Cano Health Inc (CANO)

Cano Health Inc (CANO) stock dropped by 21.03% due to the company's notification from the New York Stock Exchange (NYSE) that it was no longer in compliance with market capitalization criteria, specifically Section 802.01B of the NYSE Listed Company Manual. The NYSE notified Cano Health that its total market capitalization and stockholders' equity fell below $50 million over a 30-day period.

• Compliance Deficiency Details: Cano Health has 10 business days to confirm receipt of the notice and decide whether to address the deficiencies. If they choose to do so, they must submit a plan to regain compliance within 18 months, keeping their stock eligible for trading during this period.
• Strategic Shift and Transformation Plan: Cano Health is implementing a Transformation Plan to cut costs, divest assets, and explore strategic alternatives. The success of these initiatives and the outcome of their NYSE compliance efforts will impact the company's stock performance.

Cano Health Inc Stock (CANO) dropped by 27.25% from $8.22 to $5.98 in the trading on Friday November 10, 2023. The reasons why CANO stock down today including:

• Q3 earnings report: Cano reported Q3 revenue of $665 million, up 33% year over year. The company posted a net loss of $112 million, or $0.23 per share. The consensus among analysts surveyed by Refinitiv was for Cano to record a net loss of $0.05 per share.
• Full-year 2022 guidance update: Cano now expects revenue will be between $2.7 - $2.75 billion, down from its previous outlook of $2.85 - $2.9 billion. It projects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of between $150 - $160 million. This range is well below the previous forecast of adjusted EBITDA of around $200 million.
• Stock downgrade: Raymond James analyst John Ransom downgraded the stock to market perform from outperform due to Cano's deteriorating fundamentals, constricted financial flexibility, and the apparent lack of suitors.

Cano Health Inc Stock (CANO) dropped by 8.84% from $11.20 to $10.21 in the trading on Friday November 3, 2023. The reason why CANO stock down today is due to the announcement of stock split. The company announced the completion of a 1-for-100 reverse stock split of its Class A and Class B common shares. Due to the reverse split, the healthcare service provider’s Class A and Class B shareholders will receive one new share of their respective category for every 100 shares they own.

Cano Health Inc Stock (CANO) dropped by 1.11% from $35.9 to $35.5 in the trading on Tuesday September 12, 2023. The reason why CANO stock down today is due to non-compliance notice from NYSE. Cano Health (CANO) has received a non-compliance notice from the New York Stock Exchange (NYSE) for failing to maintain a minimum closing price of $1 per share for 30 consecutive trading days. The company has six months to regain compliance or face potential delisting.

Cano Health Inc Stock (CANO) dropped by 73.0% from $152.0 to $41.04 in the trading on Friday August 11, 2023. The reasons why CANO stock down today including:

• Q2 earnings report: The company reported earnings per share (EPS) of -14 cents fell short of analysts' expectations of -12 cents. Additionally, revenue of $766.75 million missed the estimated $834.38 million.
• Strategic alternatives announcement: Cano Health (CANO) stock is plummeting after the company announced plans to explore strategic alternatives, which could lead to the sale of the company or some of its assets. The company is also exiting operations in California, New Mexico, and Illinois to focus on its core business.
• Outlook: With the recent strategic alternative announcement, Cano Health is also withdrawing its outlook for 2023. In addition to exiting some markets, Cano Health plans to reduce its workforce by around 17% to cut costs.