As of Thursday close, Canoo Inc.’s (NASDAQ:GOEV) stock was down -$0.08, moving down -11.90 percent to $0.59. The average number of shares traded per day over the past five days has been 58,005,102 shares. 4 times new highs have been achieved over the past 5 days, with a $0.0784 gain in that time frame. In the last twenty days, the average volume was 36,184,219, while in the previous 50 days, it was 41,708,102.
Since last month, GOEV stock retreated -5.85%. Shares of the company fell to $0.4200 on 08/18/23, the lowest level in the past month. A 52-week high of $3.21 was reached on 01/27/23 after having rallying from a 52-week low of $0.41. Since the beginning of this year, GOEV’s stock price has dropped by -51.83% or -$0.6375, and marked a new high 7 times. However, the stock has declined by -81.54% 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 11 days ago on Aug 21. Sheeran Josette, the President of the company, disposed of 25,052 shares for $0.43 on Aug 21. It resulted in a $10,772 divestment by the insider. MURTHY RAMESH sold 577 shares at an average price of $0.43 on Aug 21. The insider now owns 283,326 shares following the transaction. On Jul 18, SVP and CAO MURTHY RAMESH sold 992 shares at $0.70 apiece. The transaction was valued at $694.
Financial Health
In the three months ended June 29, Canoo Inc.’s quick ratio stood at 0.10, while its current ratio was 0.10, showing that the company is not able to pay off its debt. According to company report, the long-term debt-to-equity ratio for the quarter ending June 29 was 0.10, and the total debt-to-equity ratio was 0.24.
According to the earnings report, the company had a lower net income in the recent quarter than it did in the previous quarter. While analysts expected Canoo Inc. to report -$0.19 quarterly earnings, the actual figure was -$0.14 per share, beating the consensus estimate by 26.30%. During the quarter, the company generated -$69.0 million in EBITDA. The liabilities of Canoo Inc. were 289.35 million at the end of its most recent quarter ended June 29, and its total debt was $96.75 million. The value of shareholders’ equity is $628.34 million.
Technical Picture
This quick technical analysis looks at Canoo Inc.’s (GOEV) price momentum. With a historical volatility rate of 131.01%, the RSI 9-day stood at 55.06% on 31 August.
With respect to its five-day moving average, the current Canoo Inc. price is up by +15.25% percent or $0.0784. At present, GOEV shares trade -8.51% below its 20-day simple moving average and +11.69% percent above its 100-day simple moving average. However, the stock is currently trading approximately +12.07% above its SMA50 and -62.50% below its SMA200.
Stochastic coefficient K was 78.69% and Stochastic coefficient D was 84.71%, while ATR was 0.0665. Given the Stochastic reading of 62.96% for the 14-day period, the RSI (14) reading has been calculated as 53.70%. As of today, the MACD Oscillator reading stands at 0.0659, while the 14-day reading stands at 0.1036.
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 Buy 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 4 recommending it as overweight.
With a median target price of $1.55, the current consensus forecast for the stock is $0.50 – $10.00. Based on these forecasts, analysts predict Canoo Inc. (GOEV) will achieve an average price target of $3.11.
