EV startup Canoo slumps on weak revenue forecast amid going concern worries

Canoo

02/04/2024 13:58

** Electric automaker Canoo's  GOEV.O  shares fall 28.4% to
$2.77 premarket 
    ** GOEV forecasts 2024 revenue well below analyst
expectations on Monday, amid a broader slowdown in demand for
battery-powered cars
    ** Roth MKM cuts GOEV's price target to $4 from its earlier
target of $5.75
    ** Co warns, for the eighth straight quarter, about its
ability to continue as a going concern 
    ** Co expects 2024 revenue between $50 mln and $100 mln,
below analysts' expectations of $152.5 mln - LSEG data
    ** H.C. Wainwright says in a note that GOEV's  2024 revenue
guidance implies production of roughly 1,000-2,000 vehicles
during the year
    ** 5 of 6 brokerages rate the stock "buy" or higher, 1
"hold" and none "sell" or lower
    ** Stock has fallen ~34.6% so far this year after falling
more than 79% in 2023

 (Reporting by Arsheeya Bajwa in Bengaluru)
 ((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))