Why Canoo Stock Got Torpedoed Today

Rich Smith, The Motley Fool
·1-min read
Why Canoo Stock Got Torpedoed Today

Shares of beleaguered electric vehicle (EV) start-up Canoo (NASDAQ: GOEV), which got torpedoed after reporting a big $90 million loss in March, are sinking even lower today, down 8% in 2:20 p.m. EDT trading. You can blame Bank of America (BofA) for that. In a note covered today on StreetInsider.com, investment bank BofA initiated coverage of Canoo stock with an "underperform" rating (i.e., sell), warning that it doubts the company's "ability to execute in a timely fashion" given its "several significant pivots/changes" in its business model "recently announced."