Canoo Stock Price: Is GOEV a Good Contrarian Buy?
Can you imagine investing in a company only to see its stock price plummet by over 97% in one year? That’s the reality facing long-term investors of Canoo, as GOEV shares took a nosedive by 24% on Friday alone. To add insult to injury, the company announced more layoffs last week, fueling speculation that bankruptcy may be on the horizon.
Canoo, often dubbed as a Tesla wannabe, is carving out a niche for itself in the electric vehicle industry. Unlike Tesla, Canoo targets businesses, particularly those in need of last-mile delivery solutions—a market with significant potential as companies shift away from traditional internal combustion engines.
Despite the recent setbacks, Canoo has achieved some milestones worth noting. The company has designed multiple vehicles and secured orders exceeding $3 billion from big players like NASA and Walmart. Plus, it’s making headway in terms of state support, having received a special economic zone designation from Oklahoma and making strategic manufacturing acquisitions.
But with the stock price crashing and bankruptcy rumors swirling, potential investors are left wondering if Canoo is worth the risk. Stay tuned for more updates on this developing situation.
