GOEV - Why Canoo Shares Jumped Friday
2023-03-31 12:28:50 ET
Electric vehicle (EV) start-up Canoo (NASDAQ: GOEV) released its fourth-quarter and full-year 2022 results last night, and the stock popped more than 6% early Friday. As of 12:10 p.m. ET, Canoo shares lost some of that gain but were still up by 4.8%.
On the surface, the report seemed fairly positive, which helps explain the initial jump. The company highlighted that it fulfilled its first order in the fourth quarter. But that was just a single vehicle for a test by the U.S. Army and shouldn't really affect the stock. Though, if the Light Tactical Vehicle (LTV) becomes a big order, that would certainly change the outlook.
Image source: Canoo.
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Why Canoo Shares Jumped Friday