Canoo Dips 2.3% Pre-Market as Q2 Results Miss Estimates

Shares of California-based electric vehicles maker Canoo (GOEV) were down 2.3% at the time of writing, in Tuesday’s early trade, as the company’s second-quarter 2021 financial results fell short of expectations.

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Canoo reported a loss of $0.50 per share, larger than the year-ago loss of $0.28 per share and the Street’s loss estimate of $0.35 per share. The company did not generate any revenue during the quarter. Analysts had anticipated revenues of $10 million in the second quarter.

The Chairman and CEO of Canoo, Tony Aquila, said, “The state of Oklahoma has committed approximately $300 million in non-dilutive financial incentives to support our facility. We target to bring 2,000 high-paying jobs, with a goal to hire at least 40% of the workforce from the local community – which consists of Native Americans and veterans. We remain focused on execution as we start the countdown to SOP for our Lifestyle Vehicle when we enter the fourth quarter of this year.”

The company’s shares closed 6.4% lower at $6.57 on Monday. (See Canoo stock chart on TipRanks)

On August 17, R.F. Lafferty analyst Jaime Perez maintained a Buy rating on the stock with a price target of $19 (202.1% upside potential). Last month, the analyst said that he expected the company to post a loss of $0.07 per share in the third quarter.

Overall, the stock has a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average Canoo price target of $14.50 implies 120.7% upside potential. Shares of the company have lost 60% over the past six months.