBITDA amounted to -$102.26 million. Shareholders own equity worth $237.49 million.

Technical Picture

From a technical analysis perspective, let’s take a brief look at Canoo Inc. (GOEV) price momentum. RSI 9-day as of the close on 13 October was 52.87%, suggesting the stock is Neutral, with historical volatility in this time frame at 50.04%.

As of today, GOEV’s price is $6.89 +8.13% or $0.54 from its 5-day moving average. GOEV is currently trading +7.49% higher than its 20-day SMA and -7.24% lower than its 100-day SMA. However, the stock’s current price level is -5.90% below the SMA50 and -50.92% below the SMA200.

The stochastic %K and %D were 24.49% and 18.72%, respectively, and the average true range (ATR) was 0.45. With the 14-day stochastic at 26.66% and the average true range at 0.50, the RSI (14) stands at 50.60%. The stock has reached 0.29 on the 9-day MACD Oscillator while the 14-day reading was at 0.00.

Analyst Ratings

H.C. Wainwright launched coverage on Canoo Inc. (NASDAQ: GOEV) in its analyst report released on September 07, 2021. The firm assigned the stock a a Buy rating.The consensus rating for Canoo Inc. (GOEV) among analysts is Overweight. According to current brokerage recommendations, 0 brokerage firms advise that investors sell GOEV, while 1 suggest investors hold. There are 1 analyst who rate the stock as underweight. The stock is rated overweight by 0 analysts, while 2 others rate it as a “buy”.

What is GOEV’s price target for the next 12 months?

Analysts predict a range of price targets between $5.00 and $19.00, with a median target of $11.00. Taking a look at these predictions, the average price target given by analysts for Canoo Inc. (GOEV) stock is $11.50.

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