Canoo Inc. (GOEV) ended the recent trading session at $0.92, demonstrating a +0.57% swing from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.27%. Elsewhere, the Dow saw an upswing of 0.65%, while the tech-heavy Nasdaq appreciated by 0.26%.

Shares of the company have depreciated by 14.73% over the course of the past month, underperforming the Auto-Tires-Trucks sector's loss of 1.49% and the S&P 500's gain of 2%.

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 -$0.90, reflecting a 44.1% increase from the same quarter last year.

For the full year, the Zacks Consensus Estimates project earnings of -$3.75 per share and a revenue of $22.32 million, demonstrating changes of +61.46% and +2419.22%, respectively, from the preceding year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Canoo Inc. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

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. Over the past month, the Zacks Consensus EPS estimate has remained steady. Canoo Inc. is holding a Zacks Rank of #3 (Hold) right now.

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 205, putting it in the bottom 19% of all 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.

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