Canoo Inc.

Canoo Inc. (NASDAQ: GOEV) specializes in mobility technologies and designs and develops electric vehicles (EVs). The company has developed a modular electric platform to deliver maximum vehicle interior space. It is customizable across all owners throughout the vehicle lifecycle to accommodate a variety of consumer and corporate vehicle applications.

Key Highlights

• The company didn’t report any revenue in Q3FY21; however, it reported USD 2.55 million in Q3FY20.
• However, due to increased operational expenses, GOEV's net loss expanded to USD 80.88 million during Q3FY21 vs. USD 23.39 million in Q3FY20.
• As of September 30, 2021, the company had cash and cash equivalents of USD 414.90 million and no outstanding debt.
• Its ROE was -16.4% in Q3FY21 vs. the industry median of 0.9%.
• On December 15, 2021, the company updated its FY22 to FY25 Production Guidance and Targets. In FY22 GOEV increased its guidance from 1,000 units to 6,000 units.  
• Stock is currently trading below its crucial short-term (50-day) and long-term (200-day) SMA support levels, a bearish indicator.
• The stock is leaning towards the lower end of its 52-week range of USD 5.75 to USD 20.00.
• GOEV's stock price decreased 20.31% and 56.34% in the past nine and twelve months, respectively.

Technical Price Chart (as of January 12, 2022). Analysis by Kalkine

Conclusion: Considering the significant movement in the stock price in the past twelve months, no visibility into profitability, current valuation, and associated risks, we recommend a "Watch" rating on the stock at the current price of USD 7.30, up 0.69% as of January 12, 2022, 10:19 AM ET.

*The reference data in this report has been partly sourced from REFINITIV.