GOEV Stock Discussion

Canoo Inc. Description

Canoo is a Los Angeles-based company that has developed breakthrough electric vehicles, reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that defies traditional ownership to put customers first. Distinguished by its experienced team – numbering over 300 employees from leading technology and automotive companies – Canoo has designed a modular skateboard platform purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses. Canoo expects to launch its first consumer model in 2022, followed shortly after by a last-mile delivery vehicle and a sport vehicle, each built off of the same underlying skateboard platform.

Sector: Industrials
Industry: Conglomerates
Keywords: Electric Vehicle Vehicle Applications

SociableGnat503 9 months ago

Earnings call tomorrow afternoon so suspect price movement may be based on funding news, production, and potential new partnerships. Outstanding news is on Walmart orders, Kingbee orders, DOE loan, and US Army's contracting decision. It should be telling

SociableGnat503 9 months ago

Can anyone explain why this got upgraded from an F to a D? What technical indicator compelled this out of curiosity?

TraderMike 9 months ago

As explained here, the grades are simply a way to rank stocks from strongest performers to the weakest (over the last few months). They are given a score from 0 to 100 and then assigned grades 0 - 19.99 is an F, 20 - 39.99 is a D, etc.

I can't tell you exactly what changed in GOEV without doing a lot of digging but it's entirely possible that it was on the border line of a D and an F yesterday and it could be that several other stocks had their scores plummet, thereby lifting GOEV to a D.

In fact, you can see here that it's been vacillating between D & F for the last few weeks:

I wouldn't try to read too much into those grades, other than a way to get a general idea of how a stock has been performing. As I wrote in that blog post years ago, I primarily use the grades as a way to sort & filter scan results

TraderMike 9 months ago

I decided to check the actual scores behind the grades. Here's the last 2 trading days:

irb(main):004:0> s.rank_histories[-1]
=> #<RankHistory:0x00007f24a61ddf40 id: 24763158, trading_date: Mon, 14 Aug 2023, rank: 0.2082e2, letter_grade: "D">
irb(main):005:0> s.rank_histories[-2]
=> #<RankHistory:0x00007f24a61de080 id: 24743993, trading_date: Fri, 11 Aug 2023, rank: 0.1948e2, letter_grade: "F">
irb(main):006:0> s.rank_histories[-1].rank
=> 0.2082e2
irb(main):007:0> s.rank_histories[-1].rank.to_s
=> "20.82"
irb(main):008:0> s.rank_histories[-2].rank.to_s
=> "19.48"

So it changed from 19.48 to 20.82... not a big change in ranking but it does move it from a F to a D... or a F+ to a D- 😁

SociableGnat503 9 months ago

Thanks, guys! That's really insightful. I'm not really a trader but am trying to reap some rewards in this unforgiving market so this is really appreciated.

SociableGnat503 9 months ago

Anyone invested in Canoo here?