What's Going On With Canoo Stock?

Canoo Inc GOEV shares are trading higher on above-average volume Thursday. Here’s a look at what may be going on.

What To Know: Canoo CFO Greg Ethridge and Vice President of Capital Markets and Investor Relations Jonathan Wolff were scheduled to speak at the Sidoti Small Cap Conference Wednesday afternoon.

In addition to the live presentation, management was also scheduled to host one-on-one investor meetings at the conference, which wraps up Thursday. It’s possible that the stock is reacting to news out of the conference, but nothing official has been released from Canoo.

Canoo’s average session volume is approximately 8.2 million. Thursday’s trading volume has already exceeded 8.5 million in morning trading, per data from Benzinga Pro.

Canoo is also trending across various social sites as traders highlight high short interest in the name. 15.5% of Canoo’s float is currently sold short.

According to Benzinga analyst data, the consensus price target for Canoo currently sits at $5.96 per share. The most recent analyst update came from Benchmark on May 22. The firm maintained its Buy rating and price target of $5.

Canoo last reported earnings in May. The EV maker is not due to report quarterly results again until early August.

See Also: BYD Remains Dominant In China’s NEV Market In May, Tesla Makes Significant Gains: Report

How To Buy GOEV Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Canoo's case, it is in the Consumer Discretionary sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

GOEV Price Action: Canoo shares were up 10.9% at $2.25 at the time of writing, according to Benzinga Pro.

Photo: courtesy of Canoo.