Canoo Inc sinks as EV stocks find no momentum on Tesla earnings
- NASDAQ:GOEV fell 3.68% in Thursday’s trading session.
- Canoo could be the target of a short squeeze in the near future.
- Electric vehicle stocks can’t ride the wave of Tesla‘s record earnings.
NASDAQ: GOEV fell for the third straight day on Thursday as the NASDAQ fell after a midday spike in 10-year Treasury bond rates. Shares of GOEV fell 3.68% and closed the trading session at $4.71. Treasury yields hit a four-year high on Thursday, hitting 2.9%, the highest level since 2018. Broader markets turned south as all three averages closed at again underwater. The Dow Jones fell 368 basis points, the S&P 500 fell 1.48% and the NASDAQ fell another 2.07% during the session.
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Retail traders might be interested to learn that Canoo shares tend to be ripe for a short squeeze. The EV maker has a near 30% short interest float, which is certainly in the range of a compressible stock. Canoo went public via a SPAC merger last year, and it’s just the latest in a long line of EV SPAC stocks that have been disappointing investments for shareholders. Canoo joins Lucid (NASDAQ:LCID), Nikola (NASDAQ:NKLA) and Lordstown Motors (NASDAQ:RIDE) as underperforming EV startups.
GOEV Stock Forecast
Despite another record quarter for Tesla (NASDAQ:TSLA), electric vehicle stocks like GOEV couldn’t enjoy any sympathy action on Thursday. Shares of TSLA were up more than 10% at one point in the session, but ended the day up just 3.23%. Shares of other electric vehicle makers like Lucid, Rivian Inc (NASDAQ:RIVN) and Nio Inc (NYSE:NIO) were all trading well into the red.