Canoo Inc (NASDAQ: GOEV)’s Stock Market Position Could Improve In The Coming Months

NOVA

In today’s recent session, 6.3 million shares of the Canoo Inc (NASDAQ:GOEV) have been traded, and its beta is 1.22. Most recently the company’s share price was $2.61, and it changed around -$1.26 or -32.56% from the last close, which brings the market valuation of the company to $148.61M. GOEV at last check was trading at a discount to its 52-week high of $19.50, offering almost -647.13% off that amount. The share price’s 52-week low was $1.22, which indicates that the recent value has risen by an impressive 53.26% since then. We note from Canoo Inc’s average daily trading volume that its 10-day average is 18.17 million shares, with the 3-month average coming to 7.98 million.

Canoo Inc (NASDAQ:GOEV) trade information

Instantly GOEV has been showing red trend so far today with a performance of -32.56% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently down -55.88% year-to-date, but still down -37.86% over the last five days. On the other hand, Canoo Inc (NASDAQ:GOEV) is 8.18% up in the 30-day period. We can see from the shorts that 9.88 million shares have been sold at a short interest cover period of 1.66 day(s).

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Canoo Inc (GOEV) estimates and forecasts

Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 61.30% in revenue this quarter, and will report an increase of 41.90% in the next quarter. The year-over-year growth rate is expected to be 17,114.40%, up from the previous year.

Consensus estimates provided by 4 financial analysts predict the company will bring in an average of $11.9 million in revenue for the current quarter. 4 analysts expect Canoo Inc to make $19.95 million in revenue for the quarter ending Jun 2024. Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -482.58%.

Canoo Inc (NASDAQ:GOEV)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 2.72% of Canoo Inc shares, and 12.69% of them are in the hands of institutional investors. The stock currently has a share float of 13.05%. Canoo Inc stock is held by 151 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 3.06% of the shares, which is about 19.42 million shares worth $9.31 million.

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

Vanguard Total Stock Market Index Fund and Vanguard Extended Market Index Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 13.19 million shares worth $6.32 million, making up 2.08% of all outstanding shares. On the other hand, Vanguard Extended Market Index Fund held roughly 4.15 million shares worth around $1.99 million, which represents about 0.65% of the total shares outstanding.