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.
Volume: | 33,525,821 |
Day Range: | 0.3235 - 0.54 |
Bid: | 0.3757 |
Ask: | 0.3766 |
Last Trade Time: | 1:13:45 PM EST |
Total Trades: | 60,333 |
Recent GOEV News
- Canoo Inc. Announces Chapter 7 Bankruptcy Filing • GlobeNewswire Inc. • 01/18/2025 01:15:00 AM
- Canoo Inc. Announces 1-for-20 Reverse Stock Split Effective December 24, 2024 • GlobeNewswire Inc. • 12/20/2024 11:00:00 AM
- Canoo Announces Furloughs and Factory Idle as it Focuses on Finalizing Securing Capital • GlobeNewswire Inc. • 12/18/2024 09:26:03 PM
- Canoo Announces Adjournment of Annual Meeting • GlobeNewswire Inc. • 11/22/2024 03:00:00 PM
- Canoo Partners with Northside Truck & Van to Deliver its Initial Parts Network and Reliable Service, Maintenance, and Repair Services to Customers in the United Kingdom • GlobeNewswire Inc. • 11/18/2024 12:00:00 PM
- Canoo Inc. Announces Third Quarter 2024 Results • GlobeNewswire Inc. • 11/13/2024 09:15:18 PM
- Canoo Schedules Third Quarter 2024 Earnings Conference Call and Webcast • GlobeNewswire Inc. • 11/07/2024 12:00:00 PM
- Canoo Partners with The AA in the UK for Premium Roadside Assistance Services to Commercial and Government Customers • GlobeNewswire Inc. • 10/30/2024 11:00:00 AM
- Canoo Receives Regulatory Approval for UK Pilot Vehicles • GlobeNewswire Inc. • 10/21/2024 11:00:00 AM
- Canoo LDV 190 Named “Overall Electric Vehicle of the Year” by AutoTech Breakthrough • GlobeNewswire Inc. • 10/10/2024 11:00:00 AM
- Canoo Launches Commercial Operations and Activation Center in the United Kingdom • GlobeNewswire Inc. • 09/24/2024 11:00:00 AM
- Canoo’s Oklahoma City Manufacturing Facility Achieves Final Activation as First Automotive Foreign-Trade Zone in the State of Oklahoma • GlobeNewswire Inc. • 09/19/2024 11:00:00 AM
- Canoo Expands Presence in Oklahoma and Texas with Engineering Talent and Headquarters Relocation • GlobeNewswire Inc. • 09/09/2024 11:00:00 AM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 08/29/2024 08:06:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/29/2024 10:03:34 AM
- Canoo to Participate in Upcoming Investor Conferences • GlobeNewswire Inc. • 08/21/2024 08:18:39 PM
- Cisco Beats Estimates and Announces Restructuring, Canoo Rises 6%, Lulus Losses Widen, Latest in Earnings • IH Market News • 08/15/2024 10:08:19 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2024 09:16:05 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2024 08:19:35 PM
- Canoo Inc. Announces Second Quarter 2024 Results • GlobeNewswire Inc. • 08/14/2024 08:05:00 PM
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- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 08/02/2024 08:05:53 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 08/01/2024 04:15:07 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 07/23/2024 08:27:01 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 07/23/2024 08:20:49 PM
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