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Canoo Inc (GOEV): Why Is Stock So Good?

In the last trading session, 83.99 million Canoo Inc (NASDAQ:GOEV) shares changed hands as the company’s beta touched 1.26. With the company’s per share price at $0.16 changed hands at $0.0 or -5.49% during last session, the market valuation stood at $148.78M. GOEV’s last price was a discount, traded about -562.5% off its 52-week high of $1.06. The share price had its 52-week low at $0.15, which suggests the last value was 6.25% up since then. When we look at Canoo Inc’s average trading volume, we note the 10-day average is 76.84 million shares, with the 3-month average coming to 1.65.

Canoo Inc (NASDAQ:GOEV) trade information

Instantly GOEV was in red as seen at the end of in last trading. With action -8.82%, the performance over the past five days has been red. The drop to weekly highs of 0.1740 subtracted -5.49% to the stock’s daily price. The company’s shares are showing year-to-date downside of -39.74%, with the 5-day performance at -8.82% in the red. However, in the 30-day time frame, Canoo Inc (NASDAQ:GOEV) is -29.13% down. Looking at the short shares, we see there were 96.24 million shares sold at short interest cover period of 1.35 days.

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Canoo Inc (GOEV) estimates and forecasts

Data shows that the Canoo Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -70.27% over the past 6 months, a 69.11% in annual growth rate that is considerably higher than the industry average of 7.10%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Canoo Inc will rise 68.00%, while the growth in revenue is estimated to hit 59.10% for the next quarter.

Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $720k. 4 analysts are of the opinion that Canoo Inc’s revenue for the quarter ending Mar 2024 will be $11.9 million.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -1059.54%. The 2024 estimates are for Canoo Inc earnings to increase by 67.01%.

GOEV Dividends

Canoo Inc is expected to release its next quarterly earnings report between March 28 and April 01.

Canoo Inc (NASDAQ:GOEV)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 3.45% of Canoo Inc shares while 15.53% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 16.09%. There are 15.53% institutions holding the Canoo Inc stock share, with Vanguard Group Inc the top institutional holder. As of Jun 29, 2023, the company held 3.06% of the shares, roughly 19.42 million GOEV shares worth $9.31 million.

Infini Capital Management Ltd holds the second largest percentage of outstanding shares, with 2.64% or 16.74 million shares worth $10.92 million as of Mar 30, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and Vanguard Extended Market Index Fund. With 13.19 million shares estimated at $6.32 million under it, the former controlled 2.08% of total outstanding shares. On the other hand, Vanguard Extended Market Index Fund held about 0.65% of the shares, roughly 4.15 million shares worth around $1.99 million.

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