The stock price of Canoo Inc (NASDAQ: GOEV) has plunged by -6.67 when compared to previous closing price of 1.80, but the company has seen a -13.85% decline in its stock price over the last five trading sessions. invezz.com reported 2024-08-05 that Canoo (GOEV) stock price has continued in a strong freefall this year as concerns about the Electric Vehicle (EV) companies continued. It has dropped by almost 70% this year and by almost 90% in the past 12 months, giving it a market cap of over $143 million.
Is It Worth Investing in Canoo Inc (NASDAQ: GOEV) Right Now?
The 36-month beta value for GOEV is also noteworthy at 1.30. There are mixed opinions on the stock, with 0 analysts rating it as a “buy,” 0 rating it as “overweight,” 0 rating it as “hold,” and 0 rating it as “sell.”
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The public float for GOEV is 65.67M, and at present, short sellers hold a 16.25% of that float. The average trading volume of GOEV on August 05, 2024 was 3.80M shares.
GOEV’s Market Performance
The stock of Canoo Inc (GOEV) has seen a -13.85% decrease in the past week, with a -20.76% drop in the past month, and a -39.35% fall in the past quarter. The volatility ratio for the week is 8.13%, and the volatility levels for the past 30 days are at 8.85% for GOEV. The simple moving average for the past 20 days is -25.04% for GOEV’s stock, with a -55.04% simple moving average for the past 200 days.
Analysts’ Opinion of GOEV
The Benchmark Company, on the other hand, stated in their research note that they expect to see GOEV reach a price target of $5. The rating they have provided for GOEV stocks is “Buy” according to the report published on April 17th, 2024.
Wedbush gave a rating of “Outperform” to GOEV, setting the target price at $4 in the report published on January 05th of the current year.
GOEV Trading at -21.65% from the 50-Day Moving Average
After a stumble in the market that brought GOEV to its low price for the period of the last 52 weeks, the company was unable to rebound, for now settling with -89.48% of loss for the given period.
Volatility was left at 8.85%, however, over the last 30 days, the volatility rate increased by 8.13%, as shares sank -26.68% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -35.27% lower at present.
During the last 5 trading sessions, GOEV fell by -15.03%, which changed the moving average for the period of 200-days by -78.51% in comparison to the 20-day moving average, which settled at $2.2109. In addition, Canoo Inc saw -71.60% in overturn over a single year, with a tendency to cut further losses.
Insider Trading
Reports are indicating that there were more than several insider trading activities at GOEV starting from MURTHY RAMESH, who sale 10,948 shares at the price of $2.33 back on Jul 03 ’24. After this action, MURTHY RAMESH now owns 181,447 shares of Canoo Inc, valued at $25,509 using the latest closing price.
Ruiz Hector M., the GENERAL COUNSEL, CORP SECY of Canoo Inc, sale 10,937 shares at $2.33 during a trade that took place back on Jul 03 ’24, which means that Ruiz Hector M. is holding 181,513 shares at $25,483 based on the most recent closing price.
Stock Fundamentals for GOEV
Current profitability levels for the company are sitting at:
- -280.97 for the present operating margin
- -15.22 for the gross margin
The net margin for Canoo Inc stands at -363.4. The total capital return value is set at -0.72. Equity return is now at value -147.69, with -62.35 for asset returns.
Based on Canoo Inc (GOEV), the company’s capital structure generated 0.35 points at debt to capital in total, while cash flow to debt ratio is standing at -2.36. The debt to equity ratio resting at 0.53. The interest coverage ratio of the stock is -28.38.
Currently, EBITDA for the company is -253.98 million with net debt to EBITDA at -0.37. When we switch over and look at the enterprise to sales, we see a ratio of 242.34. The liquidity ratio also appears to be rather interesting for investors as it stands at 0.16.
Conclusion
In summary, Canoo Inc (GOEV) has had a bad performance as of late. Analysts have mixed opinions on the stock, with some viewing it as a “buy” and others as a “hold”. It’s important to note that the stock is currently trading at a significant distance from its 50-day moving average and its 52-week high.
