The trading price of Canoo Inc (NASDAQ:GOEV) closed higher on Thursday, March 29, closing at $3.57, 9.85% higher than its previous close.
In examining the 52-week price action we see that the stock hit a 52-week high of $19.50 and a 52-week low of $1.22. Over the past month, the stock has gained 47.69% in value.
Canoo Inc, whose market valuation is $203.28 million at the time of this writing, is expected to release its quarterly earnings report Apr 01, 2024. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$1.77 per share this quarter, however they have predicted annual earnings per share of -$13.82 for 2023 and -$8.87 for 2024. It means analysts are expecting annual earnings per share growth of 66.80% this year and 35.80% next year.
Analysts have forecast the company to bring in revenue of $700k for the current quarter, with the likely lows of $200k and highs of $1.02 million. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2023 is $1.24 million.
A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Canoo Inc No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest GOEV has a 50% Sell on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently 100% Sell.
A quick review shows that GOEV’s price is currently 37.32% off the SMA20 and 12.75% off the SMA50. The RSI metric on the 14-day chart is currently showing 56.38, and weekly volatility stands at 17.74%. When measured over the past 30 days, the indicator reaches 23.60%. Canoo Inc (NASDAQ:GOEV)’s beta value is currently sitting at 1.22, while the Average True Range indicator is currently displaying 0.61.
To see how Canoo Inc stock has been performing in comparison to its peers in the industry, here are the numbers: GOEV stock’s performance was 9.85% in the latest trading, and -73.37% in the past year.
An evaluation of the daily trading volume of Canoo Inc (NASDAQ:GOEV) indicates that the 3-month average is 7.65 million. However, this figure has increased over the past 10 days to an average of 29.13 million.
Currently, records show that 56.94 million of the company’s shares remain outstanding. The insiders hold 11.33% of outstanding shares, whereas institutions hold 6.58%. The stats also highlight that short interest as of Mar 15, 2024, stood at 9.88 million shares, resulting in a short ratio of 1.66 at that time. From this, we can conclude that short interest is 17.36% of the company’s total outstanding shares. It is noteworthy that short shares in March were up slightly from the previous month’s figure, which was 6.24 million. However, since the stock’s price has seen -39.65% year-to-date, investors’ interest is likely to be reignited due to its potential to move even lower.
