Canoo stock price gained 3.5% yesterday after management confirmed progress on its Oklahoma manufacturing plant, a key catalyst to meet 2024 delivery commitments. Its strategic partnerships solidify its market reach and operational capabilities. In 2023, the company entered an agreement with GCC Olayan, a prominent distributor in Saudi Arabia. The partnership grants GCC Olayan exclusive rights to sell, service, and distribute the company’s vehicles in the region and plans to establish a joint venture for local assembly. Canoo currently has an average brokerage recommendation (ABR) of 1.57, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by seven brokerage firms. An ABR of 1.57 approximates between Strong Buy and Buy. Institutional accumulation has been reported in recent weeks, potentially providing a demand floor for Canoo stock price as delivery milestones approach.
