Can Canoo Inc (GOEV) stock recover despite sales dropping?

The price of Canoo Inc (NASDAQ:GOEV) shares last traded on Wall Street fell -4.21% to $0.26.

Based on available information, 5 analysts follow Canoo Inc (NASDAQ:GOEV). The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $10.00 and a low of $0.50, we find $1.55. Given the previous closing price of $0.27, this indicates a potential upside of 474.07 percent. GOEV stock price is now -38.59% away from the 50-day moving average and -57.66% away from the 200-day moving average. The market capitalization of the company currently stands at $181.86M.

Among analysts, 1 rate the stock a hold while 4 rate it a buy. Brokers who have rated the stock have averaged $3.11 as their price target over the next twelve months.

With the price target of $4, Stifel recently initiated with Buy rating for Canoo Inc (NASDAQ: GOEV).

In other news, Ruiz Hector M., GENERAL COUNSEL, CORP SECY sold 2,814 shares of the company’s stock on Oct 02. The stock was sold for $1,379 at an average price of $0.49. Upon completion of the transaction, the GENERAL COUNSEL, CORP SECY now directly owns 285,456 shares in the company, valued at $74218.56. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 02, SVP and CAO MURTHY RAMESH sold 2,707 shares of the business’s stock. A total of $1,326 was realized by selling the stock at an average price of $0.49. This leaves the insider owning 283,619 shares of the company worth $73740.94. Insiders disposed of 131,416 shares of company stock worth roughly $34168.16 over the past 1 year. A total of 19.60% of the company’s stock is owned by insiders.

A candlestick chart of Canoo Inc (NASDAQ: GOEV) showed a price of $0.2848 on Monday morning. During the past 12 months, Canoo Inc has had a low of $0.25 and a high of $1.68. As of last week, the company has a debt-to-equity ratio of 0.27, a current ratio of 0.13, and a quick ratio of 0.10. The fifty day moving average price for GOEV is $0.4262 and a two-hundred day moving average price translates $0.6181 for the stock.

The latest earnings results from Canoo Inc (NASDAQ: GOEV) was released for Jun, 2023. According to the Auto Manufacturers Company, earnings per share came in at -$0.14, beating analysts’ expectations of -$0.19 by 0.05. This compares to -$0.68 EPS in the same period last year. The company reported revenue of $73.56 million for the quarter, compared to $173.5 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -57.6 percent. For the current quarter, analysts expect GOEV to generate $610k in revenue.

Canoo Inc(GOEV) Company Profile

Canoo Inc., a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV. Canoo Inc. was founded in 2017 and is headquartered in Torrance, California.

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