Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Canoo Inc shares valued at $119 were sold by Ruiz Hector M. on Feb 07 ’24. At $0.16 per share, Ruiz Hector M. sold 745 shares. The insider’s holdings dropped to 283,355 shares worth approximately $0.63 million following the completion of this transaction.
Also, MURTHY RAMESH sold 1,217 shares, netting a total of over 219 in proceeds. Following the sale of shares at $0.18 each, the insider now holds 283,669 shares.
Before that, Ruiz Hector M. had sold 3,444 shares from its account. In a trade valued at $792, the GENERAL COUNSEL, CORP SECY traded Canoo Inc shares for $0.23 each. Upon closing the transaction, the insider’s holdings decreased to 3,444 shares, worth approximately $0.64 million.
As published in their initiating research note from Wedbush on January 05, 2024, Canoo Inc [GOEV] has been an Outperform and the price target has been revised to $4. Analysts at Stifel started covering the stock with ‘”a Buy”‘ outlook in a report released in mid September. As of December 16, 2021, ROTH Capital has increased its “Neutral” rating to a “Buy” for GOEV. Earlier on September 07, 2021, H.C. Wainwright initiated its rating. Their recommendation was “a Buy” for GOEV stock.
Analyzing GOEV Stock Performance
During the last five days, there has been a drop of approximately -31.08%. Over the course of the year, Canoo Inc shares have dropped approximately -62.13%. Shares of the company reached a 52-week high of $7.08 on 01/08/24 and a 52-week low of $1.22 on 03/14/24. A 50-day SMA is recorded $3.06, while a 200-day SMA reached $7.72. Nevertheless, trading volume fell to 6.11 million shares from 13.19 million shares the previous day.
Support And Resistance Levels for Canoo Inc (GOEV)
According to the 24-hour chart, there is a support level at 2.08, which, if violated, would cause prices to drop to 1.92. In the upper region, resistance lies at 2.52. The next price resistance is at 2.80. RSI (Relative Strength Index) is 41.95 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.75, which suggests the price will decrease in the coming days. Percent R is at 72.80%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Canoo Inc subject to short interest?
Stocks of Canoo Inc saw a sharp rise in short interest on Mar 15, 2024 jumping by 3.64 million shares to 9.88 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 6.24 million shares. A jump of 36.84% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 1.66 of the overall float, the days-to-cover ratio (short ratio) jumped to 1.66.
