Why Canoo Stock Rocketed Higher Friday
Shares of Canoo (NASDAQ: GOEV) were rising like a rocket Friday morning, and investors might have NASA to thank for it. The stock soared as much as 30% and was still higher by 23.1% as of 10:53 a.m. ET today.
The sharp move comes after the company announced it has delivered three new Crew Transportation Vehicles (CTVs) to NASA's Kennedy Space Center. That positive news from Wednesday could also be prompting investors selling the stock short to be covering positions, leading to a short squeeze. Nearly 12% of Canoo's stock float was sold short as of the end of June, according to MarketWatch.
Source Fool.com
