Canoo Stock: Buy, Sell, or Hold?
Canoo (NASDAQ: GOEV) was a Wall Street darling not too long ago. But the electric vehicle (EV) maker has fallen out of favor in a big way, with share prices down more than 75% over the past year. That decline, however, makes sense when you step back and look at the company's financial results and its dire need for cash.
Here's why Canoo should probably be a sell for most investors.
Generally, the first thing an investor will want to look at on a company's earnings statement is the so-called "top line." Revenue is what you generate when you sell the things you make. Canoo reported zero revenue in the first half of 2023. It reported no revenue for the full 2022 year and the same top-line result for 2021 as well. Basically, it isn't selling anything at this point.
Source Fool.com
