The stock of Canoo Inc. (NASDAQ:GOEV) increased by $0.11 on Monday to finish at $0.64, up 21.88 percent. The last five days have seen an average of 46,121,641 shares of common stock traded. 7 times new highs were reached in the current year, with a fall of -$0.5860. The average number of shares traded over the last 20 days was 32,999,363, while the average volume over the last 50 days totaled 41,579,844.
GOEV stock appreciated 18.82% since last month. On 08/18/23, the company’s shares reached a one-month low of $0.4200. The stock touched a high of $3.78 on 01/27/23, after rallying from a low of $0.41 in 52 weeks. The price of GOEV stock has declined by -47.64% or -$0.5860 this year, reaching a new high 7 times. Still, the stock price is down -82.96% 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 8 days ago on Aug 21. On Aug 21, President Sheeran Josette sold 25,052 shares at $0.43 each. This transaction resulted in the insider making $10,772. On Aug 21, MURTHY RAMESH sold 577 shares at a price of US$0.43. After the transaction, the insider now owns 283,326 shares. SVP and CAO MURTHY RAMESH had earlier sold 992 shares on Jul 18 for $0.70 a share. The transaction was completed for $694.
Financial Health
For the three months ended June 29, Canoo Inc.’s quick ratio was 0.10, while its current ratio was 0.10, indicating its inability to pay off its debt. The company’s long-term debt to equity ratio for the quarter ending June 29 is 0.10, and the total debt to equity ratio is 0.24.
Investors will also look at the performance of the company’s management in order to determine the potential profitability of their investment. GOEV’s return on assets (ROA) during the last 12 months has been -73.70%. In the meantime, the return on equity (ROE) for the last 12 months was -151.60%.
Earnings Surprise
According to Canoo Inc.’s quarterly financial report for the quarter that ended June 29. A lower net income was reported in the quarter under review than the previous quarter. It was predicted that Canoo Inc.’s quarterly earnings would be -$0.14, but it ended up being -$0.19, beating the consensus by 26.30%. EBITDA was -$69.0 million for the quarter. At the end of Canoo Inc.’s most recent quarter ended June 29, its liabilities totaled 289.35 million, while its total debt was $96.75 million. Equity owned by shareholders amounts to $628.34 million.
Technical Picture
Here’s a quick look at Canoo Inc.’s (GOEV) price momentum from a technical perspective. As of 28 August, the RSI 9-day stood at 70.65%, suggesting the stock is Overbought, with a 122.48% historical volatility rate.
The stochastic %K and %D were 75.04% and 59.68% respectively, while the average true range (ATR) was 0.0562. Based on the 14-day stochastic reading of 100.00%, the RSI (14) reading is 62.37%. On the 9-day MACD Oscillator, the stock is at 0.0585, and the 14-day reading is at 0.0555.
Analyst Ratings
In its analyst report released on September 16, 2022, Stifel began covering Canoo Inc. (NASDAQ: GOEV). The stock was rated as a Buy by the brokerage firm. Analysts have assigned Canoo Inc. (GOEV) an Buy rating. GOEV is a stock that is recommended for selling by 0 brokerage firms, while 1 companies recommend holding. The stock is underweighted by 0 analysts. Among the analysts who rate the stock, 0 rates it overweight and 4 others recommend it as a buy.
What is GOEV’s price target for the next 12 months?
The current consensus forecast for the stock is between $0.50 and $10.00, with a median target price of $1.55. In analyzing these forecasts, the average price target given by analysts for Canoo Inc. (GOEV) is $3.11.
