GOEV Stock News: Canoo Inc sinks as EV stocks pull back on NASDAQ decline
- NASDAQ:GOEV fell by 2.98% during Wednesday’s trading session.
- Canoo landed a trip to the moon with partnership in the Artemis project.
- Tesla reported its earnings after the markets closed.
NASDAQ:GOEV edged lower on Wednesday as the NASDAQ index bore the brunt of a colossal decline from streaming giant Netflix (NASDAQ:NFLX). Shares of GOEV dipped by 2.98% and closed the trading session at $4.89. The EV startup is trading below both its 50-day and 200-day moving averages indicating that shares are mired in a downward trend that has mirrored the decline in the NASDAQ so far in 2022. On Wednesday, the broader markets were split as the Netflix collapse weighed on the S&P 500 and the NASDAQ. The Dow Jones was the only major average to post a gain as the blue-chip index added 249 basis points during the session.
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Canoo has added a new partnership to its portfolio, and this one involves travelling into space with US astronauts. The Artemis project will be America’s first launch to the moon since the Apollo project in 1972, and Canoo will have a hand when the launch takes place in 2025. Canoo will be providing a CTV or Crew and Transport Vehicle in a contract valued at nearly $150,000. Competing bidders have until the end of April to protest the award, so nothing is set in stone as of yet for Canoo.
GOEV stock forecast
In other EV news, industry leader Tesla (NASDAQ:TSLA) reported its first quarter earnings after the close and the company did not disappoint. Earnings per share came in much higher than expected at $3.22 per share vs expected of $2.26 per share. Revenues grew 81% year over year and came in at $18.76 billion compared to $17.80 billion expected by analysts. Shares of TSLA were up by nearly 7% in after hours trading.
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