![](http://investorshub.advfn.com/images/default_ih_profile2_4848.jpg?cb=0)
Tuesday, April 02, 2024 2:33:39 PM
BENZINGA
12:09 PM ET 04/02/2024
Canoo Inc (GOEV) shares were tanking in early trading on Tuesday after the company issued weak 2024 revenue guidance. In early March, the company had announced a 1-for-23 reverse stock split.
The company was following a "prudent" approach to scale its manufacturing while building resiliency in its supply chain, according to H.C. Wainwright & Co.
The Canoo (GOEV) Analyst: Amit Dayal maintained a Buy rating for Canoo (GOEV) while raising the price target from $3 to $7.
The Canoo Thesis: The company reported its fourth-quarter revenues at $0.4 million, with an adjusted EBITDA loss of $54.0 million, versus $60.7 million in the year-ago quarter, Dayal said in a note.
"The company's 2024 revenue guidance of $50[M]-100M implies production of roughly 1,000-2,000 vehicles during the year; we believe management is targeting quarterly production levels of 4,000-5,000 by mid-2025," the analyst wrote. "During the last few months, the company has taken steps that position the company for long-term profitable execution," he added.
The change in price target reflects the 1-for-23 reverse stock split, investments from foreign strategic institutional investors, and "other advances against the Pre-Paid Advance Agreement (PPA)," Dayal further stated.
Recent GOEV News
- Canoo Joins Russell 3000®, Russell 2000® and Russell Microcap® Indexes • GlobeNewswire Inc. • 07/01/2024 11:00:00 AM
- Canoo Honored with Multiple Red Dot 2024 Design Awards for Exceptional Design Innovation of Commercial EVs • GlobeNewswire Inc. • 06/27/2024 11:00:00 AM
- Canoo Received Discounted Manufacturing Assets at Oklahoma Facilities • GlobeNewswire Inc. • 06/24/2024 11:00:00 AM
- Canoo Announces Participation in June Investor Conferences • GlobeNewswire Inc. • 06/03/2024 11:00:00 AM
- DLocal Plunges 26.7% After Earnings Report, Nextracker Soars with Impressive Numbers, and More in Earnings News • IH Market News • 05/15/2024 11:43:43 AM
- Canoo Inc. Announces First Quarter 2024 Results • GlobeNewswire Inc. • 05/14/2024 08:05:00 PM
- US Futures Remain Steady Amid Wall Street Caution Ahead of April PPI Report • IH Market News • 05/14/2024 11:18:01 AM
- Canoo to Announce First Quarter 2024 Financial Results • GlobeNewswire Inc. • 05/03/2024 11:30:00 PM
- Canoo Further Expands its International Market Presence through the Red Sea Global Partnership in the Kingdom of Saudi Arabia • GlobeNewswire Inc. • 04/08/2024 10:00:00 AM
- Canoo to Present at LD Micro Conference April 8-9 • GlobeNewswire Inc. • 04/05/2024 05:33:11 PM
- Moore Law PLLC Encourages Investors in Canoo Inc. to Contact Law Firm • PR Newswire (US) • 04/05/2024 12:15:00 AM
- Canoo Enters a $30 Billion Market with Multiple Commercial Vehicle Sales in Saudi Arabia • GlobeNewswire Inc. • 04/02/2024 10:00:00 AM
- Canoo Inc. Announces Fourth Quarter and Fiscal Year 2023 Financial Results • GlobeNewswire Inc. • 04/01/2024 10:37:43 PM
- Canoo’s Oklahoma City Manufacturing Facility Approved as Foreign Trade Zone • GlobeNewswire Inc. • 03/18/2024 10:00:00 AM
- Canoo to Announce Fourth Quarter and Fiscal Year 2023 Financial Results • GlobeNewswire Inc. • 03/11/2024 09:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 11:00:22 AM
- Canoo to Participate at Upcoming Investor Conferences • GlobeNewswire Inc. • 03/07/2024 11:00:00 AM
- Canoo Inc. Announces 1-for-23 Reverse Stock Split Effective March 8, 2024 • GlobeNewswire Inc. • 03/06/2024 11:00:00 AM
- Canoo Successfully Completes First Hiring Milestone and Receives Non-Dilutive Incentives from Oklahoma • GlobeNewswire Inc. • 02/27/2024 12:00:00 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:14:01 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 02/14/2024 09:12:28 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/09/2024 09:07:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/09/2024 09:07:20 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 02/09/2024 09:06:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/07/2024 11:09:03 AM
FEATURED BNCM and DELEX Healthcare Group Announce Strategic Merger to Drive Expansion and Growth • Jul 2, 2024 7:19 AM
EWRC's 21 Moves Gaming Studios Moves to SONY Pictures Studios and Green Lights Development of a Third Upcoming Game • EWRC • Jul 2, 2024 8:00 AM
NUBURU Announces Upcoming TV Interview Featuring CEO Brian Knaley on Fox Business, Bloomberg TV, and Newsmax TV as Sponsored Programming • BURU • Jul 1, 2024 1:57 PM
Mass Megawatts Announces $220,500 Debt Cancellation Agreement to Improve Financing and Sales of a New Product to be Announced on July 11 • MMMW • Jun 28, 2024 7:30 AM
VAYK Exited Caribbean Investments for $320,000 Profit • VAYK • Jun 27, 2024 9:00 AM
North Bay Resources Announces Successful Flotation Cell Test at Bishop Gold Mill, Inyo County, California • NBRI • Jun 27, 2024 9:00 AM