Yahoo Finance Canoo Inc. (GOEV) Surpasses Market Returns: Some Facts Worth Knowing
Canoo Inc. (GOEV) closed the latest trading day at $2.82, indicating a +1.81% change from the previous session's end. The stock exceeded the S&P 500, which registered a gain of 0.32% for the day. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.35%.
Shares of the company witnessed a loss of 22.41% over the previous month, trailing the performance of the Auto-Tires-Trucks sector with its loss of 7.23% and the S&P 500's loss of 2%.
Investors will be eagerly watching for the performance of Canoo Inc. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be -$0.86, reflecting a 78.01% increase from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$3.09 per share and revenue of $69.31 million, which would represent changes of +68.24% and +7722.32%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Canoo Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 59.94% higher. At present, Canoo Inc. boasts a Zacks Rank of #1 (Strong Buy).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. Currently, this industry holds a Zacks Industry Rank of 84, positioning it in the top 34% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Canoo Inc. (GOEV) : Free Stock Analysis Report
