Can Canoo Inc. (GOEV) Add Value To Your Portfolio?


As of Wednesday close, Canoo Inc.’s (NASDAQ:GOEV) stock was up $0.03, moving up 2.37 percent to $1.08. The average number of shares traded per day over the past five days has been 9,788,520 shares. 1 time new highs have been achieved over the past 5 days, with a -$0.2500 fall in that time frame. In the last twenty days, the average volume was 10,832,104, while in the previous 50 days, it was 9,167,272.

Since last month, GOEV stock retreated -23.40%. Shares of the company fell to $1.0200 on 11/22/22, the lowest level in the past month. A 52-week high of $13.35 was reached on 01/03/22 after having rallying from a 52-week low of $1.02. Since the beginning of this year, GOEV’s stock price has dropped by -86.01% or -$6.6400, and marked a new high 1 time. However, the stock has declined by -91.91% since its 52-week high.

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GOEV stock investors should be aware that Canoo Inc. (GOEV) stock had its last reported insider trading activity 4 days ago on Nov 21. Aquila Tony, the Executive Chairman and CEO of the company, purchased of 4,504,505 shares for $1.11 on Nov 21. It resulted in a $5,000,001 investment by the insider. Sheeran Josette sold 36,880 shares at an average price of $1.44 on Nov 16. The insider now owns 1,361,511 shares following the transaction. On Nov 16, SVP, ICFO and CAO MURTHY RAMESH sold 516 shares at $1.44 apiece. The transaction was valued at $743.

Financial Health

In the three months ended June 29, Canoo Inc.’s quick ratio stood at 0.20, while its current ratio was 0.20, showing that the company is not able to pay off its debt.

While analysts expected Canoo Inc. to report -$0.53 quarterly earnings, the actual figure was -$0.68 per share, beating the consensus estimate by -28.30%. The liabilities of Canoo Inc. were 216.91 million at the end of its most recent quarter ended June 29, and its total debt was $26.98 million. The value of shareholders’ equity is $324.5 million.

Technical Picture

This quick technical analysis looks at Canoo Inc.’s (GOEV) price momentum. With a historical volatility rate of 167.25%, the RSI 9-day stood at 31.67% on 23 November.

With respect to its five-day moving average, the current Canoo Inc. price is down by -18.80% percent or -$0.2500. At present, GOEV shares trade -23.40% below its 20-day simple moving average and -49.77% percent below its 100-day simple moving average. However, the stock is currently trading approximately -58.46% below its SMA50 and -82.41% below its SMA200.

Stochastic coefficient K was 6.03% and Stochastic coefficient D was 8.77%, while ATR was 0.1294. Given the Stochastic reading of 9.09% for the 14-day period, the RSI (14) reading has been calculated as 33.11%. As of today, the MACD Oscillator reading stands at -0.2006, while the 14-day reading stands at -0.1885.

Analyst Ratings

Stifel launched its rating on Canoo Inc. (NASDAQ: GOEV) to a Buy in a note to investors on September 16, 2022. Canoo Inc. (GOEV) has been rated Overweight by analysts. According to 0 brokerage firms, GOEV is a sell, and 1 firms recommend it is a Hold. There are 0 analysts who say the stock is underweight. A total of 0 analysts rate Canoo Inc. stock as buy, with 3 recommending it as overweight.

With a median target price of $5.00, the current consensus forecast for the stock is $1.00 – $10.00. Based on these forecasts, analysts predict Canoo Inc. (GOEV) will achieve an average price target of $5.25.


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