Canoo Inc (NASDAQ: GOEV) Stock Price Forecast: $100

Canoo Inc (NASDAQ:GOEV) shares, rose in value on Thursday, May 16, with the stock price up by 8.30% to the previous day’s close as strong demand from buyers drove the stock to $2.87.

Actively observing the price movement in the recent trading, the stock is buoying the session at $2.65. 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 0.35% over the past month.

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Technical indicators serve as essential tools for traders, offering insights into market sentiment and potential price movements. We see that GOEV’s technical picture suggests that short-term indicators denote the stock is a Hold on average. However, medium-term indicators have put the stock in the category of 50% 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 2.72% and 5.61% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 53.16, while the 7-day volatility ratio is showing 8.78% which for the 30-day chart, stands at 9.42%. Furthermore, Canoo Inc (GOEV)’s beta value is 1.31, and its average true range (ATR) is 0.30.

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 8.30% in today’s session so far, and over the past year, it shrunk by -79.88%%.

Data on historical trading for Canoo Inc (NASDAQ:GOEV) indicates that the trading volumes over the past 3 months, they’ve averaged 8.84 million. According to company’s latest data on outstanding shares, there are 64.47 million shares outstanding.

Nearly 10.75% of Canoo Inc’s shares belong to company insiders and institutional investors own 8.26% of the company’s shares. The stock has fallen by -51.48% 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.

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