Why Canoo Stock Is Still Sinking
Pity investors in Canoo (NASDAQ: GOEV) stock -- they just can't seem to catch a break.
Last week, shares of the electric vehicle start-up sold off after reporting a smaller-than-expected loss but continued cash burn, despite efforts to raise cash through equity sales and debt offerings. Today, Canoo shares are down once more -- 3.4% through 1 p.m. ET -- despite the company just receiving a new buy rating from wealth management firm Alliance Global Partners.
Alliance Global initiated coverage of Canoo this morning with a buy rating and a $1.55 price target that implies the analyst thinks Canoo stock will triple in value over the next 12 months. So why aren't investors more excited about the news?
Source Fool.com
