In the latest trading session, Canoo Inc. (GOEV) closed at $1.99, marking a +1.53% correction from the previous day’s closing price. The stock outperformed the S&P 500, which recorded a daily gain of 0.09%, while the Dow recorded a 0.09% increase and the tech-heavy Nasdaq recorded a 0.3% gain.
Prior to today’s trading, shares of the company had lost 10.09% over the past month, lagging the Auto-Tires-Trucks sector’s gain of 2.42% and the S&P 500’s gain of 3.38% in that time period.
Market participants will be closely watching the upcoming financial results from Canoo Inc. The company is expected to report earnings per share (EPS) of -$0.90, up 72.05% from the same period last year.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$4.37 per share and revenue of $68.65 million. These totals would represent changes of +55.09% and +7,648.73%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Canoo Inc. These recent revisions tend to reflect evolving short-term business trends, therefore, positive changes in estimates mean that analysts are optimistic about the company’s business and profitability.
Our research shows that these estimate revisions are directly correlated to imminent stock price movements, and to take advantage of this, we have created the Zacks Rank, a proprietary model which incorporates these estimate changes and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has a remarkable, third-party-audited, track record of outperformance, with #1-ranked stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained stagnant. Canoo Inc. currently carries a Zacks Rank #3 (Hold).
The Automotive – Domestic industry is a part of the Auto, Tires & Trucks sector. This industry is currently ranked #45 in the Zacks Industry Rank, putting it in the top 18% of all 250+ industries.
The strength of each industry group is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups, and our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
More information on all these metrics, and much more, can be found on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Download today: 7 Best Stocks for the Next 30 Days Click to get this free report.
Canoo Inc. (GOEV) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
