Canoo Inc. (NASDAQ:GOEV) shares, rose in value on Thursday, 03/10/22, with the stock price down by -0.51% to the previous day’s close as strong demand from buyers drove the stock to $5.81.
Actively observing the price movement in the last trading, the stock closed the session at $5.84, falling within a range of $5.4923 and $5.815. The value of beta (5-year monthly) was 0.11. Referring to stock’s 52-week performance, its high was $16.68, and the low was $4.81. On the whole, GOEV has fluctuated by -5.37% over the past month.
With the market capitalization of Canoo Inc. currently standing at about $1.48 billion, investors are eagerly awaiting this quarter’s results, scheduled for Mar 28, 2022 – Apr 01, 2022. 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 -$0.51, which is expected to increase to -$0.5 for fiscal year -$1.43 and then to about -$1.87 by fiscal year 2022. Data indicates that the EPS growth is expected to be -76.50% in 2022, while the next year’s EPS growth is forecast to be -30.80%.
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 50% 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 2.74% and -6.25% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 50.89, while the 7-day volatility ratio is showing 8.42% which for the 30-day chart, stands at 8.03%. Furthermore, Canoo Inc. (GOEV)’s average true range (ATR) is 0.45.
Data on historical trading for Canoo Inc. (NASDAQ:GOEV) indicates that the trading volumes over the past 10 days have averaged 2.9 million and over the past 3 months, they’ve averaged 3.13 million. According to company’s latest data on outstanding shares, there are 254.56 million shares outstanding.
Nearly 13.30% of Canoo Inc.’s shares belong to company insiders and institutional investors own 37.50% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 34.27 million shares as on Feb 14, 2022, resulting in a short ratio of 10.6. According to the data, the short interest in Canoo Inc. (GOEV) stood at 14.36% of shares outstanding as of Feb 14, 2022; the number of short shares registered in Jan 13, 2022 reached 30.21 million. The stock has fallen by -24.74% 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.