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NASDAQ:GOEV

Canoo (GOEV) Stock Price, News & Analysis

$1.70
-0.18 (-9.57%)
(As of 06/24/2024 ET)
Today's Range
$1.70
$1.90
50-Day Range
$1.70
$3.40
52-Week Range
$1.22
$19.50
Volume
3.18 million shs
Average Volume
4.36 million shs
Market Capitalization
$116.57 million
P/E Ratio
N/A
Dividend Yield
N/A
Price Target
$23.79

Canoo MarketRank™ Stock Analysis

Analyst Rating
Moderate Buy
2.71 Rating Score
Upside/​Downside
1,299.5% Upside
$23.79 Price Target
Short Interest
Healthy
15.08% of Float Sold Short
Dividend Strength
N/A
Sustainability
N/A
News Sentiment
0.78mentions of Canoo in the last 14 days
Based on 4 Articles This Week
Insider Trading
N/A
Proj. Earnings Growth
Growing
From ($4.37) to ($2.77) Per Share

Overall MarketRank

New Rank-Based ScoringMarketRank is calculated by averaging available category scores (with extra weight given to analysis and valuation), then ranking the company's weighted average against that of other companies.

2.37 out of 5 stars

Auto/Tires/Trucks Sector

45th out of 80 stocks

Motor Vehicle Parts & Accessories Industry

22nd out of 33 stocks

GOEV stock logo

About Canoo Stock (NASDAQ:GOEV)

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.

GOEV Stock Price History

GOEV Stock News Headlines

Canoo (NASDAQ:GOEV) Shares Up 5.6%
A new cancer treatment conceived to do what no other cancer treatments can
We're excited to announce a groundbreaking opportunity in the fight against cancer. Starpax has launched a Regulation A capital raise to fuel our pioneering clinical trials, aiming to revolutionize cancer treatment and offer hope to millions worldwide.
3 EV Penny Stocks to Sell (But One to Buy)
A new cancer treatment conceived to do what no other cancer treatments can
We're excited to announce a groundbreaking opportunity in the fight against cancer. Starpax has launched a Regulation A capital raise to fuel our pioneering clinical trials, aiming to revolutionize cancer treatment and offer hope to millions worldwide.
Canoo 1Q Results Miss Forecasts With No Revenue
Canoo Inc. Announces First Quarter 2024 Results
Canoo: A House Of Cards Built On Dilution
See More Headlines
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Company Calendar

Last Earnings
5/14/2024
Today
6/25/2024
Next Earnings (Estimated)
8/12/2024
Fiscal Year End
12/31/2024

Industry, Sector and Symbol

Industry
Motor vehicle parts & accessories
Sub-Industry
N/A
Current Symbol
NASDAQ:GOEV
Fax
N/A
Employees
651
Year Founded
N/A

Price Target and Rating

Average Stock Price Target
$23.79
High Stock Price Target
$92.00
Low Stock Price Target
$3.00
Potential Upside/Downside
+1,299.5%
Consensus Rating
Moderate Buy
Rating Score (0-4)
2.71
Research Coverage
7 Analysts

Profitability

Net Income
$-302,020,000.00
Pretax Margin
-36,340.40%

Debt

Sales & Book Value

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

Miscellaneous

Free Float
61,916,000
Market Cap
$116.57 million
Optionable
Optionable
Beta
1.28
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Key Executives

  • Mr. Anthony Aquila (Age 59)
    Executive Chairman & CEO
    Comp: $500k
  • Mr. Gregory D. Ethridge CPA (Age 47)
    Chief Financial Officer
    Comp: $713.44k
  • Mr. Sohel Merchant
    Founder & CTO
  • Mr. Ramesh Murthy (Age 45)
    Senior VP of Finance & Chief Accounting Officer
    Comp: $350k
  • Mr. Hector Ruiz (Age 43)
    General Counsel & Corporate Secretary
  • Agnes Gomes-Koizumi
    Vice President of Communications
  • Mr. Kunal Bhalla
    Senior Vice President of Corporate Development, Capital Markets & Purchasing
  • Mr. Michael Carter
    Chief People Officer
  • Mr. Richard Kim
    Chief Design Officer

GOEV Stock Analysis - Frequently Asked Questions

Should I buy or sell Canoo stock right now?

7 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Canoo in the last twelve months. There are currently 2 hold ratings and 5 buy ratings for the stock. The consensus among Wall Street analysts is that investors should "moderate buy" GOEV shares.
View GOEV analyst ratings
or view top-rated stocks.

What is Canoo's stock price target for 2024?

7 brokerages have issued 12-month target prices for Canoo's shares. Their GOEV share price targets range from $3.00 to $92.00. On average, they predict the company's share price to reach $23.79 in the next year. This suggests a possible upside of 1,299.5% from the stock's current price.
View analysts price targets for GOEV
or view top-rated stocks among Wall Street analysts.

How have GOEV shares performed in 2024?

Canoo's stock was trading at $5.9156 at the beginning of the year. Since then, GOEV shares have decreased by 71.3% and is now trading at $1.70.
View the best growth stocks for 2024 here
.

Are investors shorting Canoo?

Canoo saw a decline in short interest in the month of May. As of May 31st, there was short interest totaling 9,230,000 shares, a decline of 34.1% from the May 15th total of 14,000,000 shares. Based on an average daily volume of 8,250,000 shares, the short-interest ratio is presently 1.1 days. Currently, 15.1% of the company's shares are short sold.
View Canoo's Short Interest
.

When is Canoo's next earnings date?

The company is scheduled to release its next quarterly earnings announcement on Monday, August 12th 2024.
View our GOEV earnings forecast
.

How were Canoo's earnings last quarter?

Canoo Inc. (NASDAQ:GOEV) released its quarterly earnings data on Tuesday, May, 14th. The company reported ($2.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.97) by $1.23. During the same quarter last year, the company posted ($3.91) EPS.

When did Canoo's stock split?

Canoo's stock reverse split on the morning of 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.

What guidance has Canoo issued on next quarter's earnings?

Canoo updated its FY 2024 earnings guidance on Tuesday, May, 21st. The company provided earnings per share guidance of for the period. The company issued revenue guidance of $50.0 million-$100.0 million, compared to the consensus revenue estimate of $68.7 million.

Who are Canoo's major shareholders?

Canoo's stock is owned by a number of institutional and retail investors. Top institutional investors include Vanguard Group Inc. (2.91%), Susquehanna Fundamental Investments LLC (0.39%), EP Wealth Advisors LLC (0.11%), SG Americas Securities LLC (0.03%) and Walleye Trading LLC (0.00%). Insiders that own company stock include Global Holdings Ltd Dd, Hector M Ruiz, Josette Sheeran, Ramesh Murthy, Thomas A Dattilo and Tony Aquila.
View institutional ownership trends
.

How do I buy shares of Canoo?

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.

This page (NASDAQ:GOEV) was last updated on 6/25/2024 by MarketBeat.com Staff

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