Canoo Inc (NASDAQ: GOEV) Dropped -11.79%, But Don’t Panic

Canoo Inc (NASDAQ:GOEV) shares, rose in value, with the stock price down by -11.79% to the previous day’s close as strong demand from buyers drove the stock to $2.47.

Actively observing the price movement in the last trading, the stock closed the session at $2.80. 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 $1.22. On the whole, GOEV has fluctuated by 11.75% over the past month.

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With the market capitalization of Canoo Inc currently standing at about $140.64 million, investors are eagerly awaiting this quarter’s results, scheduled for May 13, 2024 – May 17, 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 -$1.51, which is expected to increase to -$0.53 for fiscal year -$8.46 and then to about -$2.66 by fiscal year 2025. Data indicates that the EPS growth is expected to be 30.60% in 2025, while the next year’s EPS growth is forecast to be 68.60%.

Analysts have estimated the company’s revenue for the quarter at $9.42 million, with a low estimate of $610k and a high estimate of $30 million. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $132.07 million, representing an increase of 14,806.30% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 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 -10.50% and -21.13% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 43.98, while the 7-day volatility ratio is showing 16.94% which for the 30-day chart, stands at 25.15%. Furthermore, Canoo Inc (GOEV)’s beta value is 1.25, and its average true range (ATR) is 0.65.

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 -11.79% in last session, and over the past year, it shrunk by -83.54%%.

Data on historical trading for Canoo Inc (NASDAQ:GOEV) indicates that the trading volumes over the past 10 days have averaged 16.38 million and over the past 3 months, they’ve averaged 8.16 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 9.88 million shares as on Mar 15, 2024, resulting in a short ratio of 1.66. According to the data, the short interest in Canoo Inc (GOEV) stood at 17.36% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 6.24 million. The stock has fallen by -58.25% 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.