GOEV Stock News: Canoo Inc sinks as EV stocks find no momentum from Tesla earnings

NASDAQ:GOEV fell by 3.68% during Thursday’s trading session.
Canoo could be a target for a short squeeze in the near future.
EV stocks are unable to ride the wave of Tesla’s record earnings.

Stocks Reporter FXStreet

NASDAQ:GOEV fell for the third straight day on Thursday as the NASDAQ tumbled after a mid-day surge in the 10-year treasury bond rates. Shares of GOEV dipped by 3.68% and closed the trading session at $4.71. Treasury yield rates hit a four-year high on Thursday spiking to 2.9% which is the highest level since 2018. The broader markets turned south as all three averages closed below water yet again. The Dow Jones fell by 368 basis points, the S&P 500 dropped by 1.48%, and the NASDAQ plummeted by a further 2.07% during the session.

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Retail traders might be interested to hear that Canoo’s stock is trending towards being ripe for a short squeeze. The EV maker has a short interest float of nearly 30% which is certainly in the range of a squeezable stock. Canoo went public via a SPAC merger last year, and it is 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 underachieving EV startups.

GOEV stock forecast

Despite another record-breaking quarter from Tesla (NASDAQ:TSLA), EV stocks like GOEV could not take advantage of any sympathy action on Thursday. Shares of TSLA were up over 10% at one point during the session, but closed the day only 3.23% higher. Shares of other EV makers like Lucid, Rivian (NASDAQ:RIVN), and Nio (NYSE:NIO) were all trading well into the red.

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Stocks Reporter

FXStreet

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