Streetbeat News

GOEV

Canoo Inc.

https://www.canoo.com

Industry

Auto - Manufacturers

Canoo Inc., a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis design to support various range of vehicle weight and ride profiles. The company serves to small businesses, independent contractors, tradespeople, utilities, and service technicians. Canoo Inc. was founded in 2017 and is headquartered in Torrance, California.

Open

0.55

Mkt cap

44M

Volume

4.4M

High

0.56

P/E Ratio

-0.08

52-wk high

8.81

Low

0.50

Div yield

N/A

52-wk low

0.37

Consumer Discretionary stocks experienced significant movements in Monday's intraday session. Notable gainers include Canoo (GOEV) with a 53.9% increase, and Latham Group (SWIM) rising by 20.03% following their Q4 earnings report. On the losing end, Sonder Holdings (SOND) dropped by 33%, and GigaCloud Tech (GCT) fell by 21.56% after their Q4 earnings. The movements reflect varied investor reactions to company performances and market conditions.

Portfolio Pulse from Benzinga Insights

March 18, 2024 | 5:31 pm

U.S. stocks traded higher with the Dow, NASDAQ, and S&P 500 all seeing gains. The NAHB/Wells Fargo Housing Market Index rose to 51 in March, indicating a positive outlook for the housing market. Canoo Inc. (GOEV) surged 53% after its Oklahoma City facility was approved as a Foreign Trade Zone. Wearable Devices Ltd. (WLDS) and Verb Technology Company, Inc. (VERB) also saw significant gains. Conversely, Solowin Holdings (SWIN), Sonder Holdings Inc. (SOND), and Worksport Ltd. (WKSP) experienced notable declines.

Portfolio Pulse from Avi Kapoor

March 18, 2024 | 4:20 pm

Canoo Inc (NASDAQ:GOEV) shares surged 56% to $3.03 after the U.S. Department of Commerce approved its Oklahoma City facility as a Foreign Trade Zone (FTZ). This designation allows Canoo to significantly reduce customs duties on international vehicle sales and defer duties on imported parts for domestic sales. Over 90% of Canoo's parts are sourced from the U.S. and allied nations, with 70% from North America. The FTZ status is expected to lower international vehicle costs by up to 5% and improve working capital for domestic sales. Canoo plans to expand its Oklahoma manufacturing site and aims to establish one of the largest FTZs in the state, which is anticipated to create high-paying jobs and contribute to the growth of the advanced manufacturing sector.

Portfolio Pulse from Henry Khederian

March 18, 2024 | 2:11 pm

Canoo's shares surged following the US Department of Commerce's approval of its Oklahoma City facility as a Foreign Trade Zone, indicating potential cost savings and operational advantages for the company.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 1:50 pm

In Monday's pre-market session, several consumer discretionary stocks showed notable movements. Gainers included Forward Industries (FORD) with a 28.2% increase, Canoo (GOEV) up by 24.22%, and JOANN (JOAN) rising 15.88%. On the losing end, Chijet Motor Co (CJET) fell by 12.2%, Worksport (WKSP) dropped 11.49%, and BJ's Restaurants (BJRI) declined by 5.91%. Other notable movements were seen in Zapp Electric Vehicles (ZAPP), Golden Sun Health (GSUN), Visionary Holdings (GV), Boot Barn Holdings (BOOT), Li Auto (LI), and Tupperware Brands (TUP).

Portfolio Pulse from Benzinga Insights

March 18, 2024 | 1:06 pm

Canoo Inc (NASDAQ:GOEV) received approval from the U.S. Department of Commerce for its Oklahoma City facility to be designated as a Foreign Trade Zone (FTZ). This designation is expected to enhance Canoo's electric vehicle manufacturing strategy in the U.S., improve profitability, and accelerate the path to breakeven. The facility, which currently employs over 100 workers, aims to support up to 1,100 jobs at full capacity. The FTZ status will eliminate customs duties on vehicles sold internationally and defer duties on imported parts for domestic sales, potentially reducing vehicle costs by up to 5% on imported parts. Canoo sources over 90% of its parts from the U.S. and allied nations, with 70% coming from North America.

Portfolio Pulse from Shivani Kumaresan

March 18, 2024 | 11:22 am

Mixed sentiment in the EV sector was influenced by Tesla's lowered delivery estimates and broader market concerns. Tesla faces challenges but sees opportunities in India with new EV policies. Fisker's bankruptcy rumors caused a significant stock drop. Rivian received a positive upgrade from Piper Sandler. Polestar announced a price cut for its upcoming SUV. The KraneShares Electric Vehicles ETF saw a slight increase.

Portfolio Pulse from Shanthi Rexaline

March 16, 2024 | 2:42 pm

Canoo (NYSE:GOEV) has seen a 37.45% increase in short interest, now at 14.02% of float, indicating a bearish market sentiment. Despite this, high short interest can sometimes be bullish. Canoo's short interest is above its peer group average of 9.50%.

Portfolio Pulse from Benzinga Insights

March 15, 2024 | 8:30 pm

Alliance Global Partners analyst Poe Fratt maintains a Buy rating on Canoo (NASDAQ:GOEV) but lowers the price target from $20 to $18.5.

Portfolio Pulse from Benzinga Newsdesk

March 15, 2024 | 12:07 pm

Asana, Inc. (ASAN) shares fell by 11% following soft FY25 revenue guidance, despite beating quarterly earnings and sales estimates. Other stocks showed significant movement, with ClearOne, Inc. (CLRO) and Regulus Therapeutics Inc. (RGLS) among the top gainers, while BYND Cannasoft Enterprises Inc. (BCAN) and Simpple Ltd. (SPPL) led the losers. The market saw a mix of positive and negative financial results, strategic moves, and guidance updates.

Portfolio Pulse from Avi Kapoor

March 12, 2024 | 6:07 pm

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