Why did Canoo (GOEV), Meredith (MDP) stocks jump on Friday?

Highlights

  • Canoo Inc. (NASDAQ: GOEV) reported a net loss of US$112.55 million in Q2, FY21.
  • The GOEV stock tumbled 40.64 percent YTD.
  • The total revenue of Meredith Corporation (NYSE: MDP) surged 17% YoY in Q4, FY21.

The stocks of Canoo Inc. (NASDAQ: GOEV) and Meredith Corporation (NYSE: MDP) rallied on Wall Street Friday. The former rose over 13%, while the latter rose over 25% in intraday trading.

GOEV stock was priced at US$8.45 at 1:55 pm ET, up 13.88%, while the MDP stock traded at US$56.18 at 1:57 pm ET, up 25.15% from its previous close.

Here we explore the recent development of the two stocks.

Also Read: MEDIROM (MRM) stock surged 73%, Eargo (EAR) tanked 68% on Thursday

Canoo Inc. (NASDAQ: GOEV)

Canoo is an electric vehicle startup based in Torrance, California. The company plans to manufacture commercial EVs like vans for rental and other services. The stocks rose on Friday after they caught the attention of traders on social media.


The firm has a market cap of US$2.01 billion and a forward P/E one year of -3.47. Its stock value tumbled 40.64 percent YTD.

The highest and lowest stock prices of the company for the last 52 weeks were US$24.90 and US$5.75, respectively. Its trading volume was 12,507,470 on September 23.

The loss from operations was US$104.34 million in Q2, FY21, compared to a loss of US$19.80 million in the same quarter of the previous year. Its net loss was US$112.55 million compared to a loss of US$23.24 million in Q2, FY20.

Also Read: Earnings Alert: Accenture (ACN), Nike (NKE) post strong revenue growth

Stocks of Canoo (GOEV) and Meredith (MDP) rallied

Source: pixabay

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Meredith Corporation (NYSE: MDP)


Meredith is a Des Moines, Iowa-based media company that owns various media assets like TV stations, websites, radio stations, magazines, etc.

The stocks rallied on Friday after the news that the company was in talks to sell itself to the media company IAC/InterActiveCorp (NASDAQ: IAC). IAC plans to acquire the magazine publisher to expand its online publishing business, people familiar with the matter said.

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Meredith’s market cap is US$2.56 billion, the P/E Ratio is 8.93, and the forward P/E one year is 7.83. Its EPS is US$6.27.

The highest and lowest stock prices of the firm for the last 52 weeks were US$47.00 and US$10.75, respectively. Its share volume on September 23 was 197,929.

The company's total revenue increased by 17 percent YoY to US$717.9 million in Q4, FY21, while its full-year revenue was US$2.97 billion in FY21, up 5 percent YoY from the previous year.

Its net earnings were US$36.7 million, compared to an income of US$6.2 million in Q4, FY20.

Also Read: Top five communication stocks that rode the Q2 rebound

Bottomline

The stock markets have been volatile in recent months. However, there has been no slowdown in business deals, acquisitions, mergers, or IPOs, suggesting the markets’ strong confidence in the economic recovery. However, investors should evaluate the companies carefully before investing in stocks.

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