Could Canoo (GOEV) be the next TESLA??

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Company Snapshot:

Company Name: Canoo Inc. 

Ticker: GOEV

Exchange: NASDAQ

Website: www.canoo.com

Industry: 

Company Summary: 

Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses. Canoo has offices in California and Texas.

Canoo’s charts look incredible: 

The 1 day chart above reveals resistance at $12.50 PPS, so make sure it’s clear of it before entering a position Friday.

As you can see from the 6 month chart above, we have hit a 6 month high with 100% gains in 14 weeks, so nice and steady!

UPDATE: Investors invested in GOEV, that’s putting your money where your mouth is!

NASDAQ reports “Over the last year, we can see that the biggest insider purchase was by insider Daniel Hennessy for US$5.0m worth of shares, at about US$10.00 per share.”

Why is it up 100% over the last 14 weeks?

This company is REAL and making serious moves! 

In Arkansas Business, they state, “Electric automaker Canoo Inc. announced late Monday that it will move its headquarters to northwest Arkansas, pledging to employ more than 500 people in Benton and Washington counties.”

There is another EV manufacturer you may have heard of, Tesla, current share price of $1,116 per share!

So you have a EV manufacturer making good on manufacturing plants and the possibility that it could be 10% of Tesla and BOOM , $111 per share price up $100+/- from today’s price! That is wealth and there is attention being paid with this gem.

Summary

We like this stock! Fundamentals are good and technicals are solid as well. $5M of shares purchased at $10 is also really good because it is undervalued at $12 so there is lots of room for a nice long term play, 

Happy trading!