GOEV - Canoo stock is sized up by investors with earnings day getting closer

Canoo ( NASDAQ: GOEV ) traded lower on Thursday as part of a pre-earnings season decline across the electric vehicle sector. The automobile sector fell sharply with recession worries, earnings jitters, and reverberations from Tesla's price cuts denting investor sentiment.

The concerns on Canoo ( GOEV ) also focus on the company's financials. Cash burn remains a big issue for the EV player, according to Roth Capital Partners. Analyst Craig Irwin noted that GOEV exited Q3 with just $20.5M in cash after cash use was -$116M during the quarter. The EV startup is due to reports Q4 numbers in February.

Shares of Canoo ( GOEV ) fell 5.68% on Thursday to $1.25 vs. the 52-week trading range of $1.02 to $6.46. Volatility continues to be a factor with GOEV as almost 27% of its total float is shorted.

Sector watch: The electric vehicle recession may be here - watch these stocks.

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