Canoo (NASDAQ:GOEV) Shares to Reverse Split on Tuesday, December 24th

Canoo Inc. (NASDAQ:GOEV)’s stock is going to reverse split on the morning of Tuesday, December 24th. The 1-20 reverse split was announced on Friday, December 20th. The number of shares owned by shareholders will be adjusted after the market closes on Monday, December 23rd.

Canoo Trading Down 9.2 %

Shares of NASDAQ:GOEV traded down $0.01 during trading on Friday, hitting $0.09. 66,978,508 shares of the company’s stock traded hands, compared to its average volume of 13,697,522. Canoo has a 52 week low of $0.08 and a 52 week high of $7.08. The company has a 50-day moving average price of $0.52 and a 200-day moving average price of $1.27. The company has a market cap of $8.28 million, a price-to-earnings ratio of -0.02 and a beta of 1.14.

Analyst Upgrades and Downgrades

Separately, HC Wainwright cut their price objective on shares of Canoo from $4.00 to $2.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Canoo has a consensus rating of “Moderate Buy” and a consensus target price of $22.71.

Institutional Trading of Canoo

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new position in shares of Canoo during the 3rd quarter worth about $280,000. Geode Capital Management LLC lifted its position in shares of Canoo by 25.6% in the third quarter. Geode Capital Management LLC now owns 1,679,627 shares of the company’s stock valued at $1,652,000 after buying an additional 341,897 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of Canoo by 191.7% during the 3rd quarter. XTX Topco Ltd now owns 31,659 shares of the company’s stock worth $31,000 after acquiring an additional 20,805 shares during the period. State Street Corp boosted its stake in shares of Canoo by 2.8% during the 3rd quarter. State Street Corp now owns 2,309,656 shares of the company’s stock worth $2,272,000 after acquiring an additional 63,652 shares during the period. Finally, Point72 DIFC Ltd acquired a new position in shares of Canoo during the 2nd quarter worth approximately $37,000. 36.23% of the stock is owned by institutional investors.

About Canoo

Canoo Inc, a mobility technology company, designs, develops, markets, and manufactures electric vehicles for consumer, commercial fleet, government, and military customers in the United States. the company utilizes its multi-purpose platform architecture, a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an electric vehicle, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software, and other critical components.