Canoo Stock Forecast 2022 is revised LOWER to $9.5
Canoo Stock Forecast: Performance of Canoo Stock in 2022
Canoo Stock Forecast: Performance Chart
|Stock Name||5 Days||1 Month||6 Months||1 Year|
Canoo Stock Forecast: 2021 Review
Canoo had a volatile year in 2021 with prices ranging from $18.85 in February to $5.83 in August. The year started at $13.80 and ended at $8.10
|December 31st, 2020||$13.80|
|February 4th, 2021||$18.85|
|August 19th, 2021||$5.83|
|December 31st, 2021||$8.10|
Canoo Stock Prediction 2022
|Average Canoo Target||August 29th||$9.5|
|R.F. Lafferty & Company||August||$15|
Canoo Stock Forecast: Latest News
- After its deal with Walmart, Canoo was peaking with a 54% high.
- Canoo has a van-like product as its EV specialty but, the company was doubting its ability to sustain.
- Walmart agreed to purchase 4,500 Canoo lifestyle delivery vehicles (LDVs). The delivery will begin next month. However, this averts Canoo to sell the LDV to Amazon.
- The overall market for EVs was high last week due to which Canoo also gained. This was because Rivian announced manufacturing numbers which led to a sympathy rise in this company as well.
Canoo Stock Forecast: Why is Canoo rising?
Walmart had been looking to develop its delivery infrastructure keeping in mind their goal of achieving zero emissions by 2040. Walmart will purchase 4500 all-electric delivery vehicles from Canoo with an option to purchase 10,000 to boost its online business. This vehicle will add on to Walmart’s logistics capabilities. The Canoo stock was down by 70% but, this deal saved the business – The company had reported a loss of $125M in the first quarter. By March 2022, it was down to $104.9 in cash. Their product specialty was applauded but, they had difficulty in sustaining in the market. This new lifeline received optimism from the investors and the stock was rising.
Also Read: LEV Stock Forecast
Canoo Stock Forecast 2022
The price targets for Canoo Stock for the 2nd half of 2022 have reached a high of $20.0 and a low of $3 – This represents a massive increase of +494.6% since the last year and a wide range which indicates volatility. The expected earnings per share for the 2nd quarter is $-0.5. Since the last four quarters, the earnings have been negative. For 2022, the EPS is expected to be $2.1. In the last few months, the management has mentioned several doubts about continuing and presented concerns that put investors on alert for bankruptcy.
It is having trouble keeping up with mainstream automakers’ competition. This is because those automakers have large amounts of capital and production capacity, they have also been in the market for a long time and due to their size, they are able to invest heavily in innovative technologies. The situation is not expected to take a turn anytime soon.
Canoo Stock Forecast: Competition Analysis
According to Zacks, Canoo falls into the Bottom 41% of its industry – It ranks 147th out of 250 firms. The stock has been compared to Volcon Inc. (VLCN), Firsker Inc (FSR), and Nikola Corporation (NKLA) – All the stocks except Nikola have been rated “Hold” indicating an industry-wide slowdown. GOEV is lagging behind in Earnings yield at -105.4% whereas VLCN has -100.7%, FSR has -19.6% and NKLA has -22.7%.
Canoo Stock: Competition Analysis
One of the stocks that have been performing similarly is Luminar Technologies (LAZR) – Both of the stocks went public at a similar time as well. The EPS for Canoo is $-2.0 while for Luminar it is $-0.7. As for profitability, the return on equity for Canoo is -94.6% and for Luminar it is -73.2%. Luminar proves to be more profitable but, it is also more volatile.
Currently, the confidence is higher for Luminar because of its sales performance. Canoo is having trouble keeping up with competition from larger firms like Nikola and others.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.