Canoo Inc. (NASDAQ: GOEV) is an emerging EV manufacturer aiming to revolutionize the industry by developing advanced multi-purpose platforms and digital ecosystems. GOEV’s vehicles are unique from other EVs as the company designed its vehicles to have maximum interior space on a smaller exterior footprint. After the company secured a deal with Walmart, GOEV stock climbed more than 100% on the news. With the company securing other deals with the Army and NASA, GOEV stock could be one to hold in anticipation of these deals to bear their fruits.
GOEV Fundamentals
Looking to capitalize on the growing demand for EVs, GOEV is positioning itself to secure a share of this market through its affordable and technologically advanced EVs. These EVs have been developed based on GOEV’s unique platform which could make the company’s vehicles smarter, faster, and safer than other EVs. With this in mind, GOEV’s modular approach in designing its EVs makes them more efficient, durable, and sustainable during their lifetime. Considering these vehicles’ unique features, GORV has been active in protecting its EVs as it filed more than 160 patents covering every major component of these EVs. Based on this, many investors are bullish GOEV stock could reach new highs when its lifestyle vehicle launches later this year.
Based on this, GOEV secured a number of profitable deals recently thanks to its EVs potential. Back in April, GOEV was selected by NASA to provide Crew Transportation Vehicles (CTVs) for crewed Artemis lunar exploration launches. According to this deal, GOEV will deliver several customized all-electric LV models to NASA by June 2023. These customized vehicles are based on GOEV’s modular platform and can be upgraded throughout its lifecycle – with a high level of recyclability at end of life. In light of this, GOEV stock could be a profitable investment once the company delivers the CTVs to NASA next year.
Meanwhile, GOEV signed a definitive agreement with retail giant Walmart. Based on this agreement, Walmart will purchase 4500 all-electric delivery vehicles – starting with the Lifestyle Delivery Vehicle – with the option to purchase up to 10 thousand vehicles. Although the LDV is expected to be released in 2023, both companies intend to refine and finalize the EV’s configuration in the coming weeks in preparation of starting advanced deliveries with the new EV. As Walmart is set to become the first to receive the LDV, GOEV could witness high demand for this EV since it would be used by a major retailer like Walmart.
On that note, this partnership could be successful since the LDV has a last mile delivery optimized cabin and a customized cargo space. Meanwhile, the EV includes true steer by wire technology which reduces moving parts and cabin intrusion. Based on this, the LDV will have more usable interior space which could allow for more deliveries. With the company planning to start producing the LDV in Q4, GOEV stock is one to watch this year.
After GOEV stock soared more than 100% on the news of the Walmart deal, the company shared more positive news as it secured a contract with the Army to provide an EV for analysis and demonstration. If the results of the analysis are positive, GOEV could secure a contract to provide the Army with more EVs. In that case, GOEV stock could be poised for major long-term growth as it continues to develop its pipeline of EVs.
Considering that the EV market is rapidly growing, EV stocks are becoming one of the best long-term investments to many investors. With this in mind, GOEV has the potential to become one of the major players of the industry through its EVs. This bullish sentiment regarding the company could be reflected by the institutional ownership of the company. Currently, 279 institutions are holding GOEV stock – with 260 institutions holding for the long-term. These institutions hold more than 40.5 million shares of the company representing 15% of GOEV’s float. In light of these institutional owners, GOEV stock could be a profitable long-term hold.
GOEV Financials
Looking into GOEV’s Q1 financials, the company’s assets declined to $419.9 million from $523 million in the previous quarter due to cash declining from $224.7 million to $104.9 million. However, the company reduced its liabilities to $172.2 million compared to $179 million in Q4 2021. While the company is not generating revenues as it is developing its EVs, GOEV’s operating costs climbed to $140.7 million compared to $97 million a year ago. In light of this, GOEV’s net loss increased to $125.3 million from $15.2 million. These financials also included that GOEV is continuing its operations as a going concern as the company’s cash balance could be insufficient to fund its operations over the next 12 months. However, GOEV could be well-positioned to show financial growth based on its deals with NASA, Walmart, and the Army.
Technical Analysis
GOEV stock is currently trading at $4.28 and has supports at 3.65, and 2.90. Meanwhile the stock shows resistances near 4.30, 4.80 and 6.25. After securing the deal with Walmart, GOEV stock climbed more than 100% on the news. Moreover, GOEV ran 39% after announcing the contract with the Army. Considering the potential of such deals in addition to the deal with NASA, GOEV stock could be a profitable long-term hold as these catalysts play out.
In the meantime, a golden cross recently occurred – sending the stock near its resistance. With this in mind, the stock is retesting its VWAP support. If GOEV breaks through this support, then the stock could drop to fill the gaps near $3.6 and $2.4. In that case, these could be good entry points for long-term investors as GOEV stock has the potential to reach new highs when the company launches its EVs.
Accumulation is trending upwards in light of the Army contract after a steep downward trend following the stock’s 100% run. Meanwhile, the MACD recently turned bearish and the RSI cooled off from 70 to 58. Based on this, GOEV stock could be positioned for a run soon especially if the company shares additional news.
GOEV Forecast
With the company securing deals with NASA, Walmart, and the Army, GOEV stock has the potential to be a profitable long-term hold. As the company is preparing to launch its Lifestyle vehicle later this year, GOEV stock could be poised for a run once the EV is launched. Meanwhile, GOEV is planning to launch its LDV in 2023 and is already customizing the vehicle with Walmart before delivering the 4500 EVs. Considering the company’s deal with the Army, GOEV stock could soar to new highs if the Army makes an order for the company’s EVs. With 260 institutions long on the company, GOEV stock could be a solid long-term investment.
