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 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
- Canoo Appoints Former NASA Chief Technology Officer Deborah Diaz and Veteran EV Transportation Leader James Chen to Board of Directors • GlobeNewswire Inc. • 02/07/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/31/2024 09:06:32 PM
- Canoo Successfully Expands Zeeba’s Fleet with Electric Vehicles • GlobeNewswire Inc. • 01/31/2024 11:00:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 01/26/2024 01:24:51 AM
- Canoo Reaches Agreement with U.S. Postal Service for Purchase of Electric Vehicles • GlobeNewswire Inc. • 01/24/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/19/2024 09:10:30 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 01/19/2024 09:08:13 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 01/19/2024 09:06:37 PM
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