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

Canoo Inc. (NASDAQ:GOEV) spent over double its 2023 revenue on CEO Tony Aquila's private jet, totaling $1.7 million against a revenue of $886,000. Despite delivering 22 vehicles and reducing operating losses, Canoo's net annual losses were $302.6 million. The company also paid $1.7 million in 2023 for shared services at its Texas office. This spending raises concerns amid a widening wealth gap and discussions on the wealthy's societal responsibilities.

Portfolio Pulse from Benzinga Neuro

April 02, 2024 | 7:09 am

Canoo Inc. (NASDAQ:GOEV) reported mixed Q4 results with adjusted losses of $1.73 per share, beating estimates, but sales of $367,000 missed expectations. The company produced 22 vehicles in 2023, with 17 in Q4. CEO Tony Aquila highlighted the start of commercial fleet deliveries and the FTZ designation for the OKC facility. Canoo anticipates 2024 revenues between $50 million and $100 million and plans to continue acquiring distressed assets. Post-results, GOEV shares dropped 24.81% in after-hours trading.

Portfolio Pulse from Erica Kollmann

April 01, 2024 | 9:56 pm

Canoo anticipates its 2024 annual revenue to be between $50M and $100M, which is below the estimated $152.525M. The company also expects a cash outflow of $45M to $75M per quarter.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 9:22 pm

Canoo (NASDAQ:GOEV) reported its Q4 earnings with an adjusted EPS of $(1.73), surpassing the $(1.77) estimate. However, its sales of $367.00K fell short of the expected $703.80K.

Portfolio Pulse from Benzinga Newsdesk

April 01, 2024 | 9:20 pm

Numerous companies are scheduled to report their quarterly earnings on April 1, 2024, with a mix of projected profits and losses across various sectors. Notable mentions include Mach Natural Resources with expected earnings of $0.92 per share, Sigma Lithium with $0.18 per share, and PVH Corp with a significant $3.53 per share. Conversely, companies like Enservco and Nano X Imaging are anticipating losses. This diverse earnings landscape provides a broad view of the financial health across different industries.

Portfolio Pulse from Benzinga Insights

April 01, 2024 | 9:13 am

Westport Fuel Systems Inc. (NASDAQ:WPRT) shares fell by approximately 10% after reporting a Q4 loss wider than expected. Other stocks experienced significant movements, with notable gainers including Stoke Therapeutics, Inc. (NASDAQ:STOK) and losers like Quhuo Limited (NASDAQ:QH). The movements were attributed to various factors including financial results, clinical trial data, and strategic agreements.

Portfolio Pulse from Avi Kapoor

March 26, 2024 | 5:45 pm

In Tuesday's intraday session, 12 consumer discretionary stocks showed significant movement. Notable gainers included Cazoo Group, Krispy Kreme, Lead Real Estate Co, Yunji, Allurion Technologies, and GrowGeneration, with increases ranging from 10.63% to 42.1%. On the downside, EZGO Technologies, Pinstripes Holdings, Canoo, Singing Machine Co, Chijet Motor Co, and ZHONGCHAO saw declines between 14.19% and 19%. The movements reflect varying market capitalizations and recent earnings releases for some.

Portfolio Pulse from Benzinga Insights

March 26, 2024 | 5:31 pm

In Tuesday's pre-market session, several consumer discretionary stocks showed significant movement. Notably, Krispy Kreme (DNUT) surged 18.1%, while Golden Sun Health (GSUN) dropped 20.4%. Other stocks such as Lobo EV Technologies (LOBO), Cheesecake Factory (CAKE), and Canoo (GOEV) also experienced notable changes. These movements reflect varying investor sentiments and market dynamics within the consumer discretionary sector.

Portfolio Pulse from Benzinga Insights

March 26, 2024 | 1:06 pm

This week, Tesla faced challenges in China, Ford planned a reentry into India's EV market, and Canoo aimed to improve profitability. Tesla's production cut in China and SEC probe concerns, along with Ford's strategy to leverage India's new EV policy, and Canoo's designation as a Foreign Trade Zone were key events. Fisker sought financing to avoid bankruptcy, and BYD expanded into Greece. The KraneShares Electric Vehicles ETF saw a decline, reflecting broader EV stock underperformance despite Tesla's slight gain.

Portfolio Pulse from Shanthi Rexaline

March 23, 2024 | 1:12 pm

Canoo Inc. (NASDAQ:GOEV) shares surged following the U.S. Department of Commerce's approval of its Oklahoma City facility as a Foreign Trade Zone, enhancing its electric vehicle manufacturing strategy in America. The approval is expected to improve unit profitability and expedite breakeven. The Oklahoma City site, employing over 100 people, aims to create up to 1,100 manufacturing jobs at full capacity. The FTZ designation benefits include eliminating customs duties on international sales and deferring duties on imported parts for domestic sales. Canoo's stock has risen nearly 200% since the announcement. However, year to date, GOEV shares have lost 64.35%, outperforming its historical average annual return of -78.69%. The stock's RSI of 78.36 indicates overbought conditions.

Portfolio Pulse from Erica Kollmann

March 21, 2024 | 8:35 pm

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