Canoo Inc (NASDAQ:GOEV) shares, rose in value, with the stock price down by -3.68% to the previous day’s close as strong demand from buyers drove the stock to $1.31.
Actively observing the price movement in the last trading, the stock closed the session at $1.36. The value of beta (5-year monthly) was 1.18. Referring to stock’s 52-week performance, its high was $19.50, and the low was $1.28. On the whole, GOEV has fluctuated by -60.67% over the past month.
With the market capitalization of Canoo Inc currently standing at about $74.59 million, investors are eagerly awaiting this quarter’s results, scheduled for Apr 01, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$1.77, which is expected to increase to -$1.61 for fiscal year -$13.82 and then to about -$8.91 by fiscal year 2024. Data indicates that the EPS growth is expected to be 66.80% in 2024, while the next year’s EPS growth is forecast to be 35.50%.
Analysts have estimated the company’s revenue for the quarter at $700k, with a low estimate of $200k and a high estimate of $1.02 million.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that GOEV’s technical picture suggests that short-term indicators denote the stock is a 100% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of GOEV currently trading nearly -46.12% and -62.99% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 22.43, while the 7-day volatility ratio is showing 20.20% which for the 30-day chart, stands at 13.42%. Furthermore, Canoo Inc (GOEV)’s beta value is 1.17, and its average true range (ATR) is 0.33.
A comparison of Canoo Inc (GOEV) with its peers suggests the former has fared considerably weaker in the market. GOEV showed an intraday change of -3.68% in last session, and over the past year, it shrunk by -90.25%%.
Data on historical trading for Canoo Inc (NASDAQ:GOEV) indicates that the trading volumes over the past 10 days have averaged 5.5 million and over the past 3 months, they’ve averaged 3.33 million. According to company’s latest data on outstanding shares, there are 56.94 million shares outstanding.
Nearly 11.33% of Canoo Inc’s shares belong to company insiders and institutional investors own 6.58% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 6.86 million shares as on Feb 29, 2024, resulting in a short ratio of 1.94. According to the data, the short interest in Canoo Inc (GOEV) stood at 14.17% of shares outstanding as of Feb 29, 2024; the number of short shares registered in Jan 31, 2024 reached 4.18 million. The stock has fallen by -77.86% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the GOEV stock heading into the next quarter.
