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Why Canoo Inc. (GOEV) Outpaced the Stock Market Today

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The most recent trading session ended with Canoo Inc. (GOEV - Free Report) standing at $2.42, reflecting a +0.41% shift from the previouse trading day's closing. The stock exceeded the S&P 500, which registered a gain of 0.15% for the day. Meanwhile, the Dow lost 0.02%, and the Nasdaq, a tech-heavy index, added 0.32%.

Prior to today's trading, shares of the company had gained 34.26% over the past month. This has outpaced the Auto-Tires-Trucks sector's gain of 0.39% and the S&P 500's gain of 1.65% in that time.

Investors will be eagerly watching for the performance of Canoo Inc. in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be -$0.86, reflecting a 78.01% increase from the same quarter last year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of -$3.09 per share and a revenue of $68.77 million, signifying shifts of +68.24% and +7662.28%, respectively, from the last year.

Investors should also take note of any recent adjustments to analyst estimates for Canoo Inc. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 59.94% higher. Canoo Inc. is currently a Zacks Rank #1 (Strong Buy).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 37% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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