Canoo Inc. (GOEV): Here Are Some Research Recommendations

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Canoo Inc. (NASDAQ:GOEV) finished Thursday with an addition of $0.15 to close at $1.22, an upside of 14.02 percent. An average of 8,576,940 shares of common stock have been traded in the last five days. There was a gain of $0.0100 in the past week, and it reached a new high 1 time over the past 12 months. The last 20 days have seen an average of 9,147,755 shares traded, while the 50-day average volume stands at 10,152,398.

GOEV stock has decreased by -1.61% in the last month. The company shares reached their 1-month lowest point of $1.0400 on 12/29/22. With the stock rallying to its 52-week high on 01/03/22, shares of the company touched a low of $1.02 and a high of $8.27 in 52 weeks. It has reached a new high 1 time so far this year and lost -84.20% or -$6.5000 in price. In spite of this, the price is down -85.26% from the 52-week high.


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Insider Transactions

GOEV stock investors should be aware that Canoo Inc. (GOEV) stock had its last reported insider trading activity 14 days ago on Dec 16. In this transaction, the insider spent $211. GENERAL COUNSEL, CORP SECY, Ruiz Hector M., disposed of 898 shares at a price of $1.24 on Dec 16. The insider now owns more than $1,114 worth of shares. Prior to that, SVP, ICFO and CAO MURTHY RAMESH went on to Sale 10,735 shares at $1.06 each on Nov 23. An amount of $11,379 was transacted.

Valuation Metrics

Canoo Inc. (GOEV) stock’s beta is 1.22. Other valuation ratios to consider include the price-to-book (PB) ratio at 1.47.

Financial Health

The quick ratio of Canoo Inc. for the three months ended September 29 was 0.20, and the current ratio was 0.20, indicating that the company is not 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 0.05 for the quarter ending September 29.

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 -122.20%.

Earnings Surprise

The company posted a net income of -$117.71 million in the quarter, while revenues of -$164.39 million were grew 31.29%. The analyst consensus anticipated Canoo Inc.’s latest quarter earnings to come in at -$0.48 per share, but it turned out to be -$0.43, a 10.40% surprise. Shareholders own equity worth $324.5 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 29 December was 51.89%, suggesting the stock is Neutral, with historical volatility in this time frame at 100.42%.

As of today, GOEV’s price is $1.1260 +0.83% or $0.0100 from its 5-day moving average. GOEV is currently trading -8.96% lower than its 20-day SMA and -69.04% lower than its 100-day SMA. However, the stock’s current price level is -16.44% below the SMA50 and -78.10% below the SMA200.

The stochastic %K and %D were 22.48% and 17.47%, respectively, and the average true range (ATR) was 0.1065. With the 14-day stochastic at 53.73% and the average true range at 0.1118, the RSI (14) stands at 48.40%. The stock has reached -0.0456 on the 9-day MACD Oscillator while the 14-day reading was at -0.0812.

Analyst Ratings

Stifel launched coverage on Canoo Inc. (NASDAQ: GOEV) in its analyst report released on September 16, 2022. The firm assigned the stock 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 0 analysts 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 $1.00 and $10.00, with a median target of $6.00. Taking a look at these predictions, the average price target given by analysts for Canoo Inc. (GOEV) stock is $5.67.

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