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Given A -706.45% Drop From High, Can Canoo Inc. (NASDAQ: GOEV) Quickly Recover?

During the last session, Canoo Inc. (NASDAQ:GOEV)’s traded shares were 14.46 million, with the beta value of the company hitting 1.23. At the end of the trading day, the stock’s price was $0.62, reflecting an intraday loss of -4.04% or -$0.02. The 52-week high for the GOEV share is $5.00, that puts it down -706.45 from that peak though still a striking 19.35% gain since the share price plummeted to a 52-week low of $0.50. The company’s market capitalization is $282.99M, and the average intraday trading volume over the past 10 days was 14.39 million shares, and the average trade volume was 18.53 million shares over the past three months.

Canoo Inc. (NASDAQ:GOEV) trade information

Canoo Inc. (GOEV) registered a -4.04% downside in the last session and has traded in the red over the past 5 sessions. The stock plummet -4.04% in intraday trading to $0.62 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is -6.24%, and it has moved by -17.89% in 30 days. Based on these gigs, the overall price performance for the year is -80.99%. The short interest in Canoo Inc. (NASDAQ:GOEV) is 67.36 million shares and it means that shorts have 4.49 day(s) to cover.

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The consensus price target of analysts on Wall Street is $3.66, which implies an increase of 83.06% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $1.00 and $10.00 respectively. As a result, GOEV is trading at a discount of -1512.9% off the target high and -61.29% off the low.

Canoo Inc. (GOEV) estimates and forecasts

Statistics show that Canoo Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Canoo Inc. (GOEV) shares have gone down -46.91% during the last six months, with a year-to-date growth rate more than the industry average at 62.30% against 11.50. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to grow 72.10% this quarter and then jump 55.80% in the quarter after that.

Meanwhile, a consensus of 2 analyst(s) estimates revenue growth to $18.31 million by the end of Sep 2023.

While earnings are projected to return -18.80% in 2023.

GOEV Dividends

Canoo Inc. is due to release its next quarterly earnings between May 08 and May 12. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Canoo Inc. (NASDAQ:GOEV)’s Major holders

Canoo Inc. insiders own 13.73% of total outstanding shares while institutional holders control 25.43%, with the float percentage being 29.47%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 225 institutions own stock in it. As of Mar 30, 2023, the company held over 26.32 million shares (or 5.23% of all shares), a total value of $17.18 million in shares.

The next largest institutional holding, with 18.75 million shares, is of Blackrock Inc.’s that is approximately 3.72% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $12.24 million.

Also, the Mutual Funds coming in first place with the largest holdings of Canoo Inc. (GOEV) shares are Vanguard Total Stock Market Index Fund and Vanguard Small-Cap Index Fund. Data provided on Dec 30, 2022 indicates that Vanguard Total Stock Market Index Fund owns about 8.18 million shares. This amounts to just over 1.71 percent of the company’s overall shares, with a $10.06 million market value. The same data shows that the other fund manager holds slightly less at 6.38 million, or about 1.34% of the stock, which is worth about $7.85 million.

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