Zacks: Brokerages Anticipate Canoo Inc. (NYSE:GOEV) Will Announce Earnings of -$0.51 Per Share

Brokerages expect Canoo Inc. (NYSE:GOEV) to announce earnings per share (EPS) of ($0.51) for the current fiscal quarter, according to Zacks Investment Research. Zero analysts have made estimates for Canoo’s earnings. The lowest EPS estimate is ($0.54) and the highest is ($0.47). Canoo posted earnings of ($0.66) per share in the same quarter last year, which suggests a positive year over year growth rate of 22.7%. The business is expected to issue its next quarterly earnings report on Monday, April 4th.

According to Zacks, analysts expect that Canoo will report full-year earnings of ($1.43) per share for the current year, with EPS estimates ranging from ($1.46) to ($1.40). For the next fiscal year, analysts forecast that the firm will post earnings of ($1.98) per share, with EPS estimates ranging from ($2.50) to ($1.45). Zacks’ earnings per share calculations are a mean average based on a survey of sell-side analysts that cover Canoo.

Canoo (NYSE:GOEV) last posted its quarterly earnings data on Monday, November 15th. The company reported ($0.35) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.09.

A number of brokerages have recently weighed in on GOEV. Roth Capital upgraded Canoo from a “neutral” rating to a “buy” rating and upped their target price for the company from $9.00 to $14.00 in a report on Thursday, December 16th. Zacks Investment Research upgraded Canoo from a “sell” rating to a “hold” rating in a report on Tuesday, November 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.65.

In other Canoo news, CEO Tony Aquila acquired 35,273,268 shares of Canoo stock in a transaction dated Monday, November 22nd. The stock was bought at an average cost of $6.53 per share, with a total value of $230,334,440.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas A. Dattilo acquired 40,000 shares of Canoo stock in a transaction dated Thursday, November 18th. The stock was acquired at an average cost of $10.26 per share, with a total value of $410,400.00. The disclosure for this purchase can be found here. 5.40% of the stock is owned by corporate insiders.

A number of hedge funds have recently modified their holdings of GOEV. New York State Common Retirement Fund bought a new position in Canoo in the second quarter worth $679,000. Teacher Retirement System of Texas bought a new position in Canoo in the second quarter worth $136,000. Rhumbline Advisers bought a new position in Canoo in the second quarter worth $908,000. Swiss National Bank bought a new position in Canoo in the second quarter worth $2,341,000. Finally, Ameritas Investment Partners Inc. bought a new position in Canoo in the second quarter worth $62,000. 67.31% of the stock is owned by hedge funds and other institutional investors.

Shares of GOEV opened at $6.74 on Friday. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -6.74 and a beta of -0.08. Canoo has a fifty-two week low of $5.75 and a fifty-two week high of $18.88. The business’s 50-day moving average is $9.13 and its 200-day moving average is $8.23.

Canoo Company Profile

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers B2B delivery vehicles, multi-purpose delivery vehicles, and lifestyle vehicles using skateboard architecture technology.

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