Shares of Canoo fell 2.5% in Monday’s extended trading session despite the electric vehicles manufacturer reporting better-than-expected 4Q bottom-line results.
Canoo’s (GOEV) 4Q loss of $0.08 per share improved from the year-ago period’s loss of $0.57 per share. Furthermore, it compared favorably to analysts’ expectations of a loss of $0.14 per share. However, an adjusted EBITDA loss of $42.5 million was wider than the year-ago period’s loss of $35.3 million.
The company’s executive chairman Tony Aquila said, “Globally there are approximately 1.5 billion light vehicles and we believe that 80% of those will be replaced by EVs [electric vehicles] over the next 4 to 5 car generations.” He added, “We believe we are the first OEM [Original equipment manufacturer] that is looking at the full lifecycle of the vehicle and building in multiple revenue touchpoints.”
During the quarter, the company unveiled its all-electric, multi-purpose delivery vehicle at a starting price of about $33,000. Additionally, the company revealed its all-electric pickup, which will be delivered by 2023. (See Canoo stock analysis on TipRanks)
On March 11, R.F. Lafferty analyst Jaime Perez initiated coverage on Canoo with a Buy rating. In a note to investors, the analyst said, “Canoo has multiple revenue opportunities within the electric vehicle market. In the near-term, Canoo expects to generate approximately $120 million in 2021 from its Engineering Services Business.”
Perez maintains a price target of $23 (94.9% upside potential) on the stock. Shares are down 37.5% since the stock listed on NASDAQ on Dec. 22, 2020.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on GOEV, with 21.2% of investors increasing their exposure to GOEV stock over the last 30 days.