Canoo Inc. (GOEV) stock is performing upside and experiencing quite a good amount of volume activity in the last 1 day. However, in the last month, the stock rose upwards and showed over 20% price gain. But, last week Canoo Inc. stock showed more than 40% price rise, clearly more than its 1-month price performance.
After this price analysis, it can be said that since last week, the stock has been performing well. However, investors are interested in taking its price to make an effective “comeback” after a long time.
In the similar motor vehicle industry stocks, GOEV stock topped with 114.256 Million of volume activity. Yet, Tesla Inc. (NASDAQ: TSLA) stock, Nikola Corp. (NASDAQ: NKLA) stock, and Nio Inc. (NYSE: NIO) stock prices are following GOEV stock in terms of 1-day volume activity.
The increased volume activity in GOEV stock was noted after the appointment of Greg Ethridge, the new Chief Financial Officer of Canoo Inc. The stock price rose over 21% in just one day which was supported by active bulls.
The Upside Journey of GOEV Stock
GOEV stock price began its week by adding $0.12 in its trading price took its trading price to close at $0.64 with a 21.88% price rise. The closing price was its 1 day high, whereas the opening price of the stock was at $0.53.
The 52-week low of Canoo Inc. stock was noted at $0.41 due to recent bullish activity. The stock seems like healing its price with bulls’ activity. For quite a long time, the GOEV share price was showing a bearish market trend. Even near the recent quarter result, the stock experienced a bearish trend that now seems like changing its path.
The recent price performance took GOEV stock price above its 50-day EMA. This bullish trend also supported its RSI to continue the upward trend. It can be said that if this bullish trend stays during the upcoming session, then RSI will reach its overbought zone.
In addition, the analysts have set their price target at $3.11, up by over 382% from the recent closing price of the stock. The maximum estimate set by analysts is at $10.00 whereas the minimum estimate is at $0.50. Also, in the past 3 months, analysts have given a “strong buy” to Canoo Inc. stock.
Q2 2023 Financial Update of Canoo Inc.
Canoo Inc. (NASDAQ: GOEV), an American automotive startup, has a market cap of nearly $332.02 Billion. On August 14, 2023, Monday, the company released its Q2 2023 result that states earnings per share (EPS) is negative $0.14 while the estimate was negative $0.20.
The revenue in a similar quarter was $0.00 while the estimate was the same. For the upcoming quarter, the estimated EPS is negative $0.12 while the revenue is expected to reach $601.75K.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/08/29/goev-stock-will-canoo-inc-stock-price-continues-current-trend/