GOEV Fundamentals
Looking to capitalize on the growing demand for EVs, GOEV is positioning itself to secure a share of this market through its affordable and technologically advanced EVs. These EVs have been developed based on GOEV’s unique platform which could make the company’s vehicles smarter, faster, and safer than other EVs. With this in mind, GOEV’s modular approach in designing its EVs makes them more efficient, durable, and sustainable during their lifetime. Considering these vehicles’ unique features, GORV has been active in protecting its EVs as it filed more than 160 patents covering every major component of these EVs. Based on this, many investors are bullish GOEV stock could reach new highs when its lifestyle vehicle launches later this year.
Based on this, GOEV secured a number of profitable deals recently thanks to its EVs potential. Back in April, GOEV was selected by NASA to provide Crew Transportation Vehicles (CTVs) for crewed Artemis lunar exploration launches. According to this deal, GOEV will deliver several customized all-electric LV models to NASA by June 2023. These customized vehicles are based on GOEV’s modular platform and can be upgraded throughout its lifecycle – with a high level of recyclability at end of life. In light of this, GOEV stock could be a profitable investment once the company delivers the CTVs to NASA next year.
Meanwhile, GOEV signed a definitive agreement with retail giant Walmart. Based on this agreement, Walmart will purchase 4500 all-electric delivery vehicles – starting with the Lifestyle Delivery Vehicle – with the option to purchase up to 10 thousand vehicles. Although the LDV is expected to be released in 2023, both companies intend to refine and finalize the EV’s configuration in the coming weeks in preparation of starting advanced deliveries with the new EV. As Walmart is set to become the first to receive the LDV, GOEV could witness high demand for this EV since it would be used by a major retailer like Walmart.
On that note, this partnership could be successful since the LDV has a last mile delivery optimized cabin and a customized cargo space. Meanwhile, the EV includes true steer by wire technology which reduces moving parts and cabin intrusion. Based on this, the LDV will have more usable interior space which could allow for more deliveries. With the company planning to start producing the LDV in Q4, GOEV stock is one to watch this year.
After GOEV stock soared more than 100% on the news of the Walmart deal, the company shared more positive news as it secured a contract with the Army to provide an EV for analysis and demonstration. If the results of the analysis are positive, GOEV could secure a contract to provide the Army with more EVs. In that case, GOEV stock could be poised for major long-term growth as it continues to develop its pipeline of EVs.
Considering that the EV market is rapidly growing, EV stocks are becoming one of the best long-term investments to many investors. With this in mind, GOEV has the potential to become one of the major players of the industry through its EVs. This bullish sentiment regarding the company could be reflected by the institutional ownership of the company. Currently, 279 institutions are holding GOEV stock – with 260 institutions holding for the long-term. These institutions hold more than 40.5 million shares of the company representing 15% of GOEV’s float. In light of these institutional owners, GOEV stock could be a profitable long-term hold.
GOEV Financials
Looking into GOEV’s Q1 financials, the company’s assets declined to $419.9 million from $523 million in the previous quarter due to cash declining from $224.7 million to $104.9 million. However, the company reduced its liabilities to $172.2 million compared to $179 million in Q4 2021. While the company is not generating revenues as it is developing its EVs, GOEV’s operating costs climbed to $140.7 million compared to $97 million a year ago. In light of this, GOEV’s net loss increased to $125.3 million from $15.2 million. These financials also included that GOEV is continuing its operations as a going concern as the company’s cash balance could be insufficient to fund its operations over the next 12 months. However, GOEV could be well-positioned to show financial growth based on its deals with NASA, Walmart, and the Army.
Technical Analysis
GOEV stock is currently trading at $4.28 and has supports at 3.65, and 2.90. Meanwhile the stock shows resistances near 4.30, 4.80 and 6.25. After securing the deal with Walmart, GOEV stock climbed more than 100% on the news. Moreover, GOEV ran 39% after announcing the contract with the Army. Considering the potential of such deals in addition to the deal with NASA, GOEV stock could be a profitable long-term hold as these catalysts play out.
In the meantime, a golden cross recently occurred – sending the stock near its resistance. With this in mind, the stock is retesting its VWAP support. If GOEV breaks through this support, then the stock could drop to fill the gaps near $3.6 and $2.4. In that case, these could be good entry points for long-term investors as GOEV stock has the potential to reach new highs when the company launches its EVs.
Accumulation is trending upwards in light of the Army contract after a steep downward trend following the stock’s 100% run. Meanwhile, the MACD recently turned bearish and the RSI cooled off from 70 to 58. Based on this, GOEV stock could be positioned for a run soon especially if the company shares additional news.
GOEV Forecast
With the company securing deals with NASA, Walmart, and the Army, GOEV stock has the potential to be a profitable long-term hold. As the company is preparing to launch its Lifestyle vehicle later this year, GOEV stock could be poised for a run once the EV is launched. Meanwhile, GOEV is planning to launch its LDV in 2023 and is already customizing the vehicle with Walmart before delivering the 4500 EVs. Considering the company’s deal with the Army, GOEV stock could soar to new highs if the Army makes an order for the company’s EVs. With 260 institutions long on the company, GOEV stock could be a solid long-term investment.