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

U.S. stocks traded lower with the Dow Jones falling over 400 points. Paychex, Inc. reported mixed Q3 results, missing sales expectations. VivoPower International, XTI Aerospace, and Kidpik Corp saw significant stock increases due to merger agreements and acquisitions. Conversely, Acorda Therapeutics, Gritstone bio, and Canoo Inc experienced substantial drops, with Acorda filing for Chapter 11 bankruptcy and Canoo issuing weak revenue guidance.

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 1:58 pm

Canoo's stock price has declined following the company's announcement of weaker than expected revenue guidance for 2024.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 12:38 pm

HC Wainwright & Co. analyst Amit Dayal maintains a Buy rating on Canoo (NASDAQ:GOEV) and adjusts the price target to $7 from $3, accounting for a reverse stock split of 1:23.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 12:35 pm

In Tuesday's pre-market session, there were notable movements in the consumer discretionary sector. Kidpik (PIK) led the gainers with a 60.9% increase, while Canoo (GOEV) experienced the largest decline among the losers, dropping 24.3%. Other notable movements included ATA Creativity Glb (AACG), Secoo Holding (SECO), and PVH Corp (PVH), with their stocks moving due to various factors including earnings reports.

Portfolio Pulse from Benzinga Insights

April 02, 2024 | 12:07 pm

VirTra, Inc. (NASDAQ:VTSI) shares surged 20% in pre-market trading after reporting Q4 earnings and sales above expectations. Other stocks also showed significant movement in pre-market trading, with notable gainers including XTI Aerospace, Inc. (NASDAQ:XTIA) and Kidpik Corp. (NASDAQ:PIK), and losers like Acorda Therapeutics, Inc. (NASDAQ:ACOR) and Gritstone bio, Inc. (NASDAQ:GRTS).

Portfolio Pulse from Avi Kapoor

April 02, 2024 | 12:04 pm

U.S. stocks are poised for a lower open amid concerns over interest rates and economic data. Strong manufacturing data has led to mixed market reactions, with major indices like the DJIA and S&P 500 closing lower. Analysts remain optimistic about the tech sector despite fears of overvaluation. Futures trading indicates a negative start, with SPY and QQQ ETFs down in premarket. Companies like PVH Corp. and Canoo, Inc. reported earnings, leading to significant premarket drops. Health insurance stocks also fell sharply due to concerns over Medicare Advantage program payments.

Portfolio Pulse from Shanthi Rexaline

April 02, 2024 | 11:24 am

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

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