Zacks: Brokerages Expect Canoo Inc. (NYSE:GOEV) to Announce -$0.44 Earnings Per Share

Equities research analysts predict that Canoo Inc. (NYSE:GOEV) will announce earnings per share (EPS) of ($0.44) for the current fiscal quarter, Zacks Investment Research reports. Zero analysts have provided estimates for Canoo’s earnings. The lowest EPS estimate is ($0.48) and the highest is ($0.39). The firm is expected to issue its next earnings results on Monday, November 15th.

According to Zacks, analysts expect that Canoo will report full-year earnings of ($1.49) per share for the current fiscal year, with EPS estimates ranging from ($1.58) to ($1.40). For the next year, analysts anticipate that the firm will report earnings of ($1.81) per share, with EPS estimates ranging from ($2.34) to ($1.10). Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that that provide coverage for Canoo.

Canoo (NYSE:GOEV) last released its quarterly earnings data on Sunday, August 15th. The company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.14).

Several analysts recently issued reports on GOEV shares. HC Wainwright started coverage on Canoo in a report on Tuesday, September 7th. They set a “buy” rating and a $15.00 target price on the stock. Roth Capital lowered their target price on Canoo from $10.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 17th. R. F. Lafferty increased their target price on Canoo from $18.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, July 26th. Finally, Zacks Investment Research downgraded Canoo from a “hold” rating to a “sell” rating in a report on Thursday, August 19th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.25.

NYSE:GOEV traded down $0.25 on Wednesday, reaching $7.35. The company’s stock had a trading volume of 1,096,456 shares, compared to its average volume of 4,575,811. The firm has a market cap of $1.75 billion, a PE ratio of -5.29 and a beta of 0.16. The business’s 50-day moving average price is $7.14 and its two-hundred day moving average price is $8.14. Canoo has a 1-year low of $5.75 and a 1-year high of $24.90.

A number of large investors have recently made changes to their positions in GOEV. Vanguard Group Inc. raised its stake in shares of Canoo by 38.7% during the second quarter. Vanguard Group Inc. now owns 13,156,911 shares of the company’s stock valued at $130,779,000 after acquiring an additional 3,669,279 shares during the last quarter. BlackRock Inc. grew its holdings in shares of Canoo by 138.3% during the second quarter. BlackRock Inc. now owns 6,238,716 shares of the company’s stock valued at $62,013,000 after buying an additional 3,621,196 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Canoo by 40.0% during the second quarter. Invesco Ltd. now owns 3,713,751 shares of the company’s stock valued at $36,914,000 after buying an additional 1,061,344 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Canoo by 53.5% in the second quarter. Geode Capital Management LLC now owns 2,022,344 shares of the company’s stock worth $20,102,000 after purchasing an additional 705,165 shares during the last quarter. Finally, State Street Corp boosted its holdings in Canoo by 1,849.8% in the second quarter. State Street Corp now owns 1,743,115 shares of the company’s stock worth $17,327,000 after purchasing an additional 1,653,715 shares during the last quarter. Institutional investors own 15.74% of the company’s stock.

About Canoo

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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