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NASDAQ:GOEV

Canoo (GOEV) Stock Price, News & Analysis

Canoo logo
$0.62 -0.11 (-15.10%)
(As of 05:00 PM ET)

About Canoo Stock (NASDAQ:GOEV)

Key Stats

Today's Range
$0.62
$0.76
50-Day Range
$0.39
$1.55
52-Week Range
$0.37
$8.81
Volume
13.69 million shs
Average Volume
5.39 million shs
Market Capitalization
$51.04 million
P/E Ratio
N/A
Dividend Yield
N/A
Price Target
$23.04
Consensus Rating
Moderate Buy

Company Overview

Canoo Inc., formerly Hennessy Capital Acquisition Corp. IV, is an American electric vehicle (EV) manufacturer headquartered in Torrance, California. The company was founded in 2017 by a group of former BMW and Deutsche Bank executives who aimed to create a new EV company. Canoo Inc.'s unique selling point is its flexible skateboard platform, which can be used for various vehicle types, including sedans, delivery vans, and mobile food trucks. The company strongly focuses on sustainable mobility and aims to provide affordable, accessible, and environmentally-friendly transportation options.

Canoo Inc.s management team is led by Chief Executive Officer Tony Aquila, a technology industry veteran who previously served as CEO of Solera Holdings, a software and data provider for the insurance industry. Other key team members include Sohel Merchant, who previously worked for Tesla and Ford. 

Canoo Inc. is a relatively new company and has yet to generate significant revenue. The company has been reporting losses yearly since its inception in 2020. Canoo Inc. raised $300 million in its initial public offering (IPO) in December 2020; however, since then, Canoo Inc. has utilized all of its IPO monies and an additional $470 million in negative cash flow. Canoo Inc.'s valuation metrics are difficult to compare to industry peers due to the company's early stage of development and lack of revenue. The company's market capitalization is approximately $250 million. Canoo Inc.'s stock price has fluctuated significantly since its IPO, reaching a high of $20.28 in February 2021 before falling to a low of $0.54. The stock price has remained volatile. Canoo Inc.'s stock performance has been mixed since the company went public in December 2020. The stock price initially surged on news of the company's merger with Hennessy Capital Acquisition Corp. IV, reaching a high of $20.28 in February 2021. However, the stock price declined sharply in the following months, falling to a low of $0.54 in Q1 2023. 

Canoo Inc. operates in the highly competitive EV industry, which is rapidly evolving and subject to various regulatory and political pressures. The global EV market is expected to grow significantly in the coming years, driven by government incentives and a growing awareness of the environmental benefits of EVs. However, the industry is also subject to significant challenges, including the high cost of EV batteries and the need for charging infrastructure in many parts of the world. Canoo Inc.'s flexible skateboard platform and focus on affordable EVs could give it a competitive edge in this crowded market.

Canoo Inc. has several potential growth opportunities, including launching its first EV models and expanding its skateboard platform into new markets. The company has also announced plans to develop a subscription-based business model for its EVs. This could appeal to consumers who want the flexibility to switch vehicles without committing to a long-term purchase or lease. Additionally, Canoo Inc. has partnered with Hyundai Motor Group to co-develop EV platforms and technologies, which could provide the company with access to additional resources and expertise.

As with any company operating in a rapidly-evolving industry, Canoo Inc. faces various potential risks and challenges. One major challenge is the high cost of EV batteries, making it difficult for companies to achieve profitability. Canoo Inc. must manage its production costs carefully to remain competitive. Additionally, the company may face regulatory or political pressures, particularly in the United States, where the government has recently announced plans to increase funding for EVs and charging infrastructure. Canoo Inc. may face stiff competition from other established and emerging players in the EV market, including Tesla, General Motors, and Rivian.

Canoo Stock Analysis - MarketRank™

See Top Rated MarketRank™ Stocks
60th Percentile Overall Score

GOEV MarketRank™: 

Canoo scored higher than 60% of companies evaluated by MarketBeat, and ranked 53rd out of 90 stocks in the auto/tires/trucks sector. Scores are calculated by averaging available category scores, with extra weight given to analysis and valuation.

  • Consensus Rating

    Canoo has received a consensus rating of Moderate Buy. The company's average rating score is 2.71, and is based on 5 buy ratings, 2 hold ratings, and no sell ratings.

  • Amount of Analyst Coverage

    Canoo has only been the subject of 2 research reports in the past 90 days.

  • Read more about Canoo's stock forecast and price target.
  • Earnings Growth

    Earnings for Canoo are expected to grow in the coming year, from ($3.75) to ($2.97) per share.

  • Price to Earnings Ratio vs. the Market

    The P/E ratio of Canoo is -0.08, which means that its earnings are negative and its P/E ratio cannot be compared to companies with positive earnings.

  • Price to Earnings Ratio vs. Sector

    The P/E ratio of Canoo is -0.08, which means that its earnings are negative and its P/E ratio cannot be compared to companies with positive earnings.

  • Price to Book Value per Share Ratio

    Canoo has a P/B Ratio of 0.11. P/B Ratios below 1 indicate that a company could be undervalued with respect to its assets and liabilities.

