How Is The Market Feeling About Canoo?
Portfolio Pulse from Benzinga Insights
Canoo (NYSE:GOEV) has seen a 37.45% increase in short interest, now at 14.02% of float, indicating a bearish market sentiment. Despite this, high short interest can sometimes be bullish. Canoo's short interest is above its peer group average of 9.50%.
March 15, 2024 | 8:30 pm
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Canoo's short interest has significantly increased, indicating a bearish market sentiment but could also suggest a potential bullish reversal.
The increase in short interest for Canoo suggests that the market sentiment is currently bearish. However, high short interest can sometimes lead to a short squeeze, causing the stock price to rise if many investors decide to cover their shorts simultaneously. This dual nature of high short interest creates uncertainty about the short-term price direction.
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IMPORTANCE 75
RELEVANCE 100