Canoo Inc (NASDAQ: GOEV) has seen a rise in its stock price by 1.88 in relation to its previous close of 1.56. However, the company has experienced a 8.12% gain in its stock price over the last five trading sessions. invezz.com reported 2024-09-04 that Electric vehicle stocks had another bad performance in August as most of them published underwhelming financial results. Tesla (TSLA), the OG of the EV industry, has tumbled by over 20% from its highest point in July.
Is It Worth Investing in Canoo Inc (NASDAQ: GOEV) Right Now?
Moreover, the 36-month beta value for GOEV is 1.26. Analysts have varying opinions on the stock, with 4 analysts rating it as a “buy,” 2 as “overweight,” 1 as “hold,” and 0 as “sell.”
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The public float for GOEV is 69.57M and currently, short sellers hold a 16.71% of that float. On September 04, 2024, GOEV’s average trading volume was 3.57M shares.
GOEV’s Market Performance
GOEV stock saw a decrease of 8.12% in the past week, with a monthly decline of -7.05% and a quarterly a decrease of -22.84%. The volatility ratio for the week is 6.94%, and the volatility levels for the last 30 days are 7.68% for Canoo Inc (GOEV). The simple moving average for the last 20 days is 4.60% for GOEV stock, with a simple moving average of -51.03% for the last 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 -16.36% 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 -88.79% of loss for the given period.
Volatility was left at 7.68%, however, over the last 30 days, the volatility rate increased by 6.94%, as shares sank -4.13% for the moving average over the last 20 days. Over the last 50 days, in opposition, the stock is trading -5.82% lower at present.
During the last 5 trading sessions, GOEV rose by +8.91%, which changed the moving average for the period of 200-days by -74.42% in comparison to the 20-day moving average, which settled at $1.5160. In addition, Canoo Inc saw -73.13% 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 Ruiz Hector M., who sale 10,937 shares at the price of $2.33 back on Jul 03 ’24. After this action, Ruiz Hector M. now owns 181,513 shares of Canoo Inc, valued at $25,483 using the latest closing price.
MURTHY RAMESH, the SVP and CAO of Canoo Inc, sale 10,948 shares at $2.33 during a trade that took place back on Jul 03 ’24, which means that MURTHY RAMESH is holding 181,447 shares at $25,509 based on the most recent closing price.
Stock Fundamentals for GOEV
Current profitability levels for the company are sitting at:
- -146.59 for the present operating margin
- -8.51 for the gross margin
The net margin for Canoo Inc stands at -171.74. The total capital return value is set at -0.63. Equity return is now at value -119.37, with -48.07 for asset returns.
Based on Canoo Inc (GOEV), the company’s capital structure generated 0.29 points at debt to capital in total, while cash flow to debt ratio is standing at -2.52. The debt to equity ratio resting at 0.41. The interest coverage ratio of the stock is -17.36.
Currently, EBITDA for the company is -253.98 million with net debt to EBITDA at -0.35. When we switch over and look at the enterprise to sales, we see a ratio of 131.44. The liquidity ratio also appears to be rather interesting for investors as it stands at 0.17.
Conclusion
To wrap up, the performance of Canoo Inc (GOEV) has been bad in recent times. The stock has received a bullish of “buy” and “hold” ratings from analysts. 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.
