GOEV stock price plunged amid heightened market volatility, where the fallout from two bank failures sent the government and the broader banking sector looking for answers and more loopholes in the system. The U.S. Banks – Silicon Valley Bank and Signature Bank last week closed by the U.S. regulators. Meanwhile, on March 16, Canoo Inc. (NASDAQ: GOEV) announced that it will report its financial results for Q4 ‘22 for the full financial year ending on December 31, 2022 after the market closed on Thursday, March 30, 2023. The advanced mobility company will host a conference call to discuss the results, followed by a question-and-answer session.
GOEV Stock Price Analysis
GOEV stock closed on March 17, Friday at $0.5861 with a 0.66% decline in the past 24-hours. The stock noted a 1.81% decline in this week. The closing price of GOEV stock is nearing its 52-week low, that is $0.54. Its 52-week high was at $6.25. Its price chart noted a progressive decline in its share price. I one month GOEV dipped nearly 36%, in six months – 78%, in one year – 89%, and in five years – 94%.
As of March 18, the average one-year price target for GOEV is $5.6667. GOEV’s forecasts ranges from a low of $1.00 to a high of $10.00. The average price target shows an increase of 866.84% from its latest reported closing price of $0.5861.
What’s Going-on in The EV Industry?
In this week on March 15, Arrival, an electric van manufacturer, received a $300 million equity financing line from Westwood Capital. However, it seems like the other Electric Vehicle (EV) makers such as General Motors (NYSE: GM), Ford Motor (NYSE: F), Rivian Automotivenc. (NASDAQ: RIVN), and Canoo Inc. (NASDAQ: GOEV), are also working hard amid high demand for electric vans.
Presently, the Ford E-Transit and Rivian electric delivery van remain the most popular, but the British EV startup Arrival is also working to change that. Arrival has run into financial troubles. However, it received $300 million in funding to stay afloat, as Reuters reported.
How’s The U.S. Stock Market Doing?
The U.S. stock market slid on March 17, along with huge declines across regional banks as investors remained on edge after massive efforts to save First Republic Bank (NYSE: FRC) and Credit Suisse (NYSE: CS) as reported by the Wall Street Journal. The Dow Jones Industrial Average dropped 384.57 points, to close at 31861.98. The S&P 500 dropped 43.64, to 3916.64. The technology-heavy Nasdaq Composite declined 86.76, to 11630.51.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/18/goev-stock-down-ahead-of-its-financial-results-this-month/