  • Read more about Canoo's valuation and earnings.
  • Percentage of Shares Shorted

    13.63% of the float of Canoo has been sold short.
  • Short Interest Ratio / Days to Cover

    Canoo has a short interest ratio ("days to cover") of 2.4, which is generally considered an acceptable ratio of short interest to trading volume.
  • Change versus previous month

    Short interest in Canoo has recently decreased by 3.93%, indicating that investor sentiment is improving.
  • Dividend Yield

    Canoo does not currently pay a dividend.

  • Dividend Growth

    Canoo does not have a long track record of dividend growth.

  • Percentage of Shares Shorted

    13.63% of the float of Canoo has been sold short.
  • Short Interest Ratio / Days to Cover

    Canoo has a short interest ratio ("days to cover") of 2.4, which is generally considered an acceptable ratio of short interest to trading volume.
  • Change versus previous month

    Short interest in Canoo has recently decreased by 3.93%, indicating that investor sentiment is improving.
  • News Sentiment

    Canoo has a news sentiment score of 0.33. This score is calculated as an average of sentiment of articles about the company over the last seven days and ranges from 2 (good news) to -2 (bad news). This is a lower news sentiment than the 0.54 average news sentiment score of Auto/Tires/Trucks companies.
  • News Coverage This Week

    MarketBeat has tracked 6 news articles for Canoo this week, compared to 5 articles on an average week.
  • Search Interest

    26 people have searched for GOEV on MarketBeat in the last 30 days. This is an increase of 100% compared to the previous 30 days.
  • MarketBeat Follows

    16 people have added Canoo to their MarketBeat watchlist in the last 30 days. This is an increase of 33% compared to the previous 30 days.
  • Insider Buying vs. Insider Selling

    In the past three months, Canoo insiders have sold more of their company's stock than they have bought. Specifically, they have bought $0.00 in company stock and sold $8,607.00 in company stock.

  • Percentage Held by Insiders

    Only 7.12% of the stock of Canoo is held by insiders.

  • Percentage Held by Institutions

    Only 36.23% of the stock of Canoo is held by institutions.

  • Read more about Canoo's insider trading history.
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GOEV Stock News Headlines

Canoo Inc. Announces Third Quarter 2024 Results
Free Ebook shares Tesla’s roadmap to $500 a share
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U.K. Royal Mail pilots Canoo delivery vans, EV reports
A Glimpse of Canoo's Earnings Potential
Canoo sued by supplier over alleged unpaid work on USPS vans, EV reports
See More Headlines

GOEV Stock Analysis - Frequently Asked Questions

Canoo's stock was trading at $5.9156 at the beginning of the year. Since then, GOEV stock has decreased by 89.5% and is now trading at $0.6240.
View the best growth stocks for 2024 here
.

Canoo Inc. (NASDAQ:GOEV) released its quarterly earnings data on Tuesday, May, 14th. The company reported ($2.20) EPS for the quarter, missing the consensus estimate of ($0.97) by $1.23.

Canoo shares reverse split before market open on Friday, March 8th 2024. The 1-23 reverse split was announced on Wednesday, March 6th 2024. The number of shares owned by shareholders was adjusted after the market closes on Thursday, March 7th 2024. An investor that had 100 shares of stock prior to the reverse split would have 4 shares after the split.

Top institutional shareholders of Canoo include Charles Schwab Investment Management Inc. (0.20%). Insiders that own company stock include Tony Aquila, Global Holdings Ltd Dd, Greg Ethridge, Ramesh Murthy, Hector M Ruiz, Josette Sheeran and Thomas A Dattilo.
View institutional ownership trends
.

Shares of GOEV stock can be purchased through any online brokerage account. Popular online brokerages with access to the U.S. stock market include Charles Schwab, E*TRADE, Fidelity, and Vanguard Brokerage Services.
Compare Top Brokerages Here.

Based on aggregate information from My MarketBeat watchlists, some other companies that Canoo investors own include Block (SQ), Digital Turbine (APPS), Palantir Technologies (PLTR), SoFi Technologies (SOFI), CrowdStrike (CRWD), ChargePoint (CHPT) and Vuzix (VUZI).

Company Calendar

Last Earnings
5/14/2024
Today
11/13/2024
Next Earnings (Confirmed)
11/13/2024
Fiscal Year End
12/31/2024

Industry, Sector and Symbol

Industry
Motor vehicle parts & accessories
Sub-Industry
Automobiles And Trucks
Current Symbol
NASDAQ:GOEV
Fax
N/A
Employees
800
Year Founded
N/A

Price Target and Rating

Average Stock Price Target
$23.04
High Stock Price Target
$92.00
Low Stock Price Target
$1.50
Potential Upside/Downside
+3,034.9%
Consensus Rating
Moderate Buy
Rating Score (0-4)
2.71
Research Coverage
7 Analysts

Profitability

Net Income
$-302,020,000.00
Pretax Margin
-17,174.11%

Debt

Sales & Book Value

Annual Sales
$890,000.00
Book Value
$5.84 per share

Miscellaneous

Free Float
75,980,000
Market Cap
$60.12 million
Optionable
Optionable
Beta
1.29
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This page (NASDAQ:GOEV) was last updated on 11/13/2024 by MarketBeat.com Staff
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