Why Shares of Canoo Drove 13.1% Higher in November
Recovering slightly from their 44% slide in October, shares of Canoo (NASDAQ: GOEV), an electric vehicle (EV) upstart, rose 13.1% last month, according to data provided by S&P Global Market Intelligence.
In addition to the company's reporting of its third-quarter 2023 financial results -- which included a more auspicious outlook for the remainder of 2023 -- investors celebrated an order that Canoo received for up to 550 vehicles.
After trading mostly flat for the first two weeks of November, shares of Canoo popped after the company reported its Q3 2023 financial results on Nov. 14. The company reported $519,000 in sales for Q3 2023, failing to meet analysts' expectations of $610,000, but investors paid more mind to what they found at the bottom of the income statement. Whereas analysts had expected the company to report a $0.12 loss per share, Canoo reported an adjusted loss per share of $0.07.
Source Fool.com
