Is Canoo Inc (NASDAQ: GOEV) Back In The Buying Zone?

Currently, there are 56.94M common shares owned by the public and among those 50.48M shares have been available to trade.

The company’s stock has a 5-day price change of -17.74% and -37.08% over the past three months. GOEV shares are trading -39.65% year to date (YTD), with the 12-month market performance down to -73.37% lower. It has a 12-month low price of $1.22 and touched a high of $19.50 over the same period. GOEV has an average intraday trading volume of 7.65 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 37.32%, 12.75%, and -55.32% respectively.

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Institutional ownership of Canoo Inc (NASDAQ: GOEV) shares accounts for 6.58% of the company’s 56.94M shares outstanding.

It has a market capitalization of $203.28M and a beta (3y monthly) value of 1.22. The earnings-per-share (ttm) stands at -$4.75. Price movements for the stock have been influenced by the stock’s volatility, which stands at 17.74% over the week and 23.60% over the month.

Analysts forecast that Canoo Inc (GOEV) will achieve an EPS of -$1.77 for the current quarter, -$1.96 for the next quarter and -$8.87 for 2024. The lowest estimate earnings-per-share for the quarter is -$2.07 while analysts give the company a high EPS estimate of -$1.38. Comparatively, EPS for the current quarter was -$5.75 a year ago. Earnings per share for the fiscal year are expected to increase by 66.99%, and 35.41% over the next financial year.

Looking at the support for the GOEV, a number of firms have released research notes about the stock. Wedbush stated their Outperform rating for the stock in a research note on January 05, 2024, with the firm’s price target at $4. Stifel coverage for the Canoo Inc (GOEV) stock in a research note released on September 16, 2022 offered a Buy rating with a price target of $4. ROTH Capital was of a view on December 16, 2021 that the stock is Buy, while H.C. Wainwright gave the stock Buy rating on September 07, 2021, issuing a price target of $15. BofA Securities on their part issued Underperform rating on April 20, 2021.

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