What's Going On With EV-Maker Canoo's Stock?
Portfolio Pulse from Erica Kollmann
Canoo Inc. (NASDAQ:MULN) shares surged over 24% in the past five days following a Buy rating and $5 price target from Benchmark analyst Michael Legg. Legg cited Canoo's $750 million in contracted orders with notable clients like Walmart Inc., the USPS, and the U.S. military as underappreciated opportunities. The stock has attracted both retail investors and short-sellers, with 19.94% of shares sold short. Despite a yearly decline of 82.69%, the stock has gained 5.78% over the past month.
April 17, 2024 | 7:45 pm
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POSITIVE IMPACT
Canoo Inc. received a Buy rating and a $5 price target from Benchmark, highlighting significant contracted orders and market opportunity.
The Buy rating and optimistic price target from Benchmark, coupled with the significant contracted orders from high-profile clients, present a strong case for potential short-term growth. The stock's recent performance and high short interest indicate volatility but also a possible upside if the company capitalizes on its opportunities.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100