Canoo Inc. (GOEV) Outperforms Broader Market: What You Need to Know
Canoo Inc. (GOEV) ended the recent trading session at $0.92, demonstrating a +1.53% swing from the preceding day's closing price. The stock outpaced the S&P 500's daily gain of 0.01%. Elsewhere, the Dow saw an upswing of 0.09%, while the tech-heavy Nasdaq appreciated by 0.08%.
Heading into today, shares of the company had lost 41.72% over the past month, lagging the Auto-Tires-Trucks sector's gain of 8.09% and the S&P 500's gain of 1.21% in that time.
The investment community will be paying close attention to the earnings performance of Canoo Inc. in its upcoming release. The company's upcoming EPS is projected at -$0.91, signifying a 43.48% increase compared to the same quarter of the previous year.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$3.72 per share and a revenue of $34.47 million, signifying shifts of +61.77% and +3790%, respectively, from the last year.
Any recent changes to analyst estimates for Canoo Inc. should also be noted by investors. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. As of now, Canoo Inc. holds a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 170, positioning it in the bottom 33% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Canoo Inc. (GOEV) : Free Stock Analysis Report