Canoo (GOEV) Stock Plummets 2%: Why Is It Surging?

The stock price gained momentum after a three-day stagnation. Canoo (GOEV) has a trading volume of 25,594,190 and a market cap of 2.147B. On Monday, the trading session opened at $ 6.7. On Wednesday, it closed at $ 6.55. During this period, the worth was fluctuating between $ 6.7 and $ 6.31. It surged 13.4% on Thursday. On the last day of the week, it popped to its highest level in the last month $ 9.04. This leap can be attributed to a heated discussion on Reddit about this stock.

At a time when social media was being buzzed about a new electric-vehicle start-up and discussed the broader space of electric vehicles, surpassing all other hot industries, including cryptocurrency, shares of most EVs stocks rose. Canoo Holdings (GOEV) bypassed the largest meme stocks such as the AMC and became one of the most discussed stocks on Reddit. In addition, the latest news regarding Canoo is a partnership deal with VDL Nedcar as a contract manufacturer.