Yahoo Finance Canoo Inc. (GOEV) Outpaces Stock Market Gains: What You Should Know
The latest trading session saw Canoo Inc. (GOEV) ending at $1.99, denoting a +1.53% adjustment from its last day's close. The stock outperformed the S&P 500, which registered a daily gain of 0.09%. Meanwhile, the Dow experienced a rise of 0.09%, and the technology-dominated Nasdaq saw an increase of 0.3%.
Prior to today's trading, shares of the company had lost 10.09% over the past month. This has lagged the Auto-Tires-Trucks sector's gain of 2.42% and the S&P 500's gain of 3.38% in that time.
Market participants will be closely following the financial results of Canoo Inc. in its upcoming release. The company's earnings per share (EPS) are projected to be -$0.90, reflecting a 72.05% increase from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$4.37 per share and revenue of $68.65 million. These totals would mark changes of +55.09% and +7648.73%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Canoo Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the company's business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Canoo Inc. presently features a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry currently has a Zacks Industry Rank of 45, which puts it in the top 18% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Canoo Inc. (GOEV) : Free Stock Analysis Report
