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Canoo Inc. (GOEV) closed the latest trading day at $1.05, indicating a +0.96% change from the previous session's end. The stock exceeded the S&P 500, which registered a loss of 0.29% for the day. Meanwhile, the Dow experienced a drop of 0.25%, and the technology-dominated Nasdaq saw a decrease of 0.31%.
Heading into today, shares of the company had lost 24.64% over the past month, lagging the Auto-Tires-Trucks sector's gain of 2.42% and the S&P 500's gain of 1.57% in that time.
Analysts and investors alike will be keeping a close eye on the performance of Canoo Inc. in its upcoming earnings disclosure. The company is forecasted to report an EPS of -$0.91, showcasing a 43.48% upward movement from the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of -$3.72 per share and a revenue of $34.47 million, indicating changes of +61.77% and +3790%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Canoo Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. At present, Canoo Inc. boasts a Zacks Rank of #3 (Hold).
The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This industry, currently bearing a Zacks Industry Rank of 168, finds itself in the bottom 34% echelons of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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.
Zacks Investment Research
The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?
Let's take a look at what these Wall Street heavyweights have to say about Canoo Inc. (GOEV) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.
Canoo currently has an average brokerage recommendation (ABR) of 1.57, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by seven brokerage firms. An ABR of 1.57 approximates between Strong Buy and Buy.
Of the seven recommendations that derive the current ABR, five are Strong Buy, representing 71.4% of all recommendations.
Brokerage Recommendation Trends for GOEV
While the ABR calls for buying Canoo, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.
Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.
This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.
With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near -term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.
ABR Should Not Be Confused With Zacks Rank
In spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.
Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.
Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.
In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.
In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.
There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.
Should You Invest in GOEV?
In terms of earnings estimate revisions for Canoo, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at -$3.72.
Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.
The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Canoo. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here
It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Canoo.
Zacks Investment Research
The broader market strength pervaded into the electric-vehicle space and most stocks belonging to the industry posted decent gains in the week ended Sept. 13. That said, some of the upstarts continued to bleed, reflecting ongoing struggles.
Here’s a rundown on what happened in the EV space during the week:
Tesla China Sales Momentum Accelerates: After weighed down by competitive pressures in China following the COVID-19 pandemic, Tesla, Inc. appears to be on the road to recovery in this key market. China insurance registration data for Tesla vehicles came in at a robust 16,200 for the week ended Sept. 8, CnEVPost reported, citing data provided by Li Auto, Inc. .
Commenting on the data, Tesla bull and fund manager Gary Black said the weekly registration data suggested Tesla is on track to record the best quarter ever. With three weeks left in the quarter, the quarter-to-Sept. 8 data showed 15% year-over-year and 25% sequential growth, he said.
Meanwhile, sell-side analysts have begun trimming their quarterly delivery and earnings per share estimates for Tesla, ahead of the deliveries report, likely due on Oct. 2. CANACCORD Genuity’s George Gianarikas reduced his estimate from 480,000 units to 469,200 units, which however, is higher than the consensus estimate of 458,000 units. Most analysts suggested that they would look past the deliveries report and into the Oct. 10 Robotaxi unveil event.
See Also: Best EV Stocks
Lucid Offers Another Sneak-Peek Into Midrange EV: Luxury EV maker Lucid Group, Inc. , which held its Technology and Manufacturing Day at its Arizona facility this week, shared another glimpse of its mid-sized EV, which is set to roll off the production line in late-2026. The EV will have starting price under $50K, which will pitch it against EV leader Tesla’s hugely successful Model Y electric SUV.
Lucid Motors@LucidMotorsSep 10, 2024Wrapping up Tech & Manufacturing day: A new sneak peek at one of our upcoming midsize vehicles, set for production in late 2026 with a starting price under $50k.
With leading technology and efficiency, it will be able to deliver the same range as competitors while using a... pic.twitter.com/yJ5re2fIlt
At the event, Lucid showcased its technological advancements and provided updates on its roadmap.
Ford Eyes India As EV Export Base: Legacy automaker Ford Motor Co. , which closed down auto manufacturing operations in India three years ago, will likely restart production in the country. Local media outlets reported that Ford International Markets Group President Kay Hart has submitted a letter of intent to the local government of the Indian state of Tamil Nadu, where its manufacturing plant functioned out of. The company reportedly wants to manufacture EVs for export, with the operations likely resuming in 2025. Down the line, the company also plans to have a battery manufacturing unit in the state.
Canoo Withdraws Guidance: In a filing with the SEC, Canoo, Inc. said it was withdrawing its previously-issued revenue guidance for the year ending Dec. 31, 2024, and also its previously-issued operational guidance relating to the manufacturing run rate, production and delivery of vehicles in 2024 and subsequent periods. The company announced preliminary third-quarter revenue of $0.1 million to $1.2 million and an adjusted EDITDA loss of $30 million to $40 million. The revenue guidance trailed the $2.45 million consensus estimate.
The company also said it has entered into the equity distribution agreement with Northland Securities to sell up to $200 million shares from time to time, through an “at the market offering” program. Canoo’s woes reflect the state of the EV startup ecosystem, which has been stymied by cash crunch, production hiccups and weak demand.
VinFast On Regulator’s Radar: The National Highway Traffic Safety Administration has initiated a probe into EVs manufactured by Vietnamese EV maker VinFast Auto Ltd. based on complaints lodged by vehicle owners. The probe covered around 3,118 vehicles manufactured in 2023 and 2024, with owners alleging that the vehicles had problems with the “Lane Keep Assist system. The system had difficulty detecting lanes on the roadway, and provided improper steering inputs, making it difficult to override by the driver, the regulator said, citing the complaint.
The KraneShares Electric Vehicles and Future Mobility Index ETF fell 0.56% on Friday before ending at $19.38, according to Benzinga Pro data. For the week, the ETF , however, gained 4.47%.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
Here’s how the EV stocks fared this week:
Weekly Change (+/-) | |
Tesla | +9.28% |
Nio, Inc. | +10.56% |
XPeng, Inc. | +5.04% |
Li Auto, Inc. | +4.42% |
Workhorse, Inc. | +17.19% |
Hyzon Motors, Inc. H | -30.77% |
Canoo | -13.19% |
Rivian Automotive, Inc. | +2.04% |
Lucid Group | +10.36% |
Faraday Future Intelligent Electric Inc. | -16.88% |
Nikola Corp. | +2.66% |
VinFast Auto Ltd. | +5.88% |
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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