In the latest trading session, Canoo Inc. (GOEV) closed at $0.99, marking a +0.26% move from the previous day. The stock fell short of the S&P 500, which registered a gain of 0.97% for the day. At the same time, the Dow added 0.3%, and the tech-heavy Nasdaq gained 1.45%.

Coming into today, shares of the company had lost 24.64% in the past month. In that same time, the Auto-Tires-Trucks sector gained 5.28%, while the S&P 500 gained 5.41%.

Investors will be eagerly watching for the performance of Canoo Inc. in its upcoming earnings disclosure. The company's upcoming EPS is projected at -$0.91, signifying a 43.48% increase compared to the same quarter of the previous year.

For the full year, the Zacks Consensus Estimates project earnings of -$3.72 per share and a revenue of $34.47 million, demonstrating changes of +61.77% and +3790%, respectively, from the preceding year.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Canoo Inc. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, there's been no change in the Zacks Consensus EPS estimate. Canoo Inc. presently features a Zacks Rank of #3 (Hold).

The Automotive - Domestic industry is part of the Auto-Tires-Trucks sector. This group has a Zacks Industry Rank of 164, putting it in the bottom 35% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

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