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

0.41

Mkt cap

36M

Volume

5.3M

High

0.43

P/E Ratio

-0.07

52-wk high

8.81

Low

0.40

Div yield

N/A

52-wk low

0.37

Wall Street analysts have updated their price targets and ratings for several companies. EF Hutton lowered FiscalNote's target but maintained a Buy rating. HC Wainwright cut Canoo's target while maintaining a Buy rating. Raymond James reduced Texas Capital Bancshares' target but kept a Strong Buy rating. Jefferies downgraded The Beauty Health Company and slashed its target. RBC Capital downgraded Energizer Holdings and cut its target. JP Morgan downgraded Canadian Solar and lowered its target. Barclays upgraded Wix.com and raised its target. Canaccord Genuity cut HIVE Digital's target but maintained a Buy rating. Citigroup upgraded Vipshop Holdings and increased its target. B of A Securities upgraded American Eagle Outfitters and raised its target.

Portfolio Pulse from Lisa Levin

November 15, 2023 | 1:17 pm

HC Wainwright & Co. analyst Amit Dayal has maintained a Buy rating on Canoo (NASDAQ:GOEV) but has reduced the price target from $10 to $3. This adjustment reflects a more conservative valuation of the company's prospects.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 12:42 pm

Canoo Inc. (NASDAQ:GOEV) reported Q3 losses of 18 cents per share, which was below the analyst consensus estimate of a 12-cent loss. Year-over-year, the loss widened from 43 cents per share. Quarterly sales were $519,000, also missing the expected $610,000. The company's cash reserves stood at $8.3 million, with net cash used in operating activities totaling $191.4 million for the nine months ending Sept. 30. Canoo forecasts an adjusted EBITDA loss of $85 million to $105 million for the second half of 2023. Despite the financial results, CEO Tony Aquila expressed optimism about the company's transition to manufacturing and revenue generation, aiming for an annual unit capacity of 20,000. After the earnings release, GOEV shares saw a slight decrease of 0.07% in after-hours trading.

Portfolio Pulse from Ryan Gustafson

November 14, 2023 | 10:36 pm

Canoo (NASDAQ:GOEV) reported Q3 earnings with an EPS of $(0.18), missing the $(0.12) estimate by 50%, and sales of $519.00K, missing the $610.00K estimate by 14.92%. Despite the miss, the reported losses show a 58.14% improvement from the same period last year.

Portfolio Pulse from Benzinga Newsdesk

November 14, 2023 | 9:49 pm

The article lists a number of companies scheduled to report their earnings on November 14, 2023. It includes their expected quarterly results, with some companies anticipated to report profits per share and others expected to report losses. The revenues for each company are also provided, giving investors insights into the financial performance of these companies for the upcoming earnings announcements.

Portfolio Pulse from Benzinga Insights

November 14, 2023 | 1:23 pm

Electric vehicle stocks experienced a downturn in the week ending Nov. 11, with Lucid Group reporting a disappointing quarter and lowering its 2023 production outlook. Tesla faced unionization support from President Biden and labor issues in Sweden, while also adjusting prices in China. Fisker is seeking manufacturing partners, and Canoo unveiled a new electric truck. Mercedes-Benz is expanding its charging network in the U.S. The KraneShares Electric Vehicles ETF saw a weekly decline.

Portfolio Pulse from Shanthi Rexaline

November 11, 2023 | 3:28 pm

Electric vehicle stocks advanced in the week ending Nov. 3, with key events including Tesla's potential unionization, Rivian hiring a Mercedes-Benz veteran, and Nikola's Q3 loss widening due to a battery fire recall. Fisker shares ended lower for the week due to weakness in the EV market and the departure of its CTO. Nio plans to cut 10% of jobs in November. The KraneShares Electric Vehicles and Future Mobility Index ETF fell 4.25% for the week.

Portfolio Pulse from Shanthi Rexaline

November 04, 2023 | 1:09 pm

Major electric vehicle (EV) stocks declined in the week ending Oct. 27, with Tesla (TSLA) extending its lean patch. Tesla debuted on Fortune’s list of 100 fastest-growing companies in 2023 and announced modest price hikes for some Model Y variants. Ford (F) is pushing back its $12 billion EV investment due to losses and market challenges. Mercedes-Benz (MBGAF, MBGYY) reported disappointing Q3 results and lowered its full year guidance. Nikola (NKLA) was awarded $165 million plus interest in an arbitration proceeding with its founder. Fisker (FSR) announced price cuts for its top trim Extreme. The KraneShares Electric Vehicles and Future Mobility Index ETF (KARS) fell 2.64% for the week.

Portfolio Pulse from Shanthi Rexaline

October 28, 2023 | 1:55 pm

During Monday's intraday session, several consumer discretionary stocks experienced significant movement. Gainers included a.k.a. Brands Holding (AKA), BTC Digital (BTCT), Farfetch (FTCH), ThredUp (TDUP), Canoo (GOEV), and ECARX Holdings (ECX). Losers included Harbor Custom Dev (HCDIP), Color Star Tech (ADD), Volcon (VLCN), Jiuzi Hldgs (JZXN), Zapp Electric Vehicles (ZAPP), and Interactive Strength (TRNR).

Portfolio Pulse from Benzinga Insights

October 23, 2023 | 5:31 pm

Electric vehicle stocks fell in the week ending Oct. 21, with Tesla's disappointing Q3 earnings and revenue miss leading the downturn. Tesla's auto margin was below consensus estimates, and CEO Elon Musk's comments on the earnings call were not well received by investors. Rivian CEO R.J. Scaringe allayed liquidity concerns, stating that the company's recent $1.5 billion convertible green note offering was meant to create an additional buffer. Lucid Group's Q3 deliveries were below consensus estimates. Faraday Future shares gained after the company raised non-dilutive capital. Toyota confirmed it will adopt Tesla’s North American Charging Standard for its battery EVs from 2025.

Portfolio Pulse from Shanthi Rexaline

October 21, 2023 | 2:45 pm

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