Canoo Stock: Bull vs. Bear
Canoo (NASDAQ: GOEV) has traveled a hard road since going public through a merger with a special purpose acquisition company late in 2020. The electric vehicle (EV) company still exists in a pre-revenue state, and its share price is down roughly 97% from its high as of this writing.
Should investors be betting on this underdog EV player, or stay far away due to the risk that the stock will continue to fall from current levels? Read on for bullish and bearish scenarios that could determine what lies ahead for the stock and an assessment of whether it's a worthwhile investment at today's prices.
With the stock having already suffered brutal sell-offs, it might not take much good news to send the company's share price significantly above current levels. Canoo expects that it will be able to produce 20,000 vehicles this year. At the same time, it anticipates being able to reduce its operating expenses by between 25% and 30% thanks to reducing its employee headcount, cutting down on professional fees, and trimming it infrastructure spending.
Source Fool.com
