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Canoo Inc. (GOEV) Gains But Lags Market: What You Should Know
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In the latest trading session, Canoo Inc. (GOEV - Free Report) closed at $2.07, marking a +0.49% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 1.11% for the day. Elsewhere, the Dow saw an upswing of 1.64%, while the tech-heavy Nasdaq appreciated by 1.03%.
The the stock of company has risen by 3.52% in the past month, lagging the Auto-Tires-Trucks sector's gain of 5.19% and overreaching the S&P 500's loss of 1.16%.
The investment community will be closely monitoring the performance of Canoo Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on August 14, 2024. On that day, Canoo Inc. is projected to report earnings of -$0.90 per share, which would represent year-over-year growth of 72.05%.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$4.37 per share and a revenue of $68.65 million, signifying shifts of +55.09% and +7648.73%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Canoo Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. As of now, Canoo Inc. holds a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Canoo Inc. (GOEV) Gains But Lags Market: What You Should Know
In the latest trading session, Canoo Inc. (GOEV - Free Report) closed at $2.07, marking a +0.49% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 1.11% for the day. Elsewhere, the Dow saw an upswing of 1.64%, while the tech-heavy Nasdaq appreciated by 1.03%.
The the stock of company has risen by 3.52% in the past month, lagging the Auto-Tires-Trucks sector's gain of 5.19% and overreaching the S&P 500's loss of 1.16%.
The investment community will be closely monitoring the performance of Canoo Inc. in its forthcoming earnings report. The company is scheduled to release its earnings on August 14, 2024. On that day, Canoo Inc. is projected to report earnings of -$0.90 per share, which would represent year-over-year growth of 72.05%.
For the annual period, the Zacks Consensus Estimates anticipate earnings of -$4.37 per share and a revenue of $68.65 million, signifying shifts of +55.09% and +7648.73%, respectively, from the last year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Canoo Inc. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. As of now, Canoo Inc. holds a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 175, putting it in the bottom 31% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
You can find more information on all of these metrics, and much more, on Zacks.